Results of Operations
Since the consummation of our Public Offering, our activity has been limited to the search for a prospective Initial Business Combination, and
we will not generate any operating revenues until the completion of our Initial Business Combination. We expect to incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as
increased expenses for due diligence expenses. We expect to continue to incur significant costs in the pursuit of our acquisition plans.
For the three months ended March 31, 2019 and 2018, we had net income of $1,544,703 and $615,184, which consisted of $1,707,735 and
$950,485 in interest income, offset by total expenses of $(163,032) and $(335,301), respectively. For the three months ended March 31, 2019, total expenses included $60,000 and $103,032 in related party administrative fees and general and
administrative expenses, respectively. For the three months ended March 31, 2018, total expenses included $60,000 and $275,301 in related party administrative fees and general and administrative expenses, respectively.
Liquidity and Capital Resources
As
indicated in the accompanying unaudited condensed interim financial statements, as of March 31, 2019 and 2018, we had $443,654 and $565,693 in our operating bank account, $1,707,735 and $950,485 of interest available in the Trust Account to pay
taxes, if any, and working capital of $87,858 and $720,100, respectively.
Through March 31, 2019, our liquidity needs have been
satisfied through receipt of a $25,000 capital contribution from the Sponsor in exchange for the issuance of the Founder Shares to the Sponsor, $300,000 in loans from the Sponsor, $12,269 in advances from related parties and the proceeds from the
sale of the Private Placement Warrants not held in the Trust Account. We fully repaid the loans from the Sponsor and the advances from related parties in March and June 2018.
We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust
Account (less taxes payable and deferred underwriting commissions), to complete our Initial Business Combination. We may withdraw interest income (if any) to pay our income taxes, if any. Our annual income tax obligations will depend on the amount
of interest and other income earned on the amounts held in the Trust Account. We expect the interest income earned on the amount in the Trust Account (if any) will be sufficient to pay our income taxes. To the extent that our equity or debt is used,
in whole or in part, as consideration to complete our Initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other
acquisitions and pursue our growth strategies.
Mandatory Liquidation and Going Concern Considerations
The Company only has 24 months from the closing date of the Public Offering (until December 5, 2019) to complete an Initial Business
Combination. If the Company does not complete an Initial Business Combination within 24 months from the closing date of the Public Offering, the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly
as reasonably possible, but not more than ten business days thereafter, redeem the Public Shares, at
a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay the Companys franchise and income taxes (less up to $100,000 of such net interest to pay dissolution expenses), divided
by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and
(iii) as promptly as possible following such redemption, subject to the approval of the Companys remaining shareholders and the Companys board of directors, dissolve and liquidate, subject in each case to the Companys
obligations under Cayman Islands law to provide for claims of creditors and
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