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Comparison of Restated Financial Statements to Financial Statements As Previously Reported (Tables)
 6 Months Ended
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