NOTE 2. LIQUIDITY

As of September 30, 2019, the Company had $97,238 in its operating bank accounts, $71,083,267 in marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem stock in connection therewith and a working capital deficit of $539,917, which excludes franchise and income taxes payable of $87,713, of which such amounts will be paid from interest earned on the Trust Account. As of September 30, 2019, approximately $1,083,000 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company's tax obligations. During the three months ended September 30, 2019, the Company withdrew $170,264 of interest from the Trust Account in order to pay its income tax obligations.

Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting target businesses to acquire, and structuring, negotiating and consummating the Business Combination.

In August 2019, the Sponsor committed to provide an aggregate of $500,000 in loans to the Company to finance transaction costs in connection with a Business Combination. In October 2019, the $500,000 commitment was replaced by a $875,000 commitment. Such loans, to the extent advanced, will be evidenced by a promissory note, will be non-interest bearing, unsecured and will only be repaid upon the completion of a Business Combination. Up to $500,000 of such loans may also be convertible into private warrants at a purchase price of $0.40 per private warrant. The private warrants would be identical to the Private Placement Warrants.