Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.10.0.1
Consolidated Statement of Cash Flows - USD ($)
12 Months Ended
Nov. 30, 2018
Nov. 30, 2017
Cash Flows from Operating Activities    
Net loss $ (923,180) $ (307,274)
Adjustments to reconcile net loss to net cash used in operating activities:    
Interest income earned on Trust Account (760,015) (554,954)
Changes in operating assets and liabilities    
Decrease (increase) in prepaid expenses (1,363) 15,350
Increase in accounts payable 653,698 100,181
Increase (decrease) in accrued liabilities (12,500) (13,000)
Net cash used in operating activities (1,043,360) (759,697)
Net cash used in Investing Activities    
Cash withdrawn (deposited) in Trust Account 52,560,319 (604,300)
Funds received from related parties for extensions in the Trust Account (501,486)
Funds received from Phunware for extensions in the Trust Account (535,655)
Interest withdrawn from Trust Account 746,748 386,014
Net cash provided by (used in) investing activities 52,269,926 (218,286)
Cash Flows from Financing Activities    
Payments for common shares redeemed (52,560,319)
Repayment of advances from related parties (35,746)
Funds received from issuances of notes payable - related parties 501,486  
Funds received from issuances of notes payable - Phunware 535,655  
Advances from related parties 215,246 604,300
Net cash (used in) provided by financing activities (51,343,678) 604,300
Net (decrease)/increase in cash (117,112) (373,683)
Cash at beginning of period 117,205 490,888
Cash at end of period 93 117,205
Supplemental disclosure of non-cash investing and financing activities    
Deferred underwriting fees reduction 1,262,223
Interest contributed for extension 34,168 200,772
Change in value of shares subject to redemption $ 339,047 $ 307,276