Modern Media Acquisition Corp.

CIK:0001695098|SEC Filings

Condensed Statements of Operations - USD ($)	3 Months Ended
Condensed Statements of Operations - USD ($)	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Operating costs	$ 510,846	$ 164,711
Loss from operations	(510,846)	(164,711)
Interest income	870,220	802,262
Income before provision for income taxes	359,374	637,551
Provision for income taxes	(186,198)	(158,054)
Net Income	$ 173,176	$ 479,497
Weighted average common shares outstanding:
Basic	6,411,321	6,321,481
Diluted	17,584,951	25,875,000
Basic and diluted net income per common share:
Basic	$ 0.03	$ 0.08
Diluted	$ 0.01	$ 0.02

Condensed Statement of Cash Flows - USD ($)	3 Months Ended
Condensed Statement of Cash Flows - USD ($)	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 173,176	$ 479,497
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account	(870,220)	(802,262)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(20,392)	(32,085)
Account payable and accrued expenses	313,750	29,008
Income taxes payable	186,198	158,054
Net cash used in operating activities	(217,488)	(167,788)
Cash Flows from Investing Activities:
Cash withdrawn from Trust Account	140,158,819
Interest income released from Trust Account to pay taxes	81,200	50,624
Net cash provided by investing activities	140,240,019	50,624
Cash Flows from Financing Activities:
Redemption of common stock	(140,158,819)
Proceeds from advance from related party	30,000
Net cash used in financing activities	(140,128,819)	0
Net Change in Cash	(106,288)	(117,164)
Cash – Beginning	115,529	558,398
Cash – Ending	9,241	441,234
Non-Cash Investing and Financing Activities:
Change in value of common stock subject to possible redemption	(3,173,178)	$ (479,498)
Waiver of a portion of deferred underwriting fee	3,000,000
Contribution to Trust Account by Sponsor	$ 1,474,256

Condensed Balance Sheets - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Current Assets
Cash	$ 9,241	$ 115,529
Prepaid expenses and other current assets	61,642	41,250
Total Current Assets	70,883	156,779
Investment securities held in Trust Account	14,525,384	152,420,927
Total Assets	14,596,267	152,577,706
Current Liabilities
Accounts payable and accrued expenses	2,224,805	1,911,055
Income taxes payable	245,421	59,223
Working capital loan	30,000
Promissory note – related party	1,965,675	491,419
Total Current Liabilities	4,465,901	2,461,697
Deferred underwriting fees	4,785,000	7,785,000
Deferred legal fees payable	300,000	300,000
Total Liabilities	9,550,901	10,546,697
Commitments and Contingencies (see note 3)
Common stock subject to possible redemption, $0.0001 par value; 4,433 and 13,522,841 shares at redemption value of approximately $10.23 as of June 30, 2019 and 10.13 as of March 31, 2019, respectively	45,364	137,031,005
Stockholders' Equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, none issued or outstanding as of June 30, 2019 or March 31, 2019
Common stock, $0.0001 par value; 100,000,000 shares authorized; 6,577,232 and 6,409,478 shares issued and outstanding (excluding 4,433 and 13,522,841 shares subject to possible redemption) as of June 30, 2019 and March 31, 2019, respectively	658	641
Additional paid-in capital	3,728,523	3,901,718
Retained earnings	1,270,821	1,097,645
Total Stockholders' Equity	5,000,002	5,000,004
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 14,596,267	$ 152,577,706