v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Cash flows from operating activities:    
Net (loss) income $ (3,095,960) $ 4,165
Adjustments to reconcile net (loss) income to net cash (used in) operating activities:    
Interest earned on marketable securities held in trust account (401,582) (94,359)
Impairment of cost method investment 150,000
Debt forgiveness income (300,000)
Issuance of shares for services 2,169,143
Changes in operating assets and liabilities:    
Prepaid expenses 3,114
Deferred legal fees (100,000)
Accrued expenses 751,438 49,750
Income taxes payable 2,145
Net cash used in operating activities (823,847) (38,299)
Cash flows from investing activities:    
Investment of cash in Trust Account (52,780,000)
Cash purchased in acquisition 75,930
Investment at cost (150,000)
Purchase of property and equipment (51,350)
Net cash provided by (used in) investing activities (125,420) (52,780,000)
Cash flows from financing activities:    
Gross proceeds from sale of Units, net of commissions 50,860,100
Proceeds from sale of Private Units 2,615,000
Proceeds from note payable - related party, net 3,620 171,035
Repayment of note payable - related party, net (120,089)
Settlement of redeemable common stock (46,291,685)
Cash held in trust account used to settle common stock redemption obligation (7,620,432)
Cash in trust 54,645,364
Private placement funds received 1,000,003
Repayment of offering costs (253,880)
Net cash provided provided by financing activities 1,736,870 53,272,166
Net change in cash 787,603 453,867
Cash - beginning of period 458,063 30,000
Cash - end of period 1,245,666 483,867
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes
Supplemental Non-Cash Investing and Financing Information    
Deferred underwriting fees charged to additional paid in capital 1,820,000
Deferred legal fees charged to additional paid in capital 100,000
Issuance of common stock issued to underwriters charged to additional paid in capital 44,327,271
Change in value of common stock subject to possible redemption 1,967,441
Offering costs charged to additional paid capital 25,000
Common stock issued for consideration in an acquisition $ 6,090,000

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