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Comparison of Restated Financial Statements to Financial Statements As Previously Reported (Tables) | 6 Months Ended
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Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract] |
Schedule of Condensed Consolidated Balance Sheet | CONDENSED CONSOLIDATED BALANCE SHEETS
|  | June 30, 2020 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 257,601 |  |  | $ | - |  |  | $ | 257,601 |
Restricted cash |  |  | 787,865 |  |  |  | - |  |  |  | 787,865 |
Prepaid income taxes |  |  | 21,806 |  |  |  | - |  |  |  | 21,806 |
Prepaid expenses |  |  | 118,645 |  |  |  | - |  |  |  | 118,645 |
Total current assets |  |  | 1,185,917 |  |  |  | - |  |  |  | 1,185,917 |
Other assets |  |  | 163,797 |  |  |  | - |  |  |  | 163,797 |
Marketable securities held in Trust Account |  |  | 11,276,350 |  |  |  | - |  |  |  | 11,276,350 |
Total Assets |  | $ | 12,626,064 |  |  | $ | - |  |  | $ | 12,626,064 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 339,497 |  |  | $ | 655,555 |  |  | $ | 995,052 |
Accrued issuable equity |  |  | - |  |  |  | 96,011 |  |  |  | 96,011 |
March promissory note – related party |  |  | 337,301 |  |  |  | - |  |  |  | 337,301 |
Due to related party |  |  | 795,003 |  |  |  | - |  |  |  | 795,003 |
Advances due - 180 |  |  | 1,379,815 |  |  |  | - |  |  |  | 1,379,815 |
Convertible promissory notes, net of debt discount |  |  | 431,745 |  |  |  | (107,481 | ) |  |  | 324,264 |
Derivative liability |  |  | 214,188 |  |  |  | - |  |  |  | 214,188 |
Total liabilities |  |  | 3,497,549 |  |  |  | 644,085 |  |  |  | 4,141,634 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Common stock subject to possible redemption |  |  | 4,128,507 |  |  |  | (644,085 | ) |  |  | 3,484,422 |
Stockholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | - |  |  |  | - |  |  |  | - |
Common stock |  |  | 508 |  |  |  | 6 |  |  |  | 514 |
Additional paid-in capital |  |  | 6,458,398 |  |  |  | 3,124,994 |  |  |  | 9,583,392 |
(Accumulated deficit)/Retained earnings |  |  | (1,458,898 | ) |  |  | (3,125,000 | ) |  |  | (4,583,898 | )
Total Stockholders' Equity |  |  | 5,000,008 |  |  |  | - |  |  |  | 5,000,008 |
Total Liabilities and Stockholders' Equity |  | $ | 12,626,064 |  |  | $ | - |  |  | $ | 12,626,064 |
Schedule of Condensed Consolidated Statement of Operations | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|  | For the Three Months Ended June 30, 2020 |  |  | For the Six Months Ended June 30, 2020 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |  |  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
General and administrative expenses |  | $ | 388,039 |  |  | $ | 3,125,000 |  |  | $ | 3,513,039 |  |  | $ | 635,631 |  |  | $ | 3,125,000 |  |  | $ | 3,760,631 |
Loss from operations |  |  | 388,039 |  |  |  | 3,125,000 |  |  |  | 3,513,039 |  |  |  | 635,631 |  |  |  | 3,125,000 |  |  |  | 3,760,631 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (270,257 | ) |  |  | - |  |  |  | (270,257 | ) |  |  | (270,257 | ) |  |  | - |  |  |  | (270,257 | )
Loss on issuance of convertible promissory note |  |  | (1,657,522 | ) |  |  | - |  |  |  | (1,657,522 | ) |  |  | (1,657,522 | ) |  |  | - |  |  |  | (1,657,522 | )
Interest income |  |  | 2,950 |  |  |  | - |  |  |  | 2,950 |  |  |  | 38,438 |  |  |  | - |  |  |  | 38,438 |
Other (expense) income, net |  |  | (1,924,829 | ) |  |  | - |  |  |  | (1,924,829 | ) |  |  | (1,889,341 | ) |  |  | - |  |  |  | (1,889,341 | )
(Loss) income before income taxes |  |  | (2,312,868 | ) |  |  | (3,125,000 | ) |  |  | (5,437,868 | ) |  |  | (2,524,972 | ) |  |  | (3,125,000 | ) |  |  | (5,649,972 | )
BBenefit (provision) from income taxes |  |  | 1,480 |  |  |  | - |  |  |  | 1,480 |  |  |  | (3,827 | ) |  |  | - |  |  |  | (3,827 | )
Net (loss) income |  | $ | (2,311,388 | ) |  | $ | (3,125,000 | ) |  | $ | (5,436,388 | ) |  | $ | (2,528,799 | ) |  | $ | (3,125,000 | ) |  | $ | (5,653,799 | )
Weighted average shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 4,479,278 |  |  |  | - |  |  |  | 4,479,278 |  |  |  | 4,468,714 |  |  |  | - |  |  |  | 4,468,714 |
Diluted |  |  | 4,479,278 |  |  |  | - |  |  |  | 4,479,278 |  |  |  | 4,468,714 |  |  |  | - |  |  |  | 4,468,714 |
Net (loss) income per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.52 | ) |  | $ | (0.69 | ) |  | $ | (1.21 | ) |  | $ | (0.57 | ) |  | $ | (0.70 | ) |  | $ | (1.27 | )
Diluted |  | $ | (0.52 | ) |  | $ | (0.69 | ) |  | $ | (1.21 | ) |  | $ | (0.57 | ) |  | $ | (0.70 | ) |  | $ | (1.27 | )
Schedule of Condensed Consolidated Statement of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|  | For the Six Months Ended June 30, 2020 |
|  | As Originally Reported |  |  | Adjustments |  |  | As Restated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (2,528,799 | ) |  | $ | (3,125,000 | ) |  | $ | (5,653,799 | )
Adjustments to reconcile net (loss) income to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Interest income earned on investments held in Trust Account |  |  | (38,438 | ) |  |  | - |  |  |  | (38,438 | )
Stock-based compensation |  |  | - |  |  |  | 2,625,000 |  |  |  | 2,625,000 |
Amortization of debt discount |  |  | 252,493 |  |  |  | - |  |  |  | 252,493 |
Loss on issuance of convertible promissory notes |  |  | 1,657,522 |  |  |  | - |  |  |  | 1,657,522 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Prepaid income taxes |  |  | 3,827 |  |  |  | - |  |  |  | 3,827 |
Prepaid expenses |  |  | (66,855 | ) |  |  | - |  |  |  | (66,855 | )
Other asset |  |  | (163,797 | ) |  |  | - |  |  |  | (163,797 | )
Accounts payable and accrued expenses |  |  | 71,074 |  |  |  | 500,000 |  |  |  | 571,074 |
Net cash and restricted cash used in operating activities |  |  | (812,973 | ) |  |  | - |  |  |  | (812,973 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash withdrawn from Trust Account for redemptions |  |  | 728,884 |  |  |  | - |  |  |  | 728,884 |
Investment of cash in Trust Account |  |  | (89,142 | ) |  |  | - |  |  |  | (89,142 | )
Net cash and restricted cash provided by investing activities |  |  | 639,742 |  |  |  | - |  |  |  | 639,742 |
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from promissory note – CannBioRx |  |  | 9,990 |  |  |  | - |  |  |  | 9,990 |
Repayment of promissory note - CannBioRx |  |  | (330,000 | ) |  |  | - |  |  |  | (330,000 | )
Proceeds from convertible promissory note – related party |  |  | 33,877 |  |  |  | - |  |  |  | 33,877 |
Repayment of convertible promissory note – related party |  |  | (62,922 | ) |  |  | - |  |  |  | (62,922 | )
Proceeds from convertible promissory notes |  |  | 1,750,000 |  |  |  | - |  |  |  | 1,750,000 |
Redemptions of common stock |  |  | (728,884 | ) |  |  | - |  |  |  | (728,884 | )
Net cash and restricted cash provided by (used in) financing activities |  |  | 672,061 |  |  |  | - |  |  |  | 672,061 |
Net Change in Cash and Restricted Cash |  |  | 498,830 |  |  |  | - |  |  |  | 498,830 |
Cash and Restricted Cash – Beginning of period |  |  | 546,636 |  |  |  | - |  |  |  | 546,636 |
Cash and Restricted Cash – Ending of period |  | $ | 1,045,466 |  |  | $ | - |  |  | $ | 1,045,466 |
Supplementary cash flow information: |  |  |  |  |  |  |  |  |  |  |  |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in value of common stock subject to possible redemption |  | $ | 4,510,285 |  |  | $ | (644,085 | ) |  | $ | 3,866,200 |
Waiver of deferred underwriting fee |  | $ | 4,025,000 |  |  | $ | - |  |  | $ | 4,025,000 |
Accrual of debt issuance costs |  | $ | - |  |  | $ | 251,566 |  |  | $ | 251,566 |
Initial classification of debt discount in connection with issuance of convertible promissory note |  | $ | 3,208,527 |  |  | $ | 107,481 |  |  | $ | 3,316,008 |
Initial classification of derivative liability in connection with issuance of convertible promissory note |  | $ | 214,188 |  |  | $ | - |  |  | $ | 214,188 |
Original issue discount in connection with issuance of convertible promissory note |  | $ | 194,445 |  |  | $ | - |  |  | $ | 194,445 |
Initial classification of debt discount and issuance of commitment shares and leak-out shares in connection with convertible promissory note |  | $ | 3,014,082 |  |  | $ | 107,481 |  |  | $ | 3,121,563 |

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