Garnero Group Acquisition Co

CIK:0001603969|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Mar. 31, 2016

Mar. 31, 2015

Formation and operating costs

Legal and professional fees

$ 194,039

$ 74,443

$ 659,702

$ 699,296

General and administrative

128,542

59,290

188,810

222,445

Office expense - related party

30,000

90,000

Loss from operations

(352,581)

$ (163,733)

(938,512)

$ (1,011,741)

Other income

Unrealized gain on securities held in Trust Account

24,761

21,584

Interest income

20,040

89,463

$ 30,156

Net loss

$ (307,780)

$ (163,733)

$ (827,465)

$ (981,585)

Weighted average shares outstanding, basic and diluted (1)

^[1]

4,859,679

4,766,712

4,831,189

4,710,700

Basic and diluted net loss per ordinary share

$ (0.06)

$ (0.03)

$ (0.17)

$ (0.21)

[1]	For the three and nine months ended March 31, 2016 and 2015, weighted average shares outstanding exclude 13,708,294 and 13,819,990 shares, respectively, subject to possible conversion.

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net loss	$ (827,465)	$ (981,585)
Adjustments to reconcile net loss to net cash used in operating activities:
Expenses paid by related party on behalf of the Company	201,529	$ 303,923
Unrealized gain on securities held in trust	(21,584)
Interest income on restricted cash and cash equivalents held in trust	(89,463)
Changes in operating assets and liabilities:
Prepaid expenses	23,860	$ (71,138)
Accounts payable and accrued expenses	96,531	71,753
Net cash used in operating activities	$ (616,592)	(677,047)
Cash Flows from Investing Activities
Purchase of restricted cash and cash equivalents held in trust		(144,468,755)
Net cash used in investing activities		(144,468,755)
Cash Flows from Financing Activities
Proceeds from public offering, net of costs		145,139,559
Repayments of notes payable to related party		(212,500)
Advances from related party	$ 634,289	$ 238,980
Repayments of advances from related party	(17,000)
Net cash provided by financing activities	617,289	$ 145,166,039
Net increase in cash and cash equivalents	697	20,237
Cash and cash equivalents - beginning	278	160
Cash and cash equivalents - ending	$ 975	20,397
Supplemental disclosure of noncash investing and financing activities:
Reclassification of deferred offering costs to additional paid in capital		283,114
Change in value of ordinary shares subject to possible conversion	$ 827,457	17,862,278
Initial classification of ordinary shares subject to possible redemption		$ 121,028,622

Condensed Balance Sheets - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 975	$ 278
Prepaid expenses	24,807	48,667
Total current assets	25,782	48,945
Restricted cash and cash equivalents held in trust	144,662,784	144,551,737
Total assets	144,688,566	144,600,682
Current Liabilities:
Accounts payable and accrued expenses	190,474	93,943
Notes and advances from related party	1,544,696	725,878
Total liabilities	$ 1,735,170	$ 819,821
Commitments
Ordinary shares subject to possible conversion (13,708,294 and 13,809,040 shares at conversion value as of March 31, 2016 and June 30, 2015, respectively)	$ 137,953,395	$ 138,780,852
Shareholders' Equity:
Preferred shares, $.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Ordinary shares, $.0001 par value; 120,000,000 shares authorized;4,894,519 and 4,793,773 shares issued and outstanding (excluding 13,708,294 and 13,809,040 shares subject to possible conversion) as of March 31, 2016 and June 30, 2015, respectively	$ 489	$ 479
Additional paid-in capital	6,927,561	6,100,114
Accumulated deficit	(1,928,049)	(1,100,584)
Total Shareholders' Equity	5,000,001	5,000,009
Total Liabilities and Shareholders' Equity	$ 144,688,566	$ 144,600,682