Far Point Acquisition Corp

CIK:0001735858|SEC Filings

Unaudited Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Unaudited Condensed Statements of Operations - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
General and administrative costs	$ 1,448,351	$ 799,320	$ 8,004,877	$ 1,133,716
Franchise tax expense	50,000	50,000	99,664	95,241
Loss from operations	(1,498,351)	(849,320)	(8,104,541)	(1,228,957)
Interest and investment income	179,103	4,327,095	2,691,097	8,115,944
Income (loss) before income tax expense	(1,319,248)	3,477,775	(5,413,444)	6,886,987
Income tax expense	(3,069)	916,758	514,002	1,738,671
Net (loss) income	(1,316,179)	$ 2,561,017	$ (5,927,446)	5,148,316
Common Class A [Member]
Net (loss) income	$ 1,400,000			$ 8,000,000.0
Weighted average shares outstanding	63,250,000	63,250,000	63,250,000	63,250,000
Basic and diluted net income per share	$ 0.00	$ 0.05	$ 0.03	$ 0.10
Common Class B [Member]
Net (loss) income	$ 1,300,000	$ 2,600,000	$ 5,900,000	$ 5,100,000
Weighted average shares outstanding	15,812,500	15,812,500	15,812,500	15,812,500
Basic and diluted net income per share	$ (0.09)	$ (0.05)	$ (0.51)	$ (0.07)

Unaudited Condensed Statements of Cash Flows - USD ($)	6 Months Ended
Unaudited Condensed Statements of Cash Flows - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (5,927,446)	$ 5,148,316
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Income earned on investments held in Trust Account	(2,690,964)	(8,115,790)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(305,653)	7,062
Other assets	25,525
Accounts payable	220,278	11,522
Accrued expenses	7,540,764	746,970
Income tax payable		(1,443,619)
Franchise tax payable	(90,678)	(61,798)
Net cash used in Operating activities	(1,228,174)	(3,707,337)
Cash Flows from Investing Activities:
Investment income released from Trust Account	693,296	3,182,539
Net cash provided by investing activities	693,296	3,182,539
Net change in cash	(534,878)	(524,798)
Cash - beginning of the period	1,051,725	1,666,639
Cash - end of the period	516,847	1,141,841
Supplemental disclosure of noncash activities:
Change in value of Class A common stock subject to possible redemption		5,148,310
Cash paid for income taxes	613,296	$ 3,182,289
Common Class A [Member]
Supplemental disclosure of noncash activities:
Change in value of Class A common stock subject to possible redemption	$ 5,927,450

Condensed Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash	$ 516,847	$ 1,051,725
Prepaid expenses and other current assets	463,299	157,646
Total current assets	980,146	1,209,371
Investments held in Trust Account	651,392,585	649,394,916
Other assets		25,525
Total Assets	652,372,731	650,629,812
Current liabilities:
Accounts payable	222,256	1,978
Accrued expenses	9,732,227	2,191,463
Income tax payable
Franchise tax payable	20,000	110,678
Total current liabilities	9,974,483	2,304,119
Deferred underwriting commissions	20,737,500	20,737,500
Total Liabilities	30,711,983	23,041,619
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	0	0
Additional paid-in capital	0	0
Retained earnings	4,998,268	4,998,323
Total Stockholders' Equity	5,000,008	5,000,003
Total Liabilities and Stockholders' Equity	652,372,731	650,629,812
Common Class A [Member]
Current liabilities:
Class A common stock, $0.0001 par value; 61,666,074 and 62,258,819 shares subject to possible redemption at $10.00 per share at June 30, 2020 and December 31, 2019, respectively	616,660,740	622,588,190
Stockholders' Equity:
Common stock value	159	99
Common Class B [Member]
Stockholders' Equity:
Common stock value	$ 1,581	$ 1,581