Note 4 - Related Party Transactions	6 Months Ended
Jun. 30, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 4 - Related Party Transactions Founders’ Shares In connection with the organization of the Company, a total of 10,062,500 shares of Class B common stock were sold to the Sponsor at a price of approximately $0.002 per share for an aggregate of $25,000 ("Founders' Shares"). In March 2018, our Sponsor returned to us, at no cost, an aggregate of 1,437,500 Founders’ Shares, which we cancelled, leaving an aggregate of 8,625,000 Founders’ Shares outstanding. In March 2018, our Sponsor transferred 40,000 Founders’ Shares to each of its three independent director nominees resulting in a total of 120,000 Founders’ Shares transferred to our independent director nominees. In April 2018, we effected a stock dividend of 0.2 shares of Class B common stock for each outstanding share of Class B common stock, resulting in our Sponsor and independent director nominees holding an aggregate of 10,350,000 Founders’ Shares. The Sponsor would have been required to forfeit only a number of shares of Class B common stock necessary to continue to maintain the 20.0% ownership interest in our shares of common stock after giving effect to the offering and exercise, if any, of the underwriters' over-allotment option. As a result of the full exercise of the underwriters' over-allotment option, no shares were forfeited. Subject to certain limited exceptions, 50% of the Founders' Shares will not be transferred, assigned, sold until the earlier of: (i) one year after the date of the consummation of the initial Business Combination or (ii) the date on which the closing price of the Company's Class A common stock equals or exceeds $12.00 per share (as adjusted) for any 20 trading days within any 30 -trading day period commencing after the initial Business Combination, and the remaining 50% of the Founders' Shares will not be transferred, assigned, sold until one year after the date of the consummation of the initial Business Combination, or earlier, in either case, if, subsequent to the Company's initial Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange, reorganization or other similar transaction which results in all stockholders having the right to exchange their common stock for cash, securities or other property. Related Party Loans The Sponsor loaned the Company an aggregate of up to $200,000 to cover expenses related to the Company's formation and the Public Offering. The note was executed on December 16, 2017 and the Company requested and received $200,000 in funds on January 5, 2018. The Company repaid the note on April 17, 2018 in full without interest. We do not believe we will need to raise additional funds following the offering to meet the expenditures required for operating our business. However, to finance transaction costs in connection with an intended initial Business Combination, our Sponsor, officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. If we consummate an initial Business Combination, we would repay such loaned amounts. In the event the initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into private placement warrants of the post Business Combination entity at a price of $1.00 per private placement warrant at the option of the lender. Administrative Service Agreement Commencing on April 13, 2018, the date of the listing of our securities on the NASDAQ, through the earlier of our consummation of our initial Business Combination or our liquidation, we have agreed to pay our Sponsor or one of its affiliates $10,000 per month for up to 18 months to entice our Sponsor to make available to us certain general and administrative services, including office space, utilities and administrative support, as we may require from time to time. The Company incurred administrative expenses of $30,000 and $26,000 for the three -month periods ended June 30, 2019 and June 30, 2018, respectively. For the six -month periods ended June 30, 2019 and June 30, 2018, the Company incurred $60,000 and $26,000 for administrative services, respectively. From the IPO Closing Date through June 30, 2019, the Company paid $120,000 to an affiliate of our Sponsor, with funds received from the Trust Account, for administrative services. Upon completion of the initial Business Combination or our liquidation, we will cease paying these monthly fees. Private Placement As discussed in Note 1, the Sponsor purchased an aggregate of 10,280,000 private placement warrants at $1.00 per private placement warrant (for a total purchase price of $10,280,000 ) from us simultaneous with the closing of the Public Offering. Each whole private placement warrant is exercisable for one whole share of the Company’s Class A Common Stock at a price of $11.50 per share. A portion of the purchase price of the private placement warrants was added to the proceeds from the Public Offering held in the Trust Account. If the initial Business Combination is not completed within 18 months from the closing of the Public Offering, the proceeds from the sale of the private placement warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the private placement warrants will expire worthless. The private placement warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their private placement warrants until 30 days after the completion of the initial Business Combination. Forward Purchase Agreement In April 2018, HighPeak Energy Partners, LP ("HighPeak LP") entered into a forward purchase agreement with us that provides for the purchase by HighPeak LP of an aggregate of up to 15,000,000 shares of our Class A common stock and 7,500,000 warrants for $10.00 per forward unit, for an aggregate purchase price of up to $150,000,000 in a private placement that will close simultaneously with the closing of our initial Business Combination. HighPeak LP is a limited partnership affiliated with our Sponsor. The forward purchase warrants will have the same terms as the private placement warrants so long as they are held by HighPeak LP, its affiliates or its permitted transferees, and the forward purchase shares are identical to the shares of Class A common stock included in the Units sold in the Public Offering, except the forward purchase shares are subject to transfer restrictions and certain registration rights, as described in the forward purchase agreement. HighPeak LP's commitment under the forward purchase agreement may be reduced under certain circumstances as described in the agreement. Warrant Tender Offer Our Sponsor has committed to offer or cause an affiliate to offer to purchase, at $1.00 per public warrant (exclusive of commissions), the outstanding public warrants in a tender offer that would commence after our announcement of an initial Business Combination and occur in connection with such Business Combination. The warrant tender offer would not be conditioned upon any minimum number of warrants being tendered. Our Sponsor has also committed to offer or cause an affiliate to offer to purchase, at $1.00 per public warrant (exclusive of commissions), the outstanding public warrants in a tender offer that would commence after our filing of a proxy statement or information statement with respect to a proposed amendment to our amended and restated certificate of incorporation that would affect the substance of timing of our obligation to redeem 100% of our public shares if we do not complete a Business Combination within 18 months from the closing of the Public Offering. Any such purchases would occur in connection with the effectiveness of such amendment. In April 2018, an affiliate of our Sponsor deposited cash funds in an amount equal to $20,700,000 with Continental Stock Transfer & Trust Company prior to the closing of the Public Offering. The funds held in the escrow account may be used (or the letter of credit referred to below may be drawn upon) to pay $1.00 per whole warrant to holders of public warrants (excluding private placement warrants or forward purchase warrants) that tender in the tender offer for the public warrants. At any time, our Sponsor or its affiliate may substitute a letter of credit from a financially capable bank in good standing in lieu of cash or cash in lieu of a letter of credit. Neither funds in the escrow account nor the letter of credit shall be held in trust nor comprise any portion of any pro-rata distribution of our Trust Account. In the event a Business Combination is announced and a tender offer for the warrants is made, but the Business Combination is later abandoned, the tender offer will not be closed, and the warrants will be returned to the holders. In the event we are unable to close a Business Combination within the allotted time, the escrow agent will be authorized to transfer $1.00 per whole public warrant, to holders of public warrants other than our sponsor and its affiliates, at the same time as we redeem our public shares, and all warrants will expire worthless.

Note

- Related Party Transactions

Founders’ Shares

In connection with the organization of the Company, a total of

10,062,500

shares of Class B common stock were sold to the Sponsor at a price of approximately

$0.002

per share for an aggregate of

$25,000

("Founders' Shares"). In

March 2018,

our Sponsor returned to us, at

cost, an aggregate of

1,437,500

Founders’ Shares, which we cancelled, leaving an aggregate of

8,625,000

Founders’ Shares outstanding. In

March 2018,

our Sponsor transferred

40,000

Founders’ Shares to each of its

three

independent director nominees resulting in a total of

120,000

Founders’ Shares transferred to our independent director nominees. In

April 2018,

we effected a stock dividend of

0.2

shares of Class B common stock for each outstanding share of Class B common stock, resulting in our Sponsor and independent director nominees holding an aggregate of

10,350,000

Founders’ Shares. The Sponsor would have been required to forfeit only a number of shares of Class B common stock necessary to continue to maintain the

20.0%

ownership interest in our shares of common stock after giving effect to the offering and exercise, if any, of the underwriters' over-allotment option. As a result of the full exercise of the underwriters' over-allotment option,

shares were forfeited.

Subject to certain limited exceptions,

50%

of the Founders' Shares will

not

be transferred, assigned, sold until the earlier of: (i)

one

year after the date of the consummation of the initial Business Combination or (ii) the date on which the closing price of the Company's Class A common stock equals or exceeds

$12.00

per share (as adjusted) for any

trading days within any

-trading day period commencing after the initial Business Combination, and the remaining

50%

of the Founders' Shares will

not

be transferred, assigned, sold until

one

year after the date of the consummation of the initial Business Combination, or earlier, in either case, if, subsequent to the Company's initial Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange, reorganization or other similar transaction which results in all stockholders having the right to exchange their common stock for cash, securities or other property.

Related Party Loans

The Sponsor loaned the Company an aggregate of up to

$200,000

to cover expenses related to the Company's formation and the Public Offering. The note was executed on

December 16, 2017

and the Company requested and received

$200,000

in funds on

January 5, 2018.

The Company repaid the note on

April 17, 2018

in full without interest.

We do

not

believe we will need to raise additional funds following the offering to meet the expenditures required for operating our business. However, to finance transaction costs in connection with an intended initial Business Combination, our Sponsor, officers, directors or their affiliates

may,

but are

not

obligated to, loan us funds as

may

be required. If we consummate an initial Business Combination, we would repay such loaned amounts. In the event the initial Business Combination does

not

close, we

may

use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but

proceeds from our Trust Account would be used for such repayment. Up to

$1,500,000

of such loans

may

be convertible into private placement warrants of the post Business Combination entity at a price of

$1.00

per private placement warrant at the option of the lender.

Administrative Service Agreement

Commencing on

April 13, 2018,

the date of the listing of our securities on the NASDAQ, through the earlier of our consummation of our initial Business Combination or our liquidation, we have agreed to pay our Sponsor or

one

of its affiliates

$10,000

per month for up to

months to entice our Sponsor to make available to us certain general and administrative services, including office space, utilities and administrative support, as we

may

require from time to time. The Company incurred administrative expenses of

$30,000

and

$26,000

for the

three

-month periods ended

June 30, 2019

and

June 30, 2018,

respectively. For the

six

-month periods ended

June 30, 2019

and

June 30, 2018,

the Company incurred

$60,000

and

$26,000

for administrative services, respectively. From the IPO Closing Date through

June 30, 2019,

the Company paid

$120,000

to an affiliate of our Sponsor, with funds received from the Trust Account, for administrative services. Upon completion of the initial Business Combination or our liquidation, we will cease paying these monthly fees.

Private Placement

As discussed in Note

the Sponsor purchased an aggregate of

10,280,000

private placement warrants at

$1.00

per private placement warrant (for a total purchase price of

$10,280,000

) from us simultaneous with the closing of the Public Offering. Each whole private placement warrant is exercisable for

one

whole share of the Company’s Class A Common Stock at a price of

$11.50

per share. A portion of the purchase price of the private placement warrants was added to the proceeds from the Public Offering held in the Trust Account. If the initial Business Combination is

not

completed within

months from the closing of the Public Offering, the proceeds from the sale of the private placement warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the private placement warrants will expire worthless. The private placement warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions,

not

to transfer, assign or sell any of their private placement warrants until

days after the completion of the initial Business Combination.

Forward Purchase Agreement

April 2018,

HighPeak Energy Partners, LP ("HighPeak LP") entered into a forward purchase agreement with us that provides for the purchase by HighPeak LP of an aggregate of up to

15,000,000

shares of our Class A common stock and

7,500,000

warrants for

$10.00

per forward unit, for an aggregate purchase price of up to

$150,000,000

in a private placement that will close simultaneously with the closing of our initial Business Combination. HighPeak LP is a limited partnership affiliated with our Sponsor. The forward purchase warrants will have the same terms as the private placement warrants so long as they are held by HighPeak LP, its affiliates or its permitted transferees, and the forward purchase shares are identical to the shares of Class A common stock included in the Units sold in the Public Offering, except the forward purchase shares are subject to transfer restrictions and certain registration rights, as described in the forward purchase agreement. HighPeak LP's commitment under the forward purchase agreement

may

be reduced under certain circumstances as described in the agreement.

Warrant Tender Offer

Our Sponsor has committed to offer or cause an affiliate to offer to purchase, at

$1.00

per public warrant (exclusive of commissions), the outstanding public warrants in a tender offer that would commence after our announcement of an initial Business Combination and occur in connection with such Business Combination. The warrant tender offer would

not

be conditioned upon any minimum number of warrants being tendered.

Our Sponsor has also committed to offer or cause an affiliate to offer to purchase, at

$1.00

per public warrant (exclusive of commissions), the outstanding public warrants in a tender offer that would commence after our filing of a proxy statement or information statement with respect to a proposed amendment to our amended and restated certificate of incorporation that would affect the substance of timing of our obligation to redeem

100%

of our public shares if we do

not

complete a Business Combination within

months from the closing of the Public Offering. Any such purchases would occur in connection with the effectiveness of such amendment.

April 2018,

an affiliate of our Sponsor deposited cash funds in an amount equal to

$20,700,000

with Continental Stock Transfer & Trust Company prior to the closing of the Public Offering. The funds held in the escrow account

may

be used (or the letter of credit referred to below

may

be drawn upon) to pay

$1.00

per whole warrant to holders of public warrants (excluding private placement warrants or forward purchase warrants) that tender in the tender offer for the public warrants. At any time, our Sponsor or its affiliate

may

substitute a letter of credit from a financially capable bank in good standing in lieu of cash or cash in lieu of a letter of credit. Neither funds in the escrow account nor the letter of credit shall be held in trust nor comprise any portion of any pro-rata distribution of our Trust Account. In the event a Business Combination is announced and a tender offer for the warrants is made, but the Business Combination is later abandoned, the tender offer will

not

be closed, and the warrants will be returned to the holders.

In the event we are unable to close a Business Combination within the allotted time, the escrow agent will be authorized to transfer

$1.00

per whole public warrant, to holders of public warrants other than our sponsor and its affiliates, at the same time as we redeem our public shares, and all warrants will expire worthless.