Draper Oakwood Technology Acquisition Inc.

CIK:0001705771|SEC Filings

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

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Income Statement [Abstract]

Operating costs

$ 313,054

$ 10,425

$ 11,925

$ 736,162

Loss from operations

(313,054)

(10,425)

(11,925)

(736,162)

Other income:

Interest income

274,089

3,306

716,156

Unrealized gain (loss) on marketable securities held in Trust Account

(3,207)

12,169

2,164

Other income, net

270,882

15,475

718,320

Income (loss) before provision for income taxes

(42,172)

5,050

3,550

(17,842)

Provision for income taxes

(48,383)

(1,207)

(53,492)

Net income (loss)

$ (90,555)

$ 3,843

$ 2,343

$ (71,334)

Weighted average shares outstanding, basic and diluted

^[1]

2,326,779

1,353,526

1,310,390

2,309,823

Basic and diluted net loss per common share

^[2]

$ (0.13)

$ (0.01)

$ (0.29)

[1]	Excludes an aggregate of up to 5,168,804 and 5,303,877 shares subject to redemption at September 30, 2018 and 2017, respectively.
[2]	Net loss per common share - basic and diluted excludes interest income attributable to common stock subject to redemption of $200,583 and $587,760 for the three and nine months ended September 30, 2018, respectively, and $13,067 and $13,067 for the three months ended September 30, 2017 and for the period from April 27, 2017 (inception) through September 30, 2017, respectively.

Condensed Statements of Cash Flows (Unaudited) - USD ($)	5 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2018
Cash Flows from Operating Activities:
Net (loss) income	$ 2,343	$ (71,334)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account	(3,306)	(716,156)
Unrealized gain on marketable securities held in Trust Account	(12,169)	(2,164)
Changes in operating assets and liabilities:
Prepaid expenses	(75,500)	25,036
Accounts payable and accrued expenses		183,565
Income taxes payable	1,207	53,492
Net cash used in operating activities	(87,425)	(527,561)
Cash Flows from Investing Activities:
Investment of cash in Trust Account	(57,500,000)	(575,000)
Cash withdrawn from Trust Account		55,826
Net cash used in investing activities	(57,500,000)	(519,174)
Cash Flows from Financing Activities:
Proceeds from promissory notes - related party		710,000
Advance from related party	247,580	10,400
Proceeds from issuance of Class F common stock to initial stockholders	25,000
Proceeds from sale of Units, net of underwriting discounts paid	55,775,000
Proceeds from sale of Placement Units	2,725,000
Proceeds from Unit Purchase Option	100
Repayment of advances from related parties	(247,580)
Payment of offering costs	(474,396)
Net cash provided by financing activities	58,050,704	720,400
Net Change in Cash	463,279	(326,335)
Cash - Beginning		334,020
Cash - Ending	463,279	7,685
Non-cash investing and financing activities:
Initial classification of common stock subject to redemption	53,049,200
Change in value of common stock subject to redemption	$ 3,845	$ (71,334)

Condensed Balance Sheets - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current Assets
Cash	$ 7,685	$ 334,020
Prepaid expenses	23,441	48,477
Total Current Assets	31,126	382,497
Marketable securities held in Trust Account	58,905,007	57,667,513
Total Assets	58,936,133	58,050,010
Current liabilities
Accounts payable and accrued expenses	269,150	85,585
Income taxes payable	53,492
Advance from related party	10,400
Promissory note - related party	575,000
Convertible promissory note – related party	135,000
Total Current Liabilities	1,043,042	85,585
Commitments
Common stock subject to possible redemption, 5,168,804 and 5,281,057 shares at redemption values at September 30, 2018 and December 31, 2017, respectively	52,893,090	52,964,424
Stockholders' Equity
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding
Additional paid-in capital	5,157,373	5,086,051
Accumulated deficit	(157,613)	(86,279)
Total Stockholders' Equity	5,000,001	5,000,001
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	58,936,133	58,050,010
Class A Common stock
Stockholders' Equity
Common stock value	97	85
Class F Common stock
Stockholders' Equity
Common stock value	$ 144	$ 144