0001264931-20-000011.txt : 20200205 0001264931-20-000011.hdr.sgml : 20200205 20200205163413 ACCESSION NUMBER: 0001264931-20-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 35 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200205 DATE AS OF CHANGE: 20200205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFICIENT ALPHA ACQUISITION CORP CENTRAL INDEX KEY: 0001764711 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 831505892 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38925 FILM NUMBER: 20579242 BUSINESS ADDRESS: STREET 1: 40 WALL STREET STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 917-289-0932 MAIL ADDRESS: STREET 1: 40 WALL STREET STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 10-Q 1 paac123119.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

  

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  

 

For the quarterly period ended December 31, 2019

 

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  

 

For the transition period from                      to                     

 

Commission File Number 001-38925

 

 

PROFICIENT ALPHA ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

 

  Nevada   83-1505892  
 

(State or other jurisdiction of

incorporation or organization)

  

(IRS Employer

 Identification No.) 

  

 

 

40 Wall St., 29th floor

New York, New York 10005

  
  (Address of principal executive offices and zip code)  
     
  (917) 289-0932  
  (Registrant’s telephone number, including area code)  
     
  N/A  
(Former name, former address, and former fiscal year, if changed since last report)

  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.001 per share   PAAC   The NASDAQ Stock Market LLC
Warrants to purchase one share of Common Stock   PAACW   The NASDAQ Stock Market LLC
Rights to receive one-tenth (1/10) of one share of Common Stock   PAACR   The NASDAQ Stock Market LLC
         
Units, each consisting of one share of Common Stock, one Warrant and one Right   PAACU   The NASDAQ Stock Market LLC

  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒     No    ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☒     No   ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ☐     Accelerated filer   ☐
Non-accelerated filer   ☒     Smaller reporting company   ☒
          Emerging growth company   ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☒     No    ☐

 

 

As of February 5, 2020, there were 14,467,000 shares of the Company’s common stock, par value $0.001 per share, issued and outstanding.

 

 

 

 

 

 

 

 

 

PROFICIENT ALPHA ACQUISITION CORP.

FORM 10-Q FOR THE THREE MONTHS ENDED DECEMBER 31, 2019

TABLE OF CONTENTS

 

Cautionary Note Regarding Forward-Looking Statements  
   
PART I. FINANCIAL INFORMATION  
   
Item 1. Financial Statements 1
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 9
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 12
     
Item 4. Controls and Procedures 12
     
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 13
     
Item 1A. Risk Factors 13
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13
     
Item 3. Defaults Upon Senior Securities 13
     
Item 4. Mine Safety Disclosures 13
     
Item 5. Other Information 13
     
Item 6. Exhibits 14
     
SIGNATURES 15

 

 

 

 

 

 

 

 

 

Cautionary Note Regarding Forward-Looking Statements

 

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the financial position, business strategy and the plans and objectives of management for future operations of Proficient Alpha Acquisition Corp. (the “Company”), are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended September 30, 2019 filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 30, 2019. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. 

 

 

 

 

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements (Unaudited)

 

PROFICIENT ALPHA ACQUISITION CORP.
Condensed Balance Sheets
As of December 31, 2019 and September 30, 2019
       
   December 31, 2019  September 30, 2019
   (Unaudited)   
       
Assets          
           
Current assets          
Cash  $1,690,632   $1,078,708 
Escrow deposit   —      800,000 
Prepaid expenses   76,830    105,000 
Other receivable   219    219 
Total current assets   1,767,681    1,983,927 
           
Government securities held in Trust Account   116,428,920    115,925,644 
           
Total assets  $118,196,601   $117,909,571 
           
Liabilities and Shareholders’ Equity          
           
Current liabilities          
Accrued expenses  $66,985   $38,344 
Accrued expenses - related parties   76,684    19,074 
Tax payable   59,499    19,343 
Total current liabilities   203,168    76,761 
           
Commitments          
Common stock subject to possible redemption, 9,730,167 shares at redemption value as of  December 31, 2019 and September 30, 2019   97,301,671    97,301,671 
           
Shareholders’ Equity          
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding as of December 31, 2019 and September 30, 2019   —      —   
Common stock, $0.001 par value, 150,000,000 shares authorized, 4,736,833 shares issued and outstanding (excluding 9,730,167 shares subject to possible redemption) as of December 31, 2019 and September 30, 2019   4,737    4,737 
Additional paid-in capital   20,452,360    20,449,027 
Accumulated earnings (deficits)   234,665    77,375 
Total Shareholders’ Equity   20,691,762    20,531,139 
           
Total Liabilities and Shareholders’ Equity  $118,196,601   $117,909,571 
           
The accompanying notes are an integral part of unaudited financial statements

 

 

 

 (1) 

 

 

PROFICIENT ALPHA ACQUISITION CORP.
Condensed Statements of Operations
For the Three Months Ended December 31, 2019 and 2018 (Unaudited)
         
    For the Three Months Ended December 31, 2019   For the Three Months Ended December 31, 2018
         
Operating expense        
Audit fee    $                            10,000    $                                8,000
Officers compensation                                  64,333                                    71,667
Legal fees                                126,302                                    25,000
General and administrative expenses                                107,814                                        433
Total operating expense                                308,449                                  105,100
         
Other income        
Unrealized gain from the trust account                                503,276                                            -
Interest income                                    2,619                                            -
Total other income                                505,895                                            -
         
Net income (loss) before income tax                                197,446                                 (105,100)
         
Income tax                                  40,156                                            -
         
Net income (loss)                                157,290                                 (105,100)
         
Net (loss) per share (1)        
Basic and diluted    $                               (0.06)    $                                (0.04)
         
Weighted average number of shares (2)        
Basic and diluted                             4,736,833                               2,500,000
         
The accompanying notes are an integral part of these unaudited financial statements
         
(1) Excludes interest income of $425,823 attributable to shares subject to possible redemption    
         
(2) Excludes an aggregate of up to 9,730,167 shares subject to possible redemption at December 31, 2019  

 

 

 (2) 

 

 

 

PROFICIENT ALPHA ACQUISITION CORP.
Condensed Statement of Changes in Stockholders' Equity
For the Three Months Ended December 31, 2019 and 2018 (Unaudited)
                 
  Preferred Stock Common Stock Additional       
  Shares Amount Shares Amount Paid-In Capital Subscription Receivable Accumulated Earnings (Deficits) Total
                 
Balance, September 30, 2018                     -  $                 -        2,875,000  $          2,875  $       554,347  $      (182,500)  $         (113,016)  $             261,706
                 
Common stock issued for services                      -                     -                     -                     -              3,334                     -                         -                     3,334
                 
Collection of subscription receivable                     -                     -                     -                     -             166,250                         -                 166,250
                 
Net (loss)                     -                     -                     -                     -                 (105,100)                (105,100)
                 
Balance, December 31, 2018                     -  $                 -        2,875,000  $          2,875  $       557,681  $        (16,250)  $         (218,116)  $             326,190
                 
Balance, September 30, 2019                     -  $                 -        4,736,833  $          4,737  $   20,449,027  $                  -  $            77,375  $         20,531,139
                 
Common stock issued for services                      -                     -                     -                     -              3,333                     -                         -                     3,333
                 
Net income                     -                     -                     -                     -                  157,290                 157,290
                 
Balance, December 31, 2019                     -  $                 -        4,736,833  $          4,737  $   20,452,360  $                  -  $          234,665  $         20,691,762
                 
The accompanying notes are an integral part of these unaudited financial statements

 

 

 (3) 

 

PROFICIENT ALPHA ACQUISITION CORP.
Condensed Statement of Cash Flows
For the Three Months Ended December 31, 2019 and 2018 (Unaudited)
         
         
    For the Three Months Ended December 31, 2019   For the Three Months Ended December 31, 2018
         
Cash flows from operating activities:        
Net income (loss)    $                           157,290    $                          (105,100)
Adjustments to reconcile net income (loss) to net cash         
provided by (used in) operating activities:        
Common stock issued for service                                     3,333                                     3,334
Changes in operating assets and liabilities:        
Prepaid expenses                                   28,170                                            -
Accrued expenses                                   28,641                                  (11,000)
Accrued expenses - related parties                                   57,610                                  (15,668)
Tax payable                                   40,156                                            -
Net cash provided by (used in) operating activities                                 315,200                                (128,434)
         
Cash flows from investing activities:        
Escrow deposit                                 800,000                                            -
Investment of government securities held in Trust Account                                (503,276)                                            -
Net cash provided by (used in) investing activities                                 296,724                                            -
         
Cash flows from financing activities:        
Collection of subscription receivable                                            -                                 166,250
Net cash provided by financing activities                                            -                                 166,250
         
Net increase in cash and cash equivalents                                 611,924                                   37,816
         
Cash and cash equivalents at the beginning of the period                              1,078,708                                 302,362
         
Cash and cash equivalents at the end of the period    $                         1,690,632    $                           340,178
         
SUPPLEMENTAL CASH FLOW INFORMATION:        
Cash paid for interest    $                                    -       $                                    -   
Cash paid for income taxes    $                                    -       $                                    -   
         
NON-CASH TRANSACTIONS:        
Common stock subject to possible redemption    $                                    -       $                                    -   
         
The accompanying notes are an integral part of these unaudited financial statements

 

 

 

 

 

 (4) 

 

   

 

PROFICIENT ALPHA ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019

(Unaudited)

 

NOTE 1. BASIS OF PRESENTATION

 

The accompanying unaudited condensed financial statements of Proficient Alpha Acquisition Corp. (the “Company”) have been prepared in accordance with the generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the applicable rules and regulations 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. 

 

The accompanying unaudited condensed financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended September 30, 2019. The interim results for the three months ended December 31, 2019 are not necessarily indicative of the results to be expected for the year ending September 30, 2020 or for any future interim periods.

 

NOTE 2. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

 

Organization and General:

 

The Company is a blank check company incorporated in Nevada on July 27, 2018, which was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). The Company may, subject to certain limitations, pursue a Business Combination target with operations or prospects in the financial services sector in China, including Hong Kong, Macau and mainland China. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012.

 

As of December 31, 2019, the Company had not yet commenced any operations. All activity for the period from July 27, 2018 (inception) through December 31, 2019 relates to the Company’s formation and the initial public offering (“IPO”), and subsequent to the IPO, searching for a target for its Business Combination. The Company will not generate any operating revenues until after consummation of the initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO.

 

On June 3, 2019, the Company consummated its IPO of 10,000,000 units (“Units”). Each Unit consists of one share of common stock, $0.001 par value per share (“Common Stock”), one warrant (“Public Warrant”) to purchase one share of Common Stock at an exercise price of $11.50 per share, and one right (“Right”) to receive one-tenth of one share of Common Stock upon consummation of the Company’s initial Business Combination.  The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $100,000,000. Pursuant to the Underwriting Agreement, the Company granted the underwriters in the IPO (the “Underwriters”) a 30-day option to purchase up to 1,500,000 additional Units solely to cover over-allotments, if any (the “Over-Allotment Option”); and simultaneously with the consummation of the IPO, the Underwriters exercised the Over-Allotment Option in full, generating additional gross proceeds of $15,000,000 to the Company.

 

Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of 5,375,000 warrants (“Placement Warrants”) at a price of $1.00 per Placement Warrant, generating total proceeds of $5,375,000.

 

Following the closing of the IPO on June 3, 2019, an amount of $115,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the Placement Warrants was placed in a trust account (“Trust Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, except that interest earned on the Trust Account can be released to the Company to pay its tax obligations, as described below.

 

Transaction costs amounted to $6,625,439, consisting of cash of $2,875,000 of underwriting fees and $315,120 of IPO costs, the fair value of 92,000 shares issued and 920,000 warrants granted to the Underwriters in total amount of $3,435,319 pursuant to the Underwriting Agreement. In addition, $2,177,380 of cash was held outside of the Trust Account and is available for working capital purposes.

 

 (5) 

 

 

The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (net of taxes payable) at the time of the signing an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended, or the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

 

The Company will provide its stockholders with the opportunity to redeem all or a portion of their shares of Common Stock upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).

  

The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Articles of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor, officers and directors (the “Initial Stockholders”) have agreed to vote their founder shares and any Public Shares held by them in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

 

The Company will have until June 3, 2020 (or December 3, 2020 if the Company extends the period to consummate a Business Combination by the full amount) to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than 10 business days thereafter, redeem the Common Stock sold as part of the Units in the IPO (the “Public Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account net of interest that may be used by the Company to pay its taxes payable and for dissolution expenses, divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii) to the Company’s obligations under Nevada law to provide for claims of creditors and other requirements of applicable law.

 

The Initial Stockholders have agreed to (i) waive any and all right, title, interest or claim of any kind the Initial Stockholders may have in the future in or to any distribution of the Trust Account and any remaining net assets of the Company as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever; (ii) waive any right to exercise conversion rights with respect to any shares of the Common Stock owned or to be owned by the Initial Stockholders, directly or indirectly, whether such shares be part of the founder shares or shares of Common Stock purchased by the Initial Stockholders in the IPO or in the aftermarket, and each agrees not to seek conversion with respect to such shares in connection with any vote to approve a Business Combination or to sell any such shares in a tender offer undertaken by the Company in connection with a Business Combination; and (iii) not propose, or vote in favor of, an amendment to Article Sixth of the Company’s Amended and Restated Articles of Incorporation, as the same may be amended from time to time, prior to the consummation of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their shares of Common Stock upon such approval in accordance with such Article Sixth thereof. In the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation, each of the Initial Stockholders agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses.

 

In order to protect the amounts held in the Trust Account, Mr. Shih-Chung Chou, our sponsor has agreed that he will be personally liable to ensure that the proceeds in the Trust Account are not reduced below $10.00 per Public Share by the claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us. Additionally, the agreement entered into by our sponsor specifically provides for two exceptions to the indemnity he has given: he will have no liability (1) as to any claimed amounts owed to a target business or vendor or other entity who has executed an agreement with us waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account, or (2) as to any claims for indemnification by the Underwriters of this offering against certain liabilities, including liabilities under the Securities Act. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and we have not asked our sponsor to reserve for such indemnification obligations. The Company will seek to reduce the possibility that Mr. Shih-Chung Chou will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

 

 

 (6) 

 

 

NOTE 3. GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT

 

As of December 31, 2019, the assets of $116,428,920 held in the Trust Account were substantially held in U.S. Treasury Bills with maturity of six months. Management elects to measure the government securities at fair value in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 825 “Financial Instruments”. Any changes in fair value of the government securities are recognized in net income. Impairment of government securities is recognized in earnings when a decline in value has occurred that is deemed to be other than temporary, and the current fair value becomes the new cost basis for the securities.

 

NOTE 4. ESCROW DEPOSIT 

 

On October 2, 2019, the escrow deposit of $800,000 was released by the escrow agent and returned to the Company due to the termination of a non-binding letter of intent with a potential target company for an initial Business Combination, dated July 18, 2019, entered into by and between the Company and such potential target company.

 

NOTE 5. PREPAID EXPENSES

 

As of December 31, 2019, the Company had prepaid expenses of $76,830, of which $70,000 was in connection with the prepayment for D&O insurance, and $6,830 was related to the prepaid legal services.

 

NOTE 6. ACCRUED EXPENSES

 

As of December 31, 2019, the Company had accrued expenses of $66,985, of which $18,083 and $46,025 were due to the legal fee and evaluation fee, respectively, in connection with the potential Business Combination.

 

NOTE 7. INCOME TAXES

 

The Company is subject to federal taxes and no state taxes in the State of Nevada. A reconciliation of the Company’s effective income tax rate to the federal statutory rate is as follows:

 

   December 31,
   2019
Federal income tax expense at the statutory rate (20%)  $40,156 
State income taxes, net of federal benefit   —   
Permanent differences   —   
Change in valuation allowance   —   
Provision for income taxes  $40,156 

 

As of December 31, 2019, the Company had income tax payable in amount of $59,499. The Company accounts for its deferred tax assets and liabilities, including excess tax benefits of share-based payments, based on the tax ordering of deductions to be used on its tax returns. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities was $0 as of December 31, 2019.

 

 (7) 

 

 

NOTE 8. ACCRUED EXPENSES - RELATED PARTY

 

As of December 31, 2019, the Company had $76,684 due to related parties including travel expenses of $14,142 advanced by the Company’s Chief Executive Officer, and accrued compensation of $62,497 to the Company’s management and directors. Pursuant to the executed offer letters, the Company pays the Company’s Chief Executive Officer and Chief Financial Officer, $2,000 and $5,000 in cash per month starting from February 1, 2019 and August 1, 2018, respectively, and issued to each of them 50,000 founder shares. In addition, the Company pays the Company’s directors $2,000 in cash per month starting from August 1, 2018, and will issue a total of 250,000 shares of Common Stock within 10 days after the closing date of the initial Business Combination. The fair value of this stock issuance was determined by the fair value of the Company’s Common Stock on the grant date, at a price of $0.20 per share. Accordingly, the Company calculated the stock-based compensation of $70,000 at its fair value and amortized pro rata within 18 months. A total of 100,000 founder shares to Chief Executive Officer and Chief Financial Officer were issued and the 250,000 shares to directors are not issued within 10 days after the closing date of the initial Business Combination.

 

On March 20, 2019, the Company entered into an offer letter with the Company’s current Chief Executive Officer, President and Secretary, pursuant to which, the Company agreed to issue to him 50,000 shares of Common Stock for his services. The 50,000 shares will be issued within 10 days after the closing date of the initial Business Combination. The fair value of this stock issuance was determined by the fair value of the Company’s Common Stock on the grant date, at a price of $0.20 per share. Accordingly, the Company calculated the stock-based compensation of $10,000 at its fair value and amortized pro rata within 18 months. 

 

Accordingly, the Company recognized stock-based compensation of $3,333 during the three months ended December 31, 2019. The Company recognized compensation expenses of $10,000 in connection with the Common Stock hereto, which was included in the accrued expenses – related parties as of December 31, 2019. The unrecognized stock-based compensation was $1,111 as of December 31, 2019.

 

NOTE 9. FAIR VALUE MEASUREMENTS 

 

The Company follows the guidance in 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.

 

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:

 

  Level 1: 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.
     
  Level 2: 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.
     
  Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.

 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description  Level  December 31, 2019
Assets:          
Government securities held in Trust Account   1   $116,428,920 

 

NOTE 10. CREDIT ARRANGEMENT 

 

On July 24, 2019, the Company and the Sponsor entered into an unsecured promissory note (the “Note”) for a principal amount of up to $800,000 to be used by the Company for working capital purposes.  Pursuant to the terms of the Note, the Sponsor will loan to the Company up to a total of $800,000, in the event that the Company’s cash held outside of its Trust Account is less than $150,000. The Note bears no interest and is repayable in full upon the earlier of the closing of the Company’s initial Business Combination and the date of the winding up of the Company. 

 

 (8) 

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

References to the “Company,” “our,” “us” or “we” refer to Proficient Alpha Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, references to the “Sponsor” refer to Mr. Shih-Chung Chou. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

 

Overview

 

We are a blank check company incorporated on July 27, 2018 as a Nevada corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses. Our initial combination and value creation strategy is to identify, acquire and, after our initial Business Combination target, assist in the growth of a business which provides financial services in Asia, primarily China. We intend to effectuate our initial Business Combination using cash from the proceeds of the IPO and the sale of the Placement Warrants that occurred simultaneously with the closing of the IPO, our capital stock, debt or a combination of cash, stock and debt. We have until June 3, 2020 (or December 3, 2020 if we extend the period to consummate a Business Combination by the full amount) to complete a Business Combination.

 

The issuance of additional shares of Common Stock or preferred stock:

 

  ● may significantly reduce the equity interest of our stockholders;
  ● may subordinate the rights of holders of shares of Common Stock if we issue shares of preferred stock with rights senior to those afforded to our shares of Common Stock;
  ● will likely cause a change in control if a substantial number of our shares of Common Stock are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely will also result in the resignation or removal of our present officers and directors; and
  ● may adversely affect prevailing market prices for our securities.

 

Similarly, if we issue debt securities, it could result in:

 

  ● default and foreclosure on our assets if our operating revenues after a Business Combination are insufficient to pay our debt obligations;
  ● acceleration of our obligations to repay the indebtedness even if we have made all principal and interest payments when due if the debt security contains covenants that required the maintenance of certain financial ratios or reserves and we breach any such covenant without a waiver or renegotiation of that covenant;
  ● our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; and
  ● our inability to obtain additional financing, if necessary, if the debt security contains covenants restricting our ability to obtain additional financing while such security is outstanding.

 

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.  

 

Results of Operations

 

We have neither engaged in any operations nor generated any revenues to date. Our only activities from inception through December 31, 2019 were organizational activities and those necessary to prepare for our IPO, described below, and since the IPO, identifying a target for our Business Combination. We do not expect to generate any operating revenues until after the closing of our Business Combination. We expect to generate non-operating income in the form of interest income on cash and government securities. During the three months ended December 31, 2019, we had unrealized gain of $503,276 due to the investment of net proceeds held in the Trust Account, which was invested in U.S. government treasury bills with a maturity of 180 days or less.

 

 (9) 

 

 

Operating Expenses

 

We had operating expenses of $308,449 and $105,100 for the three months ended December 31, 2019 and 2018, respectively, including audit fees of $10,000 and $8,000, respectively, legal fees of $126,302 and $25,000, respectively, general and administrative expenses of $107,814 and $433, respectively, and officers’ compensation of $64,333 and $71,667, respectively, of which $3,333 and $3,334, respectively, were in connection with stock issuances to our Chief Executive Officer and Chief Financial Officer. Pursuant to certain offer letters, the Company agreed to pay the Company’s Chief Executive Officer $2,000 in cash per month and 50,000 founder shares, and pay the Company’s Chief Financial Officer $5,000 in cash per month and 50,000 founder shares. The total 100,000 founder shares were issued in September of 2018. Accordingly, we recognized stock-based compensation of $3,333 and $3,334, respectively, during the three months ended December 31, 2019 and 2018 to the statement of operations. The unrecognized stock-based compensation was $1,111 as of December 31, 2019.

 

We will incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing a Business Combination. However, our operating expenses are difficult to predict due to the uncertainty of the Business Combination, and it may be necessary to continuously raise additional capital to sustain operations. 

 

For the three months ended December 31, 2019, we had net income of $157,290, which consists of $503,276 unrealized gain on government securities held in the Trust Account, offset by operating costs of $308,449 and income tax of $40,156.

 

Liquidity and Capital Resources

 

For the three months ended December 31, 2019, cash provided by operating activities amounted to $315,200, mainly due to unrealized gain of $503,276 earned on government securities held in the Trust Account, plus non-cash expenses of $3,333 as the stock based compensation to our Chief Executive Officer and Chief Financial Officer, offset by operating loss of $308,449. Comparatively, cash of $128,434 used in operating activities during the three months ended December 31, 2018 was due to the net loss of $105,100, plus the decrease in accrued expenses and accrued expenses to related parties amounted to $11,000 and $15,668, respectively.

 

For the three months ended December 31, 2019, cash provided by investing activities amounted to $296,724, mainly due to the release of $800,000 escrow deposit from an escrow account setup for a non-binding letter of intent with a potential target company for an initial Business Combination between the Company and such potential target company. The proposed transaction contemplated by this non-binding letter of intent did not proceed. There was no cash flow from investing activities during the three months ended December 31, 2018.

 

There was no cash flow from financing activities during the three months ended December 31, 2019. Comparatively, for the three months ended December 31, 2018, cash provided by financing activities amounted to $166,250 due to the collection of subscription receivable from founder shares.

 

As of December 31, 2019, we had cash and government securities held in the Trust Account of $116,428,920 (including approximately unrealized gain of $1,428,920 generated since the inception), substantially all of which has been invested in U.S. treasury bills with a maturity of 180 days or less. Interest income earned on the balance in the Trust Account may be available to us to pay taxes. Since inception, we have not withdrawn any interest income from the Trust Account.

  

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account to complete our initial Business Combination. We may withdraw interest from the Trust Account to pay income taxes. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

 

As of December 31, 2019, we had cash of $1,690,632 held outside the Trust Account. We intend to use the funds held outside the Trust Account to identify and evaluate target candidates, perform business and legal due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target business, and structure, negotiate and complete a Business Combination.

 

In order to finance transaction costs in connection with an intended initial Business Combination, our Sponsor, initial stockholders, officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. If we consummate an initial Business Combination, we would repay such loaned amounts. In the event that the initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the private warrants. On July 24, 2019, we issued an unsecured promissory note to the Sponsor for a principal amount of up to $800,000 for working capital purposes. Pursuant to the note, the Sponsor agreed to loan to us up to a total of $800,000 in the event our cash held outside of the Trust Account is less than $150,000.

 

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business.

However, if the actual costs to identify a target business, undertake in-depth due diligence and negotiate a Business Combination exceed our estimated amount, we may have insufficient funds available to operate our business prior to our initial Business Combination. Moreover, we may need to obtain additional financing by issuance of additional securities or incurrence of debt to consummate our initial Business Combination or to fulfill our obligations to redeem a significant number of our public shares upon closing of our initial Business Combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the closing of our initial Business Combination, in which case we may issue additional securities or incur debt in connection with such initial Business Combination. We cannot provide any assurance that financing will be available to us on commercially acceptable terms, if at all. If we are unable to complete our initial Business Combination due to insufficient funds, we will be forced to cease operations and liquidate the Trust Account. In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

 

 (10) 

 

 

Off-Balance Sheet Arrangements

 

We have no obligations, assets or liabilities which would be considered off-balance sheet arrangements as of December 31, 2019. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

 

Contractual Obligations

 

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities other than agreements to pay our directors and officers a monthly fee of total $17,000 for administrative support provided to the Company, which was discussed below in details.

 

We pay Kin Sze, our Chief Executive Officer, President, Secretary and Director, monthly fees of $2,000 for his service as Chief Executive Officer commencing on July 3, 2019 and Weixuan Luo, our Chief Financial Officer, monthly fees of $5,000 commencing on August 1, 2018. We issued each of Kin Sze and Weixuan Luo 50,000 founder shares. In addition, we pay each member of our board of directors $2,000 per month for his or her services commencing on August 1, 2018 and will issue an aggregate of 300,000 shares of common stock to Kin Sze, our Chief Executive Officer, President and Secretary, and certain members of our board of directors within 10 days following the business combination. They will receive repayment of any loans from our sponsor, initial stockholders, officers and directors for working capital purposes and reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations. There is no limit on the amount of out-of-pocket expenses reimbursable by us.

 

After our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials furnished to our stockholders. It is unlikely the amount of such compensation will be known at the time of a stockholder meeting held to consider an initial business combination, as it will be up to the directors of the post-combination business to determine executive and director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in a Current Report on Form 8-K, as required by the SEC.

 

Critical Accounting Policies

 

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. The Company has identified the following critical accounting policy:

 

Common Stock subject to possible redemption

 

We account for our Common Stock subject to possible conversion in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Common Stock subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable Common Stock (including shares of Common Stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all other times, shares of Common Stock are classified as stockholders’ equity. Our Common Stock features certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, as of December 31, 2019, the shares of Common Stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ equity section of our balance sheet.

 

Recent Accounting Pronouncements

 

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our condensed financial statements.

 

 (11) 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

The net proceeds of our IPO and the sale of the placement warrants held in the Trust Account are invested in U.S. government treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2019. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective since we did not have adequate segregation of duties within account processes due to limited personnel.

 

Changes in Internal Control over Financial Reporting

 

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 (12) 

 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our Registration Statement on Form S-1 filed with the SEC. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the year ended September 30, 2019 filed with the SEC on December 30, 2019.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not Applicable.

 

Item 5. Other Information.

 

None.

 

 (13) 

 

 

Item 6. Exhibits.

 

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

 

No.   Description of Exhibit
31.1*   Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*   Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**   Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**   Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*   XBRL Instance Document
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*   XBRL Taxonomy Extension Schema Document
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*   XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith.

** Furnished herewith.

 

 

 (14) 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  PROFICIENT ALPHA ACQUISITION CORP.
     
Date: February 5, 2020 By: /s/ Kin Sze
    Name: Kin Sze
    Title:   Chief Executive Officer, President and Secretary
    (Principal Executive Officer)
     
Date: February 5, 2020 By: /s/ Weixuan Luo
    Name: Weixuan Luo
    Title:   Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

 (15) 

 

 EX-31 2 ex31_1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECURITIES EXCHANGE ACT

 

CERTIFICATIONS

 

I, Kin Sze, certify that:

 

  1. I have reviewed this Quarterly Report on Form 10-Q of Proficient Alpha Acquisition Corp.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) (Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: February 5, 2020 By: /s/ Kin Sze
    Kin Sze
   

Chief Executive Officer, President and Secretary 

(Principal Executive Officer) 

 

 (1) 
   

 

 EX-31 3 ex31_2.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECURITIES EXCHANGE ACT

CERTIFICATIONS

 

I, Weixuan Luo, certify that:

 

  1. I have reviewed this Quarterly Report on Form 10-Q of Proficient Alpha Acquisition Corp.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) (Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: February 5, 2020 By: /s/ Weixuan Luo
    Weixuan Luo
   

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

 (1) 
   

 

 EX-32 4 ex32_1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Proficient Alpha Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended December 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), I, Kin Sze, Chief Executive Officer, President and Secretary of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

 

 

Date: February 5, 2020 By: /s/ Kin Sze
    Kin Sze
   

Chief Executive Officer

(Principal Executive Officer)

 

 (1) 
   

 

 EX-32 5 ex32_2.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Proficient Alpha Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended December 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), I, Weixuan Luo, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

 

 

Date: February 5, 2020 By: /s/ Weixuan Luo
    Weixuan Luo
   

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

 (1) 
   

 EX-101.INS 6 paac-20191231.xml XBRL INSTANCE FILE 0001764711 2019-12-31 0001764711 2018-09-30 0001764711 2020-02-05 0001764711 2019-10-01 2019-12-31 0001764711 2018-10-01 2018-12-31 0001764711 2019-09-30 0001764711 2018-12-31 0001764711 us-gaap:PreferredStockMember 2018-10-01 2018-12-31 0001764711 us-gaap:PreferredStockMember 2019-10-01 2019-12-31 0001764711 us-gaap:PreferredStockMember 2018-09-30 0001764711 us-gaap:PreferredStockMember 2018-12-31 0001764711 us-gaap:PreferredStockMember 2019-09-30 0001764711 us-gaap:PreferredStockMember 2019-12-31 0001764711 us-gaap:CommonStockMember 2018-10-01 2018-12-31 0001764711 us-gaap:CommonStockMember 2019-10-01 2019-12-31 0001764711 us-gaap:CommonStockMember 2018-09-30 0001764711 us-gaap:CommonStockMember 2018-12-31 0001764711 us-gaap:CommonStockMember 2019-09-30 0001764711 us-gaap:CommonStockMember 2019-12-31 0001764711 us-gaap:AdditionalPaidInCapitalMember 2018-10-01 2018-12-31 0001764711 us-gaap:AdditionalPaidInCapitalMember 2019-10-01 2019-12-31 0001764711 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001764711 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001764711 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001764711 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001764711 PAAC:SubscriptionReceivableMember 2018-10-01 2018-12-31 0001764711 PAAC:SubscriptionReceivableMember 2019-10-01 2019-12-31 0001764711 PAAC:SubscriptionReceivableMember 2018-09-30 0001764711 PAAC:SubscriptionReceivableMember 2018-12-31 0001764711 PAAC:SubscriptionReceivableMember 2019-09-30 0001764711 PAAC:SubscriptionReceivableMember 2019-12-31 0001764711 us-gaap:RetainedEarningsMember 2018-10-01 2018-12-31 0001764711 us-gaap:RetainedEarningsMember 2019-10-01 2019-12-31 0001764711 us-gaap:RetainedEarningsMember 2018-09-30 0001764711 us-gaap:RetainedEarningsMember 2018-12-31 0001764711 us-gaap:RetainedEarningsMember 2019-09-30 0001764711 us-gaap:RetainedEarningsMember 2019-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares 0.001 0.001 150000000 150000000 4736833 4736833 4736833 4736833 2875000 2875000 4736833 4736833 <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 6. ACCRUED EXPENSES</b></font></p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had accrued expenses of $66,985, of which $18,083 and $46,025 were due to the legal fee and evaluation fee, respectively, in connection with the potential Business Combination.</p> 0.001 0.001 1000000 1000000 9730167 9730167 <p style="margin: 0"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3. GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT</b>&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the assets of $116,428,920 held in the Trust Account were substantially held in U.S. Treasury Bills with maturity of six months. Management elects to measure the government securities at fair value in accordance with the guidance in Accounting Standards Codification (&#8220;ASC&#8221;) Topic 825 &#8220;Financial Instruments&#8221;. Any changes in fair value of the government securities are recognized in net income. Impairment of government securities is recognized in earnings when a decline in value has occurred that is deemed to be other than temporary, and the current fair value becomes the new cost basis for the securities.</p> <p style="margin: 0"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 9. FAIR VALUE MEASUREMENTS&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the guidance in 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: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the Company&#8217;s financial assets and liabilities reflects management&#8217;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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 5%">&#160;</td> <td style="width: 5%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level&#160;1:</font></td> <td style="width: 90%; text-align: justify"><font style="font: 10pt 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>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level&#160;2:</font></td> <td style="text-align: justify"><font style="font: 10pt 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>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level&#160;3:</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable inputs based on the Company&#8217;s assessment of the assumptions that market participants would use in pricing the asset or liability.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents information about the Company&#8217;s assets that are measured at fair value on a recurring basis at December 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Description</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Level</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif">Assets:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56%; text-align: left">Government securities held in Trust Account</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">116,428,920</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&#160;</p> PROFICIENT ALPHA ACQUISITION CORP 0001764711 10-Q 2019-12-31 false --09-30 Yes true Non-accelerated Filer true Q1 2019 001-38925 1111 false NV Yes 219 219 76830 105000 800000 1690632 302362 1078708 340178 1767681 1983927 116428920 115925644 118196601 117909571 66985 38344 76684 19074 59499 19343 203168 76761 97301671 97301671 4737 4737 20452360 20449027 118196601 117909571 234665 77375 20691762 261706 20531139 326190 2875 2875 4737 4737 554347 557681 20449027 20452360 -182500 -16250 -113016 -218116 77375 234665 107814 433 126302 25000 64333 71667 10000 8000 308449 105100 2619 503276 505895 4736833 2500000 -0.06 -0.04 157290 -105100 -105100 157290 40156 197446 -105100 3333 3334 315200 -128434 40156 57610 -15668 28641 -11000 28170 296724 -503276 800000 166250 166250 611924 37816 <p style="margin: 0"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1. BASIS OF PRESENTATION&#160;</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed financial statements of Proficient Alpha Acquisition Corp. (the &#8220;Company&#8221;) have been prepared in accordance with the generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the applicable rules and regulations 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.&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended September 30, 2019. The interim results for the three months ended December 31, 2019 are not necessarily indicative of the results to be expected for the year ending September 30, 2020 or for any future interim periods.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS&#160;</b></p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Organization and General:</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is a blank check company incorporated in Nevada on July 27, 2018, which was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a &#8220;Business Combination&#8221;). The Company may, subject to certain limitations, pursue a Business Combination target with operations or prospects in the financial services sector in China, including Hong Kong, Macau and mainland China. The Company is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had not yet commenced any operations. All activity for the period from July 27, 2018 (inception) through December 31, 2019 relates to the Company&#8217;s formation and the initial public offering (&#8220;IPO&#8221;), and subsequent to the IPO, searching for a target for its Business Combination. The Company will not generate any operating revenues until after consummation of the initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On&#160;June 3, 2019, the Company consummated its IPO of 10,000,000 units (&#8220;Units&#8221;). Each Unit consists of one share of common stock, $0.001 par value per share (&#8220;Common Stock&#8221;), one warrant (&#8220;Public Warrant&#8221;) to purchase one share of Common Stock at an exercise price of $11.50 per share, and one right (&#8220;Right&#8221;) to receive one-tenth of one share of Common Stock upon consummation of the Company&#8217;s initial Business Combination.&#160; The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $100,000,000. Pursuant to the Underwriting Agreement, the Company granted the underwriters in the IPO (the &#8220;Underwriters&#8221;) a 30-day option to purchase up to 1,500,000 additional Units solely to cover over-allotments, if any (the &#8220;Over-Allotment Option&#8221;); and simultaneously with the consummation of the IPO, the Underwriters exercised the Over-Allotment Option in full, generating additional gross proceeds of $15,000,000 to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 16.5pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (&#8220;Private Placement&#8221;) of 5,375,000 warrants (&#8220;Placement Warrants&#8221;) at a price of $1.00 per Placement Warrant, generating total proceeds of $5,375,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following the closing of the IPO on June 3, 2019, an amount of $115,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the <font style="background-color: white">Placement Warrants</font> was placed in a trust account (&#8220;Trust Account&#8221;) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, except that interest earned on the Trust Account can be released to the Company to pay its tax obligations, as described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transaction costs amounted to $6,625,439, consisting of cash of $2,875,000 of underwriting fees and $315,120 of IPO costs, the fair value of 92,000 shares issued and 920,000 warrants granted to the Underwriters in total amount of $3,435,319 pursuant to the Underwriting Agreement. In addition, $2,177,380 of cash was held outside of the Trust Account and is available for working capital purposes.&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (net of taxes payable) at the time of the signing an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended, or the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will provide its stockholders with the opportunity to redeem all or a portion of their shares of Common Stock upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Articles of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (&#8220;SEC&#8221;), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor, officers and directors (the &#8220;Initial Stockholders&#8221;) have agreed to vote their founder shares and any Public Shares held by them in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will have until June 3, 2020 (or December 3, 2020 if the Company extends the period to consummate a Business Combination by the full amount) to consummate a Business Combination (the &#8220;Combination Period&#8221;). If the Company is unable to complete a Business Combination within the Combination Period, the Company will <font style="background-color: white">(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than 10 business days thereafter, redeem the Common Stock sold as part of the Units in the IPO (the &#8220;</font>Public Shares&#8221;), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account net of interest that may be used by the Company to pay its taxes payable and for dissolution expenses, divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders&#8217; rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company&#8217;s remaining stockholders and the Company&#8217;s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii) to the Company&#8217;s obligations under Nevada law to provide for claims of creditors and other requirements of applicable law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Initial Stockholders have agreed to (i) waive any and all right, title, interest or claim of any kind the Initial Stockholders may have in the future in or to any distribution of the Trust Account and any remaining net assets of the Company as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever; (ii) waive any right to exercise conversion rights with respect to any shares of the Common Stock owned or to be owned by the Initial Stockholders, directly or indirectly, whether such shares be part of the founder shares or shares of Common Stock purchased by the Initial Stockholders in the IPO or in the aftermarket, and each agrees not to seek conversion with respect to such shares in connection with any vote to approve a Business Combination or to sell any such shares in a tender offer undertaken by the Company in connection with a Business Combination; and (iii) not propose, or vote in favor of, an amendment to Article Sixth of the Company&#8217;s Amended and Restated Articles of Incorporation, as the same may be amended from time to time, prior to the consummation of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their shares of Common Stock upon such approval in accordance with such Article Sixth thereof. In the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation, each of the Initial Stockholders agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to protect the amounts held in the Trust Account, Mr. Shih-Chung Chou, our sponsor has agreed that he will be personally liable to ensure that the proceeds in the Trust Account are not reduced below $10.00 per Public Share by the claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us. Additionally, the agreement entered into by our sponsor specifically provides for two exceptions to the indemnity he has given: he will have no liability (1) as to any claimed amounts owed to a target business or vendor or other entity who has executed an agreement with us waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account, or (2) as to any claims for indemnification by the Underwriters of this offering against certain liabilities, including liabilities under the Securities Act. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and we have not asked our sponsor to reserve for such indemnification obligations. The Company will seek to reduce the possibility that <font style="background-color: white">Mr. Shih-Chung Chou</font> will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</p> <p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 4. <font style="background-color: white">ESCROW DEPOSIT</font></b></font><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 2, 2019, the escrow deposit of $800,000 was released by the escrow agent and returned to the Company due to the termination of a non-binding letter of intent with a potential target company for an initial Business Combination, dated July 18, 2019, entered into by and between the Company and such potential target company.</p> <p style="margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 5. PREPAID EXPENSES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had prepaid expenses of $76,830, of which $70,000 was in connection with the prepayment for D&#38;O insurance, and $6,830 was related to the prepaid legal services.</p> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 7. INCOME TAXES</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is subject to federal taxes and no state taxes in the State of Nevada. A reconciliation of the Company&#8217;s effective income tax rate to the federal statutory rate is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">Federal income tax expense at the statutory rate (20%)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">40,156</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">State income taxes, net of federal benefit</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Permanent differences</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Provision for income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">40,156</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had income tax payable in amount of $59,499. The Company accounts for its deferred tax assets and liabilities, including excess tax benefits of share-based payments, based on the tax ordering of deductions to be used on its tax returns. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities was $0 as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 8. ACCRUED EXPENSES - RELATED PARTY </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had $76,684 due to related parties including travel expenses of $14,142 advanced by the Company&#8217;s Chief Executive Officer, and accrued compensation of $62,497 to the Company&#8217;s management and directors. Pursuant to the executed offer letters, the Company pays the Company&#8217;s Chief Executive Officer and Chief Financial Officer, $2,000 and $5,000 in cash per month starting from February 1, 2019 and August 1, 2018, respectively, and issued to each of them 50,000 founder shares. In addition, the Company pays the Company&#8217;s directors $2,000 in cash per month starting from August 1, 2018, and will issue a total of 250,000 shares of Common Stock within 10 days after the closing date of the initial Business Combination. The fair value of this stock issuance was determined by the fair value of the Company&#8217;s Common Stock on the grant date,&#160;at a price of $0.20 per share. Accordingly, the Company calculated the stock-based compensation of $70,000 at its fair value and amortized pro rata within 18 months. A total of 100,000 founder shares to Chief Executive Officer and Chief Financial Officer were issued and the 250,000 shares to directors are not issued within 10 days after the closing date of the initial Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 20, 2019, the Company entered into an offer letter with the Company&#8217;s current Chief Executive Officer, President and Secretary, pursuant to which, the Company agreed to issue to him 50,000 shares of Common Stock for his services. The 50,000 shares will be issued within 10 days after the closing date of the initial Business Combination. The fair value of this stock issuance was determined by the fair value of the Company&#8217;s Common Stock on the grant date,&#160;at a price of $0.20 per share. Accordingly, the Company calculated the stock-based compensation of $10,000 at its fair value and amortized pro rata within 18 months.&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accordingly, the Company recognized stock-based compensation of $3,333 during the three months ended December 31, 2019. The Company recognized compensation expenses of $10,000 in connection with the Common Stock hereto, which was included in the accrued expenses &#8211; related parties as of December 31, 2019. The unrecognized stock-based compensation was $1,111 as of December 31, 2019.</p> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 10. <font style="background-color: white">CREDIT ARRANGEMENT</font></b></font><font style="font-size: 8pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 24, 2019, the Company and the Sponsor entered into an unsecured promissory note (the &#8220;Note&#8221;) for a principal amount of up to $800,000 to be used by the Company for working capital purposes.&#160; Pursuant to the terms of the Note, the Sponsor will loan to the Company up to a total of $800,000, in the event that the Company&#8217;s cash held outside of its Trust Account is less than $150,000. The Note bears no interest and is repayable in full upon the earlier of the closing of the Company&#8217;s initial Business Combination and the date of the winding up of the Company.&#160;</p> 115000000 5375000 3333 10000 3333 3334 3334 3333 166250 166250 14467000 <table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: left">Federal income tax expense at the statutory rate (20%)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">40,156</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">State income taxes, net of federal benefit</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Permanent differences</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Provision for income taxes</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">40,156</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> true EX-101.SCH 7 paac-20191231.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Statements of Operations link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Shareholders Equity link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - NOTE 1 - BASIS FOR PRESENTATION link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - NOTE 3 - GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - NOTE 4 - ESCROW DEPOSIT link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - NOTE 5 - PREPAID EXPENSES link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - NOTE 6 - ACCRUED EXPENSES link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - NOTE 7 - INCOME TAXES link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - NOTE 8 - ACCRUED EXPENSE - RELATED PARTY link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - NOTE 9 - FAIR VALUE MEASUREMENTS link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - NOTE 10. CREDIT ARRANGEMENT link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - NOTE 7 - INCOME TAXES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - NOTE 8 - ACCRUED EXPENSE - RELATED PARTY (Details Narravtive) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 paac-20191231_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 paac-20191231_def.xml XBRL DEFINITION FILE EX-101.LAB 10 paac-20191231_lab.xml XBRL LABEL FILE Equity Components [Axis] Preferred Stock Common Stock Additional Paid-In Capital Subscription Receivable Retained Earnings / Accumulated Deficit Document And Entity Information Entity Registrant Name Entity Incorporation State Entity File Number Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Reporting Status Current Entity Interactive Data Current Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Entity Filer Category Entity Small Business Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Entity Shell Company Statement of Financial Position [Abstract] Current Assets Cash Escrow deposit Prepaid expenses Other receivable Total Current Assets Government securities held in Trust Account Total Assets Liabilities and Stockholders Deficit Current Liabilities Accrued expenses Accrued expenses - related parties Tax payable Total Current Liabilities Commitments Common stock subject to possible redemption, 9,730,167 shares at redemption value as of December 31, 2019 and September 30, 2019 Stockholders' Equity Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding as of December 31, 2019 and September 30, 2019 Common stock, $0.001 par value, 150,000,000 shares authorized, 4,736,833 shares issued and outstanding (excluding 9,730,167 shares subject to possible redemption) as of December 31, 2019 and September 30, 2019 Additional paid in capital Accumulated earnings (deficits) Total stockholders deficit Total Liabilities and stockholders deficit Common Stock redemption Preferred Stock, par value Preferred Stock, shares authorized Preferred Stock, shares issued Preferred Stock, shares outstanding Common Stock, par value Common Stock, shares authorized Common Stock, shares issued Common Stock, shares outstanding Income Statement [Abstract] Operating expense Audit fee Officers compensation Legal fees General and administrative expenses Total operating expense Other income Unrealized gain from the trust account Interest income Total other income Net income (loss) before income tax Income tax Net income (loss) Net (loss) per share Basic and diluted Weighted average number of shares Basic and diluted Statement [Table] Statement [Line Items] Beginning Balance, shares Beginning Balance, amount Common stock issued for services, shares Common stock issued for services, amount Collection of subscription receivable Ending Balance, shares Ending Balance, amount Statement of Cash Flows [Abstract] Cash flows from operating activities: Net (loss) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Common stock issued for service Changes in operating assets and liabilities: Prepaid expenses Accrued expenses Accrued expenses - related parties Tax payable Net cash provided by (used in) operating activities Cash flows from investing activities: Escrow deposit Investment in government securities held in Trust Account Net cash provided by (used in) investing activities Cash flows from financing activities: Collection of subscription receivable Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalent at beginning of period Cash and cash equivalents at end of period Supplemental disclosure of cash flow information: Cash paid for interest Cash paid for income taxes Non-Cash Transactions Commom stock subject to possible redemption Organization, Consolidation and Presentation of Financial Statements [Abstract] NOTE 1 - BASIS FOR PRESENTATION NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Note 3 - Government Securities Held In Trust Account NOTE 3 - GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT Note 4 - Escrow Deposit NOTE 4 - ESCROW DEPOSIT Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] NOTE 5 - PREPAID EXPENSES Payables and Accruals [Abstract] NOTE 6 - ACCRUED EXPENSES Income Tax Disclosure [Abstract] NOTE 7 - INCOME TAXES NOTE 8 - ACCRUED EXPENSE - RELATED PARTY Fair Value Disclosures [Abstract] NOTE 9 - FAIR VALUE MEASUREMENTS Debt Disclosure [Abstract] NOTE 10. CREDIT ARRANGEMENT Federal Tax table IPO gross proceeds Private placement Stock based compensation Compensation expense Unrecongnized stock based compensation Assets, Current Assets Liabilities, Current Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Other Income Weighted Average Number of Shares Outstanding, Basic and Diluted Shares, Issued Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Accounts Payable, Related Parties Increase (Decrease) in Accrued Taxes Payable Net Cash Provided by (Used in) Operating Activities Increase (Decrease) in Deposit Assets Net Cash Provided by (Used in) Investing Activities Increase (Decrease) in Accounts and Other Receivables Net Cash Provided by (Used in) Financing Activities Cash, Period Increase (Decrease) EX-101.PRE 11 paac-20191231_pre.xml XBRL PRESENTATION FILE XML 12 R11.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 5 - PREPAID EXPENSES
 3 Months Ended
Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
NOTE 5 - PREPAID EXPENSES

NOTE 5. PREPAID EXPENSES

 

As of December 31, 2019, the Company had prepaid expenses of $76,830, of which $70,000 was in connection with the prepayment for D&O insurance, and $6,830 was related to the prepaid legal services.
XML 13 R15.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 9 - FAIR VALUE MEASUREMENTS
 3 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
NOTE 9 - FAIR VALUE MEASUREMENTS

NOTE 9. FAIR VALUE MEASUREMENTS 

 

The Company follows the guidance in 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.

 

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:

 

  Level 1: 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.
     
  Level 2: 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.
     
  Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.

 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description  Level  December 31, 2019
Assets:          
Government securities held in Trust Account   1   $116,428,920 

 
XML 14 R19.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 8 - ACCRUED EXPENSE - RELATED PARTY (Details Narravtive)
 3 Months Ended
Dec. 31, 2019
USD ($)
Payables and Accruals [Abstract]  
Stock based compensation $ 3,333
Compensation expense 10,000
Unrecongnized stock based compensation $ 1,111
EXCEL 15 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 17 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 1 - BASIS FOR PRESENTATION
 3 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NOTE 1 - BASIS FOR PRESENTATION

NOTE 1. BASIS OF PRESENTATION 

 

The accompanying unaudited condensed financial statements of Proficient Alpha Acquisition Corp. (the “Company”) have been prepared in accordance with the generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the applicable rules and regulations 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. 

 

The accompanying unaudited condensed financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended September 30, 2019. The interim results for the three months ended December 31, 2019 are not necessarily indicative of the results to be expected for the year ending September 30, 2020 or for any future interim periods.
XML 18 R3.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2019
Sep. 30, 2019
Statement of Financial Position [Abstract]    
Common Stock redemption 9,730,167 9,730,167
Preferred Stock, par value $ 0.001 $ 0.001
Preferred Stock, shares authorized 1,000,000 1,000,000
Preferred Stock, shares issued
Preferred Stock, shares outstanding
Common Stock, par value $ 0.001 $ 0.001
Common Stock, shares authorized 150,000,000 150,000,000
Common Stock, shares issued 4,736,833 4,736,833
Common Stock, shares outstanding 4,736,833 4,736,833
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Statements of Cash Flows - USD ($)
 3 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net (loss) $ 157,290 $ (105,100)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Common stock issued for service 3,333 3,334
Changes in operating assets and liabilities:    
Prepaid expenses 28,170
Accrued expenses 28,641 (11,000)
Accrued expenses - related parties 57,610 (15,668)
Tax payable 40,156
Net cash provided by (used in) operating activities 315,200 (128,434)
Cash flows from investing activities:    
Escrow deposit 800,000
Investment in government securities held in Trust Account (503,276)
Net cash provided by (used in) investing activities 296,724
Cash flows from financing activities:    
Collection of subscription receivable 166,250
Net cash provided by financing activities 166,250
Net increase in cash and cash equivalents 611,924 37,816
Cash and cash equivalent at beginning of period 1,078,708 302,362
Cash and cash equivalents at end of period 1,690,632 340,178
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for income taxes
Non-Cash Transactions    
Commom stock subject to possible redemption
XML 20 R2.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Balance Sheets - USD ($)
Dec. 31, 2019
Sep. 30, 2019
Current Assets    
Cash $ 1,690,632 $ 1,078,708
Escrow deposit 800,000
Prepaid expenses 76,830 105,000
Other receivable 219 219
Total Current Assets 1,767,681 1,983,927
Government securities held in Trust Account 116,428,920 115,925,644
Total Assets 118,196,601 117,909,571
Current Liabilities    
Accrued expenses 66,985 38,344
Accrued expenses - related parties 76,684 19,074
Tax payable 59,499 19,343
Total Current Liabilities 203,168 76,761
Commitments    
Common stock subject to possible redemption, 9,730,167 shares at redemption value as of December 31, 2019 and September 30, 2019 97,301,671 97,301,671
Stockholders' Equity    
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding as of December 31, 2019 and September 30, 2019
Common stock, $0.001 par value, 150,000,000 shares authorized, 4,736,833 shares issued and outstanding (excluding 9,730,167 shares subject to possible redemption) as of December 31, 2019 and September 30, 2019 4,737 4,737
Additional paid in capital 20,452,360 20,449,027
Accumulated earnings (deficits) 234,665 77,375
Total stockholders deficit 20,691,762 20,531,139
Total Liabilities and stockholders deficit $ 118,196,601 $ 117,909,571
XML 21 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 22 R18.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative)
 3 Months Ended
Dec. 31, 2019
USD ($)
shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
IPO gross proceeds | $ $ 115,000,000
Private placement | shares 5,375,000
XML 23 R10.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 4 - ESCROW DEPOSIT
 3 Months Ended
Dec. 31, 2019
Note 4 - Escrow Deposit  
NOTE 4 - ESCROW DEPOSIT

NOTE 4. ESCROW DEPOSIT 

 

On October 2, 2019, the escrow deposit of $800,000 was released by the escrow agent and returned to the Company due to the termination of a non-binding letter of intent with a potential target company for an initial Business Combination, dated July 18, 2019, entered into by and between the Company and such potential target company.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 8 - ACCRUED EXPENSE - RELATED PARTY
 3 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
NOTE 8 - ACCRUED EXPENSE - RELATED PARTY

NOTE 8. ACCRUED EXPENSES - RELATED PARTY

 

As of December 31, 2019, the Company had $76,684 due to related parties including travel expenses of $14,142 advanced by the Company’s Chief Executive Officer, and accrued compensation of $62,497 to the Company’s management and directors. Pursuant to the executed offer letters, the Company pays the Company’s Chief Executive Officer and Chief Financial Officer, $2,000 and $5,000 in cash per month starting from February 1, 2019 and August 1, 2018, respectively, and issued to each of them 50,000 founder shares. In addition, the Company pays the Company’s directors $2,000 in cash per month starting from August 1, 2018, and will issue a total of 250,000 shares of Common Stock within 10 days after the closing date of the initial Business Combination. The fair value of this stock issuance was determined by the fair value of the Company’s Common Stock on the grant date, at a price of $0.20 per share. Accordingly, the Company calculated the stock-based compensation of $70,000 at its fair value and amortized pro rata within 18 months. A total of 100,000 founder shares to Chief Executive Officer and Chief Financial Officer were issued and the 250,000 shares to directors are not issued within 10 days after the closing date of the initial Business Combination.

 

On March 20, 2019, the Company entered into an offer letter with the Company’s current Chief Executive Officer, President and Secretary, pursuant to which, the Company agreed to issue to him 50,000 shares of Common Stock for his services. The 50,000 shares will be issued within 10 days after the closing date of the initial Business Combination. The fair value of this stock issuance was determined by the fair value of the Company’s Common Stock on the grant date, at a price of $0.20 per share. Accordingly, the Company calculated the stock-based compensation of $10,000 at its fair value and amortized pro rata within 18 months. 

 

Accordingly, the Company recognized stock-based compensation of $3,333 during the three months ended December 31, 2019. The Company recognized compensation expenses of $10,000 in connection with the Common Stock hereto, which was included in the accrued expenses – related parties as of December 31, 2019. The unrecognized stock-based compensation was $1,111 as of December 31, 2019.
XML 25 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3.a.u2 html 37 173 1 false 5 0 false 3 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://PAAC/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Balance Sheets Sheet http://PAAC/role/BalanceSheets Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Balance Sheets (Parenthetical) Sheet http://PAAC/role/BalanceSheetsParenthetical Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Statements of Operations Sheet http://PAAC/role/StatementsOfOperations Statements of Operations Statements 4 false false R5.htm 00000005 - Statement - Shareholders Equity Sheet http://PAAC/role/ShareholdersEquity Shareholders Equity Statements 5 false false R6.htm 00000006 - Statement - Statements of Cash Flows Sheet http://PAAC/role/StatementsOfCashFlows Statements of Cash Flows Statements 6 false false R7.htm 00000007 - Disclosure - NOTE 1 - BASIS FOR PRESENTATION Sheet http://PAAC/role/Note1-BasisForPresentation NOTE 1 - BASIS FOR PRESENTATION Notes 7 false false R8.htm 00000008 - Disclosure - NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Sheet http://PAAC/role/Note2-DescriptionOfOrganizationAndBusinessOperations NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Notes 8 false false R9.htm 00000009 - Disclosure - NOTE 3 - GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT Sheet http://PAAC/role/Note3-GovernmentSecuritiesHeldInTrustAccount NOTE 3 - GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT Notes 9 false false R10.htm 00000010 - Disclosure - NOTE 4 - ESCROW DEPOSIT Sheet http://PAAC/role/Note4-EscrowDeposit NOTE 4 - ESCROW DEPOSIT Notes 10 false false R11.htm 00000011 - Disclosure - NOTE 5 - PREPAID EXPENSES Sheet http://PAAC/role/Note5-PrepaidExpenses NOTE 5 - PREPAID EXPENSES Notes 11 false false R12.htm 00000012 - Disclosure - NOTE 6 - ACCRUED EXPENSES Sheet http://PAAC/role/Note6-AccruedExpenses NOTE 6 - ACCRUED EXPENSES Notes 12 false false R13.htm 00000013 - Disclosure - NOTE 7 - INCOME TAXES Sheet http://PAAC/role/Note7-IncomeTaxes NOTE 7 - INCOME TAXES Notes 13 false false R14.htm 00000014 - Disclosure - NOTE 8 - ACCRUED EXPENSE - RELATED PARTY Sheet http://PAAC/role/Note8-AccruedExpense-RelatedParty NOTE 8 - ACCRUED EXPENSE - RELATED PARTY Notes 14 false false R15.htm 00000015 - Disclosure - NOTE 9 - FAIR VALUE MEASUREMENTS Sheet http://PAAC/role/Note9-FairValueMeasurements NOTE 9 - FAIR VALUE MEASUREMENTS Notes 15 false false R16.htm 00000016 - Disclosure - NOTE 10. CREDIT ARRANGEMENT Sheet http://PAAC/role/Note10.CreditArrangement NOTE 10. CREDIT ARRANGEMENT Notes 16 false false R17.htm 00000017 - Disclosure - NOTE 7 - INCOME TAXES (Tables) Sheet http://PAAC/role/Note7-IncomeTaxesTables NOTE 7 - INCOME TAXES (Tables) Tables http://PAAC/role/Note7-IncomeTaxes 17 false false R18.htm 00000018 - Disclosure - NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) Sheet http://PAAC/role/Note2-DescriptionOfOrganizationAndBusinessOperationsDetailsNarrative NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) Details http://PAAC/role/Note2-DescriptionOfOrganizationAndBusinessOperations 18 false false R19.htm 00000019 - Disclosure - NOTE 8 - ACCRUED EXPENSE - RELATED PARTY (Details Narravtive) Sheet http://PAAC/role/Note8-AccruedExpense-RelatedPartyDetailsNarravtive NOTE 8 - ACCRUED EXPENSE - RELATED PARTY (Details Narravtive) Details http://PAAC/role/Note8-AccruedExpense-RelatedParty 19 false false All Reports Book All Reports paac-20191231.xml paac-20191231.xsd paac-20191231_cal.xml paac-20191231_def.xml paac-20191231_lab.xml paac-20191231_pre.xml http://xbrl.sec.gov/dei/2019-01-31 http://fasb.org/us-gaap/2019-01-31 true true XML 26 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
 3 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NOTE 2 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE 2. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS 

 

Organization and General:

 

The Company is a blank check company incorporated in Nevada on July 27, 2018, which was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). The Company may, subject to certain limitations, pursue a Business Combination target with operations or prospects in the financial services sector in China, including Hong Kong, Macau and mainland China. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012.

 

As of December 31, 2019, the Company had not yet commenced any operations. All activity for the period from July 27, 2018 (inception) through December 31, 2019 relates to the Company’s formation and the initial public offering (“IPO”), and subsequent to the IPO, searching for a target for its Business Combination. The Company will not generate any operating revenues until after consummation of the initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO.

 

On June 3, 2019, the Company consummated its IPO of 10,000,000 units (“Units”). Each Unit consists of one share of common stock, $0.001 par value per share (“Common Stock”), one warrant (“Public Warrant”) to purchase one share of Common Stock at an exercise price of $11.50 per share, and one right (“Right”) to receive one-tenth of one share of Common Stock upon consummation of the Company’s initial Business Combination.  The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $100,000,000. Pursuant to the Underwriting Agreement, the Company granted the underwriters in the IPO (the “Underwriters”) a 30-day option to purchase up to 1,500,000 additional Units solely to cover over-allotments, if any (the “Over-Allotment Option”); and simultaneously with the consummation of the IPO, the Underwriters exercised the Over-Allotment Option in full, generating additional gross proceeds of $15,000,000 to the Company.

 

Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of 5,375,000 warrants (“Placement Warrants”) at a price of $1.00 per Placement Warrant, generating total proceeds of $5,375,000.

 

Following the closing of the IPO on June 3, 2019, an amount of $115,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the Placement Warrants was placed in a trust account (“Trust Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, except that interest earned on the Trust Account can be released to the Company to pay its tax obligations, as described below.

 

Transaction costs amounted to $6,625,439, consisting of cash of $2,875,000 of underwriting fees and $315,120 of IPO costs, the fair value of 92,000 shares issued and 920,000 warrants granted to the Underwriters in total amount of $3,435,319 pursuant to the Underwriting Agreement. In addition, $2,177,380 of cash was held outside of the Trust Account and is available for working capital purposes. 

 

The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (net of taxes payable) at the time of the signing an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended, or the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

 

The Company will provide its stockholders with the opportunity to redeem all or a portion of their shares of Common Stock upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).

  

The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Articles of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor, officers and directors (the “Initial Stockholders”) have agreed to vote their founder shares and any Public Shares held by them in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

 

The Company will have until June 3, 2020 (or December 3, 2020 if the Company extends the period to consummate a Business Combination by the full amount) to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than 10 business days thereafter, redeem the Common Stock sold as part of the Units in the IPO (the “Public Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account net of interest that may be used by the Company to pay its taxes payable and for dissolution expenses, divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii) to the Company’s obligations under Nevada law to provide for claims of creditors and other requirements of applicable law.

 

The Initial Stockholders have agreed to (i) waive any and all right, title, interest or claim of any kind the Initial Stockholders may have in the future in or to any distribution of the Trust Account and any remaining net assets of the Company as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever; (ii) waive any right to exercise conversion rights with respect to any shares of the Common Stock owned or to be owned by the Initial Stockholders, directly or indirectly, whether such shares be part of the founder shares or shares of Common Stock purchased by the Initial Stockholders in the IPO or in the aftermarket, and each agrees not to seek conversion with respect to such shares in connection with any vote to approve a Business Combination or to sell any such shares in a tender offer undertaken by the Company in connection with a Business Combination; and (iii) not propose, or vote in favor of, an amendment to Article Sixth of the Company’s Amended and Restated Articles of Incorporation, as the same may be amended from time to time, prior to the consummation of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their shares of Common Stock upon such approval in accordance with such Article Sixth thereof. In the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation, each of the Initial Stockholders agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses.

 

In order to protect the amounts held in the Trust Account, Mr. Shih-Chung Chou, our sponsor has agreed that he will be personally liable to ensure that the proceeds in the Trust Account are not reduced below $10.00 per Public Share by the claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us. Additionally, the agreement entered into by our sponsor specifically provides for two exceptions to the indemnity he has given: he will have no liability (1) as to any claimed amounts owed to a target business or vendor or other entity who has executed an agreement with us waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account, or (2) as to any claims for indemnification by the Underwriters of this offering against certain liabilities, including liabilities under the Securities Act. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and we have not asked our sponsor to reserve for such indemnification obligations. The Company will seek to reduce the possibility that Mr. Shih-Chung Chou will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
XML 27 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Statements of Operations - USD ($)
 3 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating expense    
Audit fee $ 10,000 $ 8,000
Officers compensation 64,333 71,667
Legal fees 126,302 25,000
General and administrative expenses 107,814 433
Total operating expense 308,449 105,100
Other income    
Unrealized gain from the trust account 503,276
Interest income 2,619
Total other income 505,895
Net income (loss) before income tax 197,446 (105,100)
Income tax 40,156
Net income (loss) $ 157,290 $ (105,100)
Net (loss) per share    
Basic and diluted $ (0.06) $ (0.04)
Weighted average number of shares    
Basic and diluted 4,736,833 2,500,000
XML 28 R12.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 6 - ACCRUED EXPENSES
 3 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
NOTE 6 - ACCRUED EXPENSES

NOTE 6. ACCRUED EXPENSES

 

As of December 31, 2019, the Company had accrued expenses of $66,985, of which $18,083 and $46,025 were due to the legal fee and evaluation fee, respectively, in connection with the potential Business Combination.
XML 29 R16.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 10. CREDIT ARRANGEMENT
 3 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
NOTE 10. CREDIT ARRANGEMENT

NOTE 10. CREDIT ARRANGEMENT 

 

On July 24, 2019, the Company and the Sponsor entered into an unsecured promissory note (the “Note”) for a principal amount of up to $800,000 to be used by the Company for working capital purposes.  Pursuant to the terms of the Note, the Sponsor will loan to the Company up to a total of $800,000, in the event that the Company’s cash held outside of its Trust Account is less than $150,000. The Note bears no interest and is repayable in full upon the earlier of the closing of the Company’s initial Business Combination and the date of the winding up of the Company. 
XML 31 R13.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 7 - INCOME TAXES
 3 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
NOTE 7 - INCOME TAXES

NOTE 7. INCOME TAXES

 

The Company is subject to federal taxes and no state taxes in the State of Nevada. A reconciliation of the Company’s effective income tax rate to the federal statutory rate is as follows:

 

   December 31,
   2019
Federal income tax expense at the statutory rate (20%)  $40,156 
State income taxes, net of federal benefit   —   
Permanent differences   —   
Change in valuation allowance   —   
Provision for income taxes  $40,156 

 

As of December 31, 2019, the Company had income tax payable in amount of $59,499. The Company accounts for its deferred tax assets and liabilities, including excess tax benefits of share-based payments, based on the tax ordering of deductions to be used on its tax returns. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities was $0 as of December 31, 2019.
XML 32 R17.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 7 - INCOME TAXES (Tables)
 3 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Federal Tax table
   December 31,
   2019
Federal income tax expense at the statutory rate (20%)  $40,156 
State income taxes, net of federal benefit   —   
Permanent differences   —   
Change in valuation allowance   —   
Provision for income taxes  $40,156 
ZIP 33 0001264931-20-000011-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001264931-20-000011-xbrl.zip M4$L#!!0 ( $6$15!MA[&&QC( (J! 0 1 <&%A8RTR,#$Y,3(S,2YX M;6SM?6MSXDBRZ/<3-:[,[;7N&=VSY<)@0JC M;2$Q>MAF?_W-S*J22@] F'H:39B>PQ(E5E96?FJK,SO__=U:FO/S/,MU_GA M2#^I'VG,&;FFY3S]:E=N6. MCF^6S;SM)X[G=DL8/ #AW2IM4X: MAG9\7WYECNM[GAYMHV$D0S"Y/3U]>7DX<]]EX<;TO_LG(+3;

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end XML 34 R5.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Shareholders Equity - USD ($)
Preferred Stock
Common Stock
Additional Paid-In Capital
Subscription Receivable
Retained Earnings / Accumulated Deficit
Total
Beginning Balance, shares at Sep. 30, 2018 2,875,000
Beginning Balance, amount at Sep. 30, 2018 $ 2,875 $ 554,347 $ (182,500) $ (113,016) $ 261,706
Common stock issued for services, shares
Common stock issued for services, amount $ 3,334 $ 3,334
Collection of subscription receivable 166,250 166,250
Net income (loss) $ (105,100) $ (105,100)
Ending Balance, shares at Dec. 31, 2018 2,875,000
Ending Balance, amount at Dec. 31, 2018 $ 2,875 $ 557,681 $ (16,250) $ (218,116) $ 326,190
Beginning Balance, shares at Sep. 30, 2019 4,736,833
Beginning Balance, amount at Sep. 30, 2019 $ 4,737 $ 20,449,027 $ 77,375 $ 20,531,139
Common stock issued for services, shares  
Common stock issued for services, amount $ 3,333 3,333
Collection of subscription receivable
Net income (loss) $ 157,290 $ 157,290
Ending Balance, shares at Dec. 31, 2019 4,736,833
Ending Balance, amount at Dec. 31, 2019 $ 4,737 $ 20,452,360 $ 234,665 $ 20,691,762

XML 35 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Document and Entity Information - shares
 3 Months Ended
Dec. 31, 2019
Feb. 05, 2020
Document And Entity Information    
Entity Registrant Name PROFICIENT ALPHA ACQUISITION CORP  
Entity Incorporation State NV  
Entity File Number 001-38925  
Entity Central Index Key 0001764711  
Document Type 10-Q  
Document Period End Date Dec. 31, 2019  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Entity Reporting Status Current Yes  
Entity Interactive Data Current Yes  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Common Stock, Shares Outstanding   14,467,000
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2019  
Entity Shell Company true  
XML 36 R9.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE 3 - GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT
 3 Months Ended
Dec. 31, 2019
Note 3 - Government Securities Held In Trust Account  
NOTE 3 - GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT

NOTE 3. GOVERNMENT SECURITIES HELD IN TRUST ACCOUNT 

 

As of December 31, 2019, the assets of $116,428,920 held in the Trust Account were substantially held in U.S. Treasury Bills with maturity of six months. Management elects to measure the government securities at fair value in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 825 “Financial Instruments”. Any changes in fair value of the government securities are recognized in net income. Impairment of government securities is recognized in earnings when a decline in value has occurred that is deemed to be other than temporary, and the current fair value becomes the new cost basis for the securities.