CF Finance Acquisition Corp.
CIK:0001728041|SEC Filings
Condensed Statements of Cash Flows (Unaudited) - USD ($) |
9 Months Ended | |
|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Cash flows from operating activities | ||
| Net (loss) income | $ (394,466) | $ 3,640,527 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities | ||
| Interest earned on investments held in Trust Account | (715,458) | (4,933,471) |
| Increase in operating assets | ||
| Other assets | (19,250) | (18,750) |
| Increase (decrease) in operating liabilities | ||
| Payable to related party | 91,216 | 50,506 |
| Accrued liabilities | (1,162,574) | 969,148 |
| Net cash used in operating activities | (2,200,532) | (292,040) |
| Cash flows from investing activities | ||
| Proceeds deposited in Trust Account | (2,489,824) | (7,659,971) |
| Proceeds from Trust Account to pay tax | 1,706,874 | |
| Proceeds from Trust Account | 74,541,606 | |
| Net cash provided by (used in) investing activities | 73,758,656 | (7,659,971) |
| Cash flows from financing activities | ||
| Redemption of units disbursement | (74,541,606) | |
| Proceeds from sale of units in the initial public offering, net of underwriting discount and offering cost paid | 7,584,128 | |
| Proceeds from related party promissory notes | 750,000 | |
| Proceeds from related party - Sponsor loan | 2,489,824 | 75,841 |
| Payment of related party payable | (100,000) | |
| Net cash provided by (used in) financing activities | (71,301,782) | 7,559,969 |
| Net increase (decrease) in cash | 256,342 | (392,042) |
| Cash at beginning of period | 14,304 | 560,027 |
| Cash at end of period | 270,646 | 167,985 |
| Supplemental disclosure of cash flow activities | ||
| Cash paid for income tax | 1,226,992 | |
| Supplemental disclosure of non-cash financing activities | ||
| Change in common stock subject to possible redemption | $ (394,465) | $ 11,224,655 |
Condensed Balance Sheets (Unaudited) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Current assets | ||
| Cash | $ 270,646 | $ 14,304 |
| Other assets | 19,250 | |
| Total current assets | 289,896 | 14,304 |
| Cash and investments held in Trust Account | 218,717,961 | 291,761,159 |
| Total assets | 219,007,857 | 291,775,463 |
| Liabilities and Stockholders’ Equity | ||
| Sponsor loan – promissory notes | 6,065,665 | 2,825,841 |
| Payables to related party | 128,246 | 37,030 |
| Accrued liabilities | 227,389 | 1,389,962 |
| Total liabilities | 6,421,300 | 4,252,833 |
| Common stock subject to possible redemption, 20,371,594 and 27,972,537 shares, as of September 30, 2020 and December 31, 2019, respectively, at redemption value of $10.19 and $10.10, respectively | 207,586,553 | 282,522,624 |
| Stockholders’ equity | ||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of September 30, 2020 and December 31, 2019 | ||
| Additional paid-in-capital | 919,653 | 525,231 |
| Retained earnings | 4,079,514 | 4,473,980 |
| Total stockholders’ equity | 5,000,004 | 5,000,006 |
| Total liabilities and stockholders’ equity | 219,007,857 | 291,775,463 |
| Common Stock Class A [Member] | ||
| Stockholders’ equity | ||
| Common stock | 130 | 88 |
| Total stockholders’ equity | 130 | 88 |
| Common Stock Class B [Member] | ||
| Stockholders’ equity | ||
| Common stock | 707 | 707 |
| Total stockholders’ equity | $ 707 | $ 707 |