Easterly Acquisition Corp.

CIK:0001641197|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating costs	$ (640,856)	$ (302,110)	$ (976,215)	$ (768,940)
State franchise taxes	(50,488)	(45,000)	(120,488)	(91,118)
Loss from operations	(691,344)	(347,110)	(1,096,703)	(860,058)
Other income
Interest income	599,249	323,111	1,067,787	489,030
Gain on forgiveness of debt	2,928,671	0	2,928,671	0
Total other income	3,527,920	323,111	3,996,458	489,030
Income (loss) before taxes	2,836,576	(23,999)	2,899,755	(371,028)
Provision for income taxes	0	0	0	0
Net income (loss)	$ 2,836,576	$ (23,999)	$ 2,899,755	$ (371,028)
Weighted average number of common shares outstanding, basic and diluted	6,627,593	6,404,259	6,553,463	6,383,279
Basic and diluted net loss per share	$ 0.35	$ (0.04)	$ 0.31	$ (0.12)

Condensed Consolidated Statement of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ 2,899,755	$ (371,028)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Interest on cash and cash equivalents held in Trust Account	(1,067,787)	(489,030)
Interest on convertible note to Sponsor	19,959	5,571
Gain on forgiveness of debt	(2,928,671)	0
Provision for uncollectible other receivables	0	278,135
Changes in operating assets and liabilities:
Prepaid expenses	(21,491)	(26,059)
Other receivables	0	1,484
Accounts payable and accrued expenses	424,264	(25,555)
Net cash used in operating activities	(673,971)	(626,482)
Cash flows from investing activities:
Cash released from Trust Account for redemption of common stock	8,401,358	0
Interest income released from Trust Account for franchise taxes	137,543	154,554
Contributions into Trust Account	(2,928,671)	0
Net cash provided by investing activities	5,610,230	154,554
Cash flows from financing activities:
Proceeds of convertible note received from Sponsor	300,000	325,000
Redemption of common stock	(8,401,358)	0
Due to affiliate	224,443	128,510
Proceeds from promissory note	2,928,671	0
Net cash (used in) provided by financing activities	(4,948,244)	453,510
Decrease in cash	(11,985)	(18,418)
Cash at beginning of period	13,874	24,571
Cash at end of period	1,889	6,153
Supplemental disclosure of noncash financing activities:
Change in value of common stock subject to possible redemption	$ 2,899,755	$ (371,028)

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash	$ 1,889	$ 13,874
Prepaid expenses	28,838	7,347
Total current assets	30,727	21,221
Cash and cash equivalents held in Trust Account - restricted	146,665,970	151,208,413
Total assets	146,696,697	151,229,634
Current liabilities
Accounts payable and accrued expenses	2,129,002	1,704,738
Due to affiliate	799,848	575,405
Total current liabilities	2,928,850	2,280,143
Convertible note - due to Sponsor	934,330	614,371
Deferred underwriting fee	7,000,000	7,000,000
Total liabilities	10,863,180	9,894,514
Commitments
Common stock, subject to possible redemption or tender, 12,674,622 and 13,544,944 shares at redemption value at June 30, 2018, and December 31, 2017, respectively	130,833,516	136,335,119
Stockholders' equity:
Preferred stock, $.0001 par value; 1,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $.0001 par value; 100,000,000 shares authorized; 6,533,785 and 6,477,668 shares issued and outstanding (excludes 12,674,622 and 13,544,944 shares subject to possible redemption) at June 30, 2018 and December 31, 2017, respectively	653	648
Additional paid-in capital	5,122,718	8,022,478
Accumulated deficit	(123,370)	(3,023,125)
Total stockholders' equity	5,000,001	5,000,001
Total liabilities and stockholders' equity	$ 146,696,697	$ 151,229,634