0001719406
2018-06-30
0001719406
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2018-06-30
0001719406
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2018-06-30
0001719406
2017-12-31
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Big Rock Partners Acquisition Corp.
0001719406
10-Q
2018-06-30
false
--12-31
No
No
Yes
Smaller Reporting Company
Q2
2018
Delaware
2017-09-18
216046
536376
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">As of June 30, 2018, the
Company had $139,613 in its operating bank accounts, $69,482,930 in marketable securities held in the Trust Account to be used
for a Business Combination or to repurchase or convert stock in connection therewith and a working capital deficit of $77,836.
As of June 30, 2018, approximately $483,000 of the amount on deposit in the Trust Account represented interest income, which is
available to pay the Company’s tax obligations. To date the Company has withdrawn approximately $33,000 of interest from
the Trust Account in order to pay the Company’s taxes.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">On July 30, 2018, an
affiliate of the Sponsor committed to provide an aggregate of $200,000 in loans to the Company in order to finance
transaction costs in connection with a Business Combination (see Note 8). To the extent advanced, the loans 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. The loans may also be convertible into units at a price of $10.00 per unit. The units would be
identical to the Private Placement Units. There are no amounts currently outstanding.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">The Company may
raise additional capital through loans or additional investments from the Sponsor or its stockholders, officers, directors,
or third parties. Other than as described above, the Company’s officers and directors and the Sponsor may, but are not
obligated to, loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to
meet the Company’s working capital needs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">The Company may
need to obtain additional financing either to complete a Business Combination or because it becomes obligated to redeem a
significant number of public shares upon completion of a Business Combination, in which case the Company may issue additional
securities to incur debt in the connection with such Business Combination. If the Company is unable to raise additional
capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be
limited to curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The
Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.
Even if the Company can obtain sufficient financing or raise additional capital, it only has until November 22, 2018 (or May
22, 2019, if extended) to consummate an acquisition. There is no assurance that the Company will be able to do so prior to
November 22, 2018 (or May 22, 2019, if extended).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Basis of presentation</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the
instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”).
Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have
been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly,
they do not include all the information and footnotes necessary for a comprehensive presentation of financial position,
results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements
include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the
financial position, operating results and cash flows for the periods presented.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The accompanying
unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for
the year ended December 31, 2017 as filed with the SEC on March 23, 2018, which contains the audited financial statements and notes
thereto. The interim results for the six months ended June 30, 2018 are
not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any future interim periods.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Use of estimates</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The preparation
of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Making estimates
requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition,
situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could
differ significantly from the Company’s estimates.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Marketable securities held in Trust
Account</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">At June 30, 2018
and December 31, 2017, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. During the six months
ended June 30, 2018, the Company withdrew $32,639 of interest income to pay its franchise tax obligations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Net loss per common share</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Net loss per common
share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company
applies the two-class method in calculating earnings per share. Shares of common stock subject to possible redemption at June 30,
2018, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic
loss per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company
has not considered the effect of (1) warrants sold in the Initial Public Offering and private placement to purchase 3,586,250 shares
of common stock, (2) rights sold in the Initial Public Offering and private placement that convert into 717,250 shares of common
stock and (3) 600,000 shares of common stock, warrants to purchase 300,000 shares of common stock and rights that convert into
60,000 shares of common stock in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share,
since the exercise of the warrants, the conversion of the rights into shares of common stock and the exercise of the unit purchase
option is contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share
for the periods presented.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Reconciliation of net loss per common
share</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The
Company’s net (loss) income is adjusted for the portion of income that is attributable to common stock subject
to redemption, as these shares only participate in the income of the Trust Account and not the losses of the Company.
Accordingly, basic and diluted loss per share is calculated as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<br />
June 30, 2018</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<br />
June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left">Net (loss) income </td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">(6,602</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">8,879</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Less: Income attributable to common stock subject to redemption</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(158,321</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(355,325</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Adjusted net loss</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(164,923</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(346,446</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Weighted average shares outstanding, basic and diluted</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,605,782</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,598,424</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Basic and diluted net loss per common share</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(0.06</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(0.13</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Administrative Services Agreement</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company entered
into an agreement whereby, commencing on November 20, 2017 through the earlier of the consummation of a Business Combination or
the Company’s liquidation, the Company will pay the Sponsor a monthly fee of $10,000 for office space, utilities and administrative
support. For the three and six months ended June 30, 2018, the Company incurred $30,000 and $60,000 in fees for these services,
of which $5,000 is included in accounts payable and accrued expenses in the accompanying condensed balance sheet.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><b><i>Preferred
Stock</i></b> — The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.001 per share
with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors.
At June 30, 2018 and December 31, 2017, there were no shares of preferred stock issued or outstanding.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><b><i>Common Stock</i></b>
— The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. Holders of
the Company’s common stock are entitled to one vote for each share. At June 30, 2018 and December 31, 2017, there were 2,622,584
and 2,590,985 shares of common stock issued and outstanding, excluding 6,412,916 and 6,444,515 shares of common stock subject to
possible redemption, respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company follows
the guidance in Accounting Standards Codification (“ASC”) 820 for its financial assets and liabilities that are re-measured
and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported
at fair value at least annually.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The fair value of
the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have
received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities,
the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the
use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following
fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in
order to value the assets and liabilities:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 5%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 8%; padding-right: 0.8pt; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Level 1:</font></td>
<td style="width: 87%; padding-right: 0.8pt; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Level 2:</font></td>
<td style="padding-right: 0.8pt; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Level 3:</font></td>
<td style="padding-right: 0.8pt; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The following table
presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2018
and December 31, 2017, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair
value:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Description</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.8pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Level</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.8pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30,</b></font><br />
<font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.8pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font><br />
<font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets:</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.8pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.8pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.8pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 61%; padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Marketable securities held in Trust Account</font></td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 2%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 9%; padding-right: 0.8pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1 </font></td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; padding-right: 0.8pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">69,482,930</font></td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; padding-right: 0.8pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">69,029,443</font></td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The preparation
of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Making estimates
requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition,
situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could
differ significantly from the Company’s estimates.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">At June 30, 2018
and December 31, 2017, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. During the six months
ended June 30, 2018, the Company withdrew $32,639 of interest income to pay its franchise tax obligations.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Net loss per common
share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company
applies the two-class method in calculating earnings per share. Shares of common stock subject to possible redemption at June 30,
2018, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic
loss per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company
has not considered the effect of (1) warrants sold in the Initial Public Offering and private placement to purchase 3,586,250 shares
of common stock, (2) rights sold in the Initial Public Offering and private placement that convert into 717,250 shares of common
stock and (3) 600,000 shares of common stock, warrants to purchase 300,000 shares of common stock and rights that convert into
60,000 shares of common stock in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share,
since the exercise of the warrants, the conversion of the rights into shares of common stock and the exercise of the unit purchase
option is contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share
for the periods presented.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">  </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Description</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.8pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Level</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.8pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30,</b></font><br />
<font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.8pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>December 31,</b></font><br />
<font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets:</b></font></td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.8pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.8pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td>
<td colspan="2" style="padding-right: 1.8pt; text-align: right; line-height: 107%"> </td>
<td style="padding-right: 0.8pt; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 61%; padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Marketable securities held in Trust Account</font></td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 2%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 9%; padding-right: 0.8pt; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1 </font></td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; padding-right: 0.8pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">69,482,930</font></td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; padding-right: 0.8pt; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">69,029,443</font></td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 107%"> </td></tr>
</table>
-355325
-158321
-346446
-164923
60000
30000
9035500
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Big Rock Partners
Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on September 18, 2017. The Company
was formed for the purpose of acquiring, through a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization,
or other similar business transaction, one or more operating businesses or entities that the Company has not yet identified (a
“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes
of consummating a Business Combination, the Company is focusing on businesses in the senior housing and care industry in the United
States.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">All activity through
June 30, 2018 relates to the Company’s formation, the initial public offering (the “Initial Public
Offering”) of 6,900,000 units (the “Units”), the simultaneous sale of 272,500 units (the “Private Placement
Units”) in a private placement to Big Rock Partners Sponsor, LLC (the “Sponsor”), and the Company’s search
for a target business with which to complete a Business Combination.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company will have until November 22, 2018 to complete a Business Combination. If the Company anticipates that it may not
be able to consummate a Business Combination by November 22, 2018, the Company may extend the period of time to consummate
a Business Combination up to two times, each by an additional three months (for a total of up to 18 months to complete a Business
Combination) (the “Combination Period”). Pursuant to the terms of the Company's Amended and Restated Certificate
of Incorporation and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company
on November 20, 2017, in order to extend the time available for the Company to consummate a Business Combination, the Sponsor
or its affiliates or designees must deposit into the Trust Account $690,000 ($0.10 per share) for each three month extension,
up to an aggregate of $1,380,000, or $0.20 per share, if the Company extends for the full six months, on or prior to the date
of the applicable deadline. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend
the time for the Company to complete a Business Combination.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company evaluates
subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued.
Other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure
in the financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On July 30, 2018, an
affiliate of the Sponsor committed to provide an aggregate of $200,000 in loans to the Company in order to finance
transaction costs in connection with a Business Combination. To the extent advanced, the loans 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. The loans may also be convertible into units at a price of $10.00 per unit. The units would be identical to the
Private Placement Units. There are no amounts currently outstanding.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the
instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”).
Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have
been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly,
they do not include all the information and footnotes necessary for a comprehensive presentation of financial position,
results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements
include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the
financial position, operating results and cash flows for the periods presented.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The accompanying
unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for
the year ended December 31, 2017 as filed with the SEC on March 23, 2018, which contains the audited financial statements and notes
thereto. The interim results for the six months ended June 30, 2018 are
not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any future interim periods.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The
Company’s net (loss) income is adjusted for the portion of income that is attributable to common stock subject
to redemption, as these shares only participate in the income of the Trust Account and not the losses of the Company.
Accordingly, basic and diluted loss per share is calculated as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<br />
June 30, 2018</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<br />
June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left">Net (loss) income </td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">(6,602</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">8,879</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Less: Income attributable to common stock subject to redemption</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(158,321</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(355,325</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Adjusted net loss</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(164,923</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(346,446</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Weighted average shares outstanding, basic and diluted</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,605,782</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,598,424</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Basic and diluted net loss per common share</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(0.06</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(0.13</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<br />
June 30, 2018</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<br />
June 30, 2018</td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left">Net (loss) income </td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">(6,602</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 8%; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 8pt Times New Roman, Times, Serif; text-align: right">8,879</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Less: Income attributable to common stock subject to redemption</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(158,321</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(355,325</td><td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Adjusted net loss</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(164,923</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(346,446</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Weighted average shares outstanding, basic and diluted</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,605,782</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">2,598,424</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 12pt Times New Roman, Times, Serif"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font: 8pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Basic and diluted net loss per common share</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(0.06</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">(0.13</td><td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Registration Rights</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Pursuant to a registration
rights agreement entered into on November 20, 2017, the holders of the Company’s common stock prior to the Initial Public
Offering (the “Founder Shares”), Private Placement Units (and their underlying securities), the shares issued to EarlyBirdCapital,
Inc. (“EarlyBirdCapital”) at the closing of the Initial Public Offering (the “Representative Shares”) and
any Units that may be issued upon conversion of the working capital loans (and their underlying securities) are entitled to registration
rights. The holders of a majority of these securities are entitled to make up to three demands, excluding short form demands, that
the Company register such securities. The holders of the majority of the Founder’s Shares can elect to exercise these registration
rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow.
The holders of a majority of the Private Placement Units or Units issued to the Sponsor, officers, directors or their affiliates
in payment of working capital loans made to the Company (in each case, including the underlying securities) can elect to exercise
these registration rights at any time after the Company consummates a Business Combination. In addition, the holders will have
certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion
of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the
Securities Act of 1933, as amended (the “Securities Act”). Notwithstanding anything to the contrary, EarlyBirdCapital
and its designees may participate in a “piggy-back” registration during the seven year period beginning on the effective
date of the registration statement. However, the registration rights agreement will provide that the Company will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The
Company will bear the expenses incurred in connection with the filing of any such registration statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Business Combination Marketing Agreement</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company has engaged
EarlyBirdCapital as an advisor in connection with a Business Combination to assist the Company in holding meetings with its stockholders
to discuss a potential Business Combination and the target business’ attributes, introduce the Company to potential investors
that are interested in purchasing securities, assist the Company in obtaining stockholder approval for the Business Combination
and assist the Company with its press releases and public filings in connection with a Business Combination. The Company will pay
EarlyBirdCapital a cash fee for such services upon the consummation of a Business Combination in an amount equal to 4.0% of the
gross proceeds of the Initial Public Offering (exclusive of any applicable finders’ fees which might become payable). If
a Business Combination is not consummated for any reason, no fee will be due or payable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Business Combination Advisory Agreement </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Company has engaged an advisor to assist
the Company in obtaining commitments for a proposed financing in connection with a Business Combination. The Company will pay the
advisor a cash fee for such services upon the consummation of a Business Combination consisting of either a structuring fee of
$750,000 or an advisory fee equal to the greater of (i) 2.0% of the acquisition value (as defined in the agreement) or (ii) $1,500,000.
In addition, the Company will pay a contingent cash placement fee with respect to commitments obtained for any financings, as defined
in the agreement. If a Business Combination is not consummated for any reason, no fee will be due or payable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>Finder's Agreement</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Company has engaged EarlyBirdCapital
to assist the Company in identifying a potential target for a Business Combination and to assist the Company in the course of its
negotiation of a transaction with a potential target. The Company will pay EarlyBirdCapital a cash fee equal to 1.0% of the total
consideration (as defined in the finder's agreement) for such services upon the consummation of a Business Combination. If a Business
Combination is not consummated for any reason, no fee will be due or payable.</p>
Excludes an aggregate of up to 6,412,916 shares subject to possible redemption at June 30, 2018.
Net loss per common share - basic and diluted excludes interest income attributable to common stock subject to possible redemption of $158,321 and $355,325, respectively, for the three and six months ended June 30, 2018 (see Note 3).