Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:    
Net loss $ (15,265,396) $ (7,209,680)
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (1,793,627) (714,993)
Change in fair value of warrant liabilities 13,924,875 6,999,875
Transaction costs   560,698
Unrealized (gain) loss on marketable securities held in Trust Account (3,447) 6,479
Deferred income tax provision (benefit) 1,361 (1,361)
Changes in operating assets and liabilities:    
Prepaid expenses 112,048 (202,472)
Prepaid income taxes (255,364)  
Accounts payable and accrued expenses 1,976,231 180,244
Income taxes payable (94,636) 94,636
Net cash used in operating activities (1,397,955) (286,574)
Cash Flow from Investing Activities:    
Investment of cash in Trust Account   (316,250,000)
Cash withdrawn from Trust Account to pay franchise and income taxes 713,860  
Net cash provided by (used in) investing activities 713,860 (316,250,000)
Cash Flows from Financing Activities:    
Proceeds from sale of Units, net of underwriting discounts paid   309,925,000
Proceeds from sale of Private Placement Warrants   8,325,000
Proceeds from promissory notes – related party   124,992
Repayment of promissory notes – related party   (224,992)
Payment of offering costs   (571,876)
Net cash provided by financing activities   317,578,124
Net Change in Cash (684,095) 1,041,550
Cash – Beginning 1,083,611 42,061
Cash – Ending 399,516 1,083,611
Supplemental cash flow information:    
Cash paid for income taxes 350,000  
Non-cash investing and financing activities:    
Initial classification of Class A common stock subject to redemption   286,727,625
Change in value of common stock subject to possible redemption (15,265,401) (6,633,789)
Initial classification of warrant liabilities   (14,807,125)
Deferred underwriting fee payable $ 11,068,750 $ 11,068,750