PROFICIENT ALPHA ACQUISITION CORP

CIK:0001764711|SEC Filings

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Operating expense
Audit fee	$ 4,800	$ 2,000	$ 14,800	$ 10,000
Officers compensation	56,556	65,852	120,889	137,519
Legal fees	574,722		701,024	25,000
General and administrative expenses	198,708	24,999	306,522	25,432
Total operating expense	834,786	92,851	1,143,235	197,951
Other income
Unrealized gain from the trust account	720,402		1,223,678
Interest income	3,095		5,714
Total other income	723,497		1,229,392
Net income (loss) before income tax	(111,289)	(92,851)	86,157	(197,951)
Income tax (provision)	(4,289)		35,867
Net income (loss)	$ (107,000)	$ (92,851)	$ 50,290	$ (197,951)
Net (loss) per share
Basic and diluted	$ (0.26)	$ (0.04)	$ (0.29)	$ (0.08)
Weighted average number of shares
Basic and diluted	3,178,246	2,500,000	3,966,103	2,500,000

Statements of Cash Flows - USD ($)	6 Months Ended
Statements of Cash Flows - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 50,290	$ (197,951)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Common stock issued for service	4,444	6,667
Changes in operating assets and liabilities:
Prepaid expenses	70,000
Accrued expenses	490,895
Accrued expenses - related parties	37,923	(8,147)
Tax payable	1,666
Net cash provided by (used in) operating activities	655,218	(199,431)
Cash flows from investing activities:
Escrow deposit	800,000
Investment of government securities held in Trust Account	(1,191,195)
Net cash (used in) investing activities	(391,195)
Cash flows from financing activities:
Collection of subscription receivable		166,250
Net cash provided by financing activities		166,250
Net increase/(decrease) in cash and cash equivalents	264,023	(33,181)
Cash and cash equivalents at beginning of the period	1,078,708	302,362
Cash and cash equivalents at end of the period	1,342,731	269,181
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes	34,201
NON-CASH TRANSACTIONS:
Common stock subject to possible redemption	$ 15,585,872

Balance Sheets - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Current assets
Cash	$ 1,342,731	$ 1,078,708
Escrow deposit		800,000
Prepaid expenses	35,000	105,000
Other receivable	219	219
Total current assets	1,377,950	1,983,927
Government securities held in Trust Account	117,116,839	115,925,644
Total assets	118,494,789	117,909,571
Current liabilities
Accrued expenses	529,239	38,344
Accrued expenses - related parties	56,997	19,074
Tax payable	21,009	19,343
Total current liabilities	607,245	76,761
Commitments
Common stock subject to possible redemption, 11,288,754 and 9,730,167 shares at redemption value as of March 31, 2020 and September 30, 2019, respectively	112,887,543	97,301,671
Shareholders' Equity
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued and outstanding as of March 31, 2020 and September 30, 2019, respectively
Common stock, $.001 par value, 150,000,000 shares authorized, 3,178,246 and 4,736,833 shares issued and outstanding (excluding 11,288,754 and 9,730,167 shares subject to possible redemption) as of March 31, 2020 and September 30, 2019, respectively	3,178	4,737
Additional paid in capital	4,869,158	20,449,027
Accumulated deficits	127,665	77,375
Total Shareholders' Equity	5,000,001	20,531,139
Total Liabilities and Shareholders' Equity	$ 118,494,789	$ 117,909,571