SJ — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2020-05-06

• On October 28, 2019, we entered into a share exchange agreement (as may be amended or supplemented from time to time, the “Share Exchange Agreement”) with Scienjoy, Lavacano Holdings Limited (“Lavacano”), WBY Entertainment Holdings Ltd. (“WBY,” together with Lavacano, the “Sellers”, and each “Seller…

• Upon the closing of the transactions contemplated in the Share Exchange Agreement, we will acquire 100% of the issued and outstanding securities of Scienjoy, in exchange for approximately 16.4 million ordinary shares, of which 1.64 million ordinary shares are to be issued and held in escrow to satis…

• Notwithstanding the net income before tax achieved by the post-transaction company for any period, the Sellers will receive (i) 3,000,000 earnout shares if the share price of the Company is higher than $20.00 for any sixty days in any period of ninety consecutive trading days between the 13th month …

• On January 28, 2020, we issued a $575,000 Note to Scienjoy, pursuant to which such amount was deposited into our Trust Account in order to extend the amount of time we have available to complete a Business Combination from February 8, 2020 to May 8, 2020. The Note is non-interest bearing and is paya…

• On May 5, 2020, the Company held its meeting of the shareholders, pursuant to which the shareholders voted to adopt the Share Exchange Agreement and thereby approve the Business Combination contemplated under the Share Exchange Agreement.

Text removed vs the prior filing · source: 10-Q · 2019-11-14

• We have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to September 30, 2019 were organizational activities and those necessary to prepare for the Initial Public Offering, described below, and, after our Initial Public Offering, identifying a…

• For the three months ended September 30, 2019, we had net income of $109,516, which consisted of interest earned on marketable securities held in the Trust Account of $312,316, offset by an unrealized loss on marketable securities held in the Trust Account of $14,328 and operating costs of $188,472.

• For the nine months ended September 30, 2019, we had net income of $267,638, which consisted of interest earned on marketable securities held in the Trust Account of $838,498 and an unrealized gain on marketable securities held in the Trust Account of $7,676, offset by operating costs of $578,536.

• For the three months ended September 30, 2018 and for the period from May 2, 2018 (inception) through September 30, 2018, we had net loss of $32,311 and $40,616, which consisted of formation and operating costs of $32,311 and $40,616.

• At September 30, 2019, we had marketable securities held in the Trust Account of $58,346,174 (including approximately $846,000 of interest income). We intend to use substantially all of the funds held in the trust account to acquire a target business or businesses and to pay our expenses relating th…