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LIQUIDITY AND GOING CONCERN
3 Months Ended
Mar. 31, 2019
Liquidity And Going Concern  
LIQUIDITY AND GOING CONCERN

NOTE 2. LIQUIDITY AND GOING CONCERN

 

As of March 31, 2019, the Company had $6,853 in its operating bank account, $58,729,953 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its common stock in connection therewith and a working capital deficit of $433,137, which excludes franchise and income taxes payable of $129,556, of which such amounts will be paid from interest earned on the Trust Account. In February 2019, the Company issued the Sponsor a $500,000 promissory note, pursuant to which the Sponsor loaned the Company an aggregate of $180,000 as of March 31, 2019 (see Note 6).

 

The Company will need to raise additional capital through loans or additional investments from its Sponsor, or its affiliates, officers, directors, or third parties. The Sponsor, the Company’s officers and directors or their affiliates may, but are not obligated to (other than as described above), loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through August 1, 2019, the scheduled liquidation date. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.