Financial Performance - For the three months ended March 31, 2019, the company reported a net income of $1,256,842, consisting of interest income of $1,555,206, offset by operating costs of $260,749 and an unrealized loss of $37,615 on marketable securities [87]. - Cash used in operating activities for the three months ended March 31, 2019, was $280,657, with net income affected by interest earned on marketable securities and unrealized losses [90]. - The company does not expect to generate operating revenues until after the completion of a Business Combination [86]. Marketable Securities - As of March 31, 2019, the company had marketable securities held in the Trust Account amounting to $253,403,696, including approximately $3,404,000 of interest income [92]. - The company intends to use substantially all funds held in the Trust Account for acquiring a target business and covering related expenses, including a cash fee of 3.5% of the gross proceeds of the Initial Public Offering upon consummation of a Business Combination [93]. Initial Public Offering - The company generated aggregate gross proceeds of $250,000,000 from the Initial Public Offering of 22,000,000 Units and an additional 3,000,000 Units sold due to the underwriters' partial exercise of their over-allotment option [88]. - The company incurred $5,744,938 in Initial Public Offering related costs, which included $5,000,000 in underwriting fees [89]. Cash and Debt Position - As of March 31, 2019, the company had cash of $126,337 held outside the Trust Account, intended for identifying and evaluating prospective acquisition candidates [94]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2019 [99]. - The company’s Sponsor committed to provide an aggregate of $600,000 in loans to support working capital needs, with the option to convert up to $1,000,000 of such loans into warrants at a price of $0.50 per warrant [96].
Glory Star(GSMG) - 2019 Q1 - Quarterly Report