0001213900-20-037419 | 10-Q | XBRL Viewer | Trident Acquisitions Corp

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current Assets
Cash	$ 217,858	$ 55,461
Prepaid expenses	39,518	102,917
Prepaid income taxes	12,186
Total Current Assets	269,562	158,378
Marketable securities held in Trust Account	63,154,834	74,376,617
Deferred tax asset	163,939
Security deposit	1,200	1,200
TOTAL ASSETS	63,589,535	74,536,195
Current Liabilities
Account payable and accrued expenses	314,238	159,377
Income taxes payable		679,431
Promissory notes – related party	3,825,000	180,000
Total Current Liabilities	4,139,238	1,018,808
Deferred underwriting fee payable	5,031,250	5,031,250
Total Liabilities	9,170,488	6,050,058
Commitments
Common stock subject to possible redemption, 4,528,985 and 6,076,290 shares at redemption value as of September 30, 2020 and December 31, 2019, respectively	49,419,038	63,486,129
Stockholders’ Equity
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized; 7,438,735 and 7,148,526 issued and outstanding (excluding 4,528,985 and 6,076,290 shares subject to possible redemption) as of September 30, 2020 and December 31, 2019, respectively	7,439	7,149
Additional paid-in capital	1,676,203	1,058,028
Retained earnings	3,316,367	3,934,831
Total Stockholders’ Equity	5,000,009	5,000,008
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 63,589,535	$ 74,536,195

Description of Organization and Business Operations

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Trident Acquisitions Corp. (the “Company”) is a blank check company incorporated in Delaware on March 17, 2016. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”).

The Company has one subsidiary, Trident Black Sea Inc., a majority-owned subsidiary of the Company incorporated in Delaware on May 7, 2019 (“Trident Black Sea”).

At September 30, 2020, the Company had not yet commenced operations. All activity through September 30, 2020 relates to the Company’s formation, its public offering (“Initial Public Offering”), which is described below, and identifying a target for a Business Combination.

The registration statement for the Company’s Initial Public Offering was declared effective on May 29, 2018. On June 1, 2018, the Company consummated the Initial Public Offering of 17,500,000 units (“Units” and, with respect to the common stock included in the Units being offered, the “Public Shares”), generating gross proceeds of $175,000,000, which is described in Note 3.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 1,150,000 Private Units, at a price of $10.00 per unit in a private placement to certain of the Company’s affiliates and stockholders (the “Insiders”), generating gross proceeds of $11,500,000, which is described in Note 4.

Following the closing of the Initial Public Offering on June 1, 2018, an amount of $178,500,000 ($10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Units was placed in a trust account (“Trust Account”) and 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, as described below.

On June 5, 2018, in connection with the underwriters’ exercise of their over-allotment option in full, the Company consummated the sale of an additional 2,625,000 Units at $10.00 per unit, generating total gross proceeds of $26,250,000. Simultaneously with the sale of the additional Units, the Company deposited an aggregate of $1,181,250 into the Trust Account from funds previously held outside of the Trust Account. A total of $26,775,000 was deposited in the Trust Account, bringing the aggregate proceeds held in the Trust Account to $205,275,000.

Transaction costs amounted to $11,101,864, consisting of $5,031,250 of underwriting fees, $5,031,250 of deferred underwriting fees and $1,039,364 of other costs. As of September 30, 2020, cash of $217,858 was held outside of the Trust Account and is available for working capital purposes.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and Private Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq Capital Market (“NASDAQ”) rules provide that 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 (less any deferred underwriting commissions and interest released to pay franchise and income taxes) at the time of the signing a definitive agreement in connection with 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. 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 convert all or a portion of their shares included in the Units sold in the Initial Public Offering (the “Public Shares”) 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 convert their shares for a pro rata portion of the amount then in the Trust Account ($10.20 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 franchise and incomes tax obligations).The per-share amount to be distributed to stockholders who convert their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (as discussed in Note 6). There will be no conversion rights upon the completion of a Business Combination with respect to the Company’s warrants.

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 Certificate of Incorporation, conduct the conversions 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 convert shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to convert their Public Shares irrespective of whether they vote for or against the proposed transaction.

Notwithstanding the foregoing, the Company’s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from converting its shares with respect to more than an aggregate of 20% of the shares sold in the Initial Public Offering (“Excess Shares”).

The Company’s Insiders, officers, directors and any holder of the Company’s insider shares (as defined in Note 5) (the “initial stockholders”) have agreed (a) to vote their insider shares, Private Shares (as defined in Note 5) and Public Shares in favor of a Business Combination, (b) not to propose an amendment to the Company’s Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their shares in conjunction with any such amendment; (c) not to convert any shares in connection with a stockholder vote to approve a Business Combination and (d) that the insider shares and Private Shares will not participate in any liquidating distributions upon winding up if a Business Combination is not consummated.

The Company initially had until December 1, 2019 to consummate a Business Combination (the “Combination Period”).

On November 26, 2019, the Company held its Annual Meeting of the Stockholders (the “Annual Meeting”) of the Company at which the stockholders approved a proposal to amend the Company’s Amended and Restated Certificate of Incorporation (the “Charter Amendment”) to extend the period of time for which the Company is required to complete a Business Combination two times for an additional 90 days each time (the termination date as so extended, the “Extended Termination Date”). The Company agreed to contribute $500,000 to the Trust Account for each 90-day extension period. The Company contributed an aggregate of $1,000,000 to the Trust Account which extended the date to June 1, 2020 to complete a Business Combination.

In connection with the approval of the Charter Amendment, stockholders elected to redeem an aggregate of 13,081,434 shares of the Company’s common stock. As a result, an aggregate of $137,130,484 (or approximately $10.48 per share) was removed from the Company’s Trust Account to pay such stockholders.

On May 28, 2020, the Company held a Special Meeting of the Stockholders (the “Special Meeting”) of the Company at which the stockholders approved a proposal to amend the Company’s Amended and Restated Certificate of Incorporation (the “Second Charter Amendment”) to extend the period of time for which the Company is required to complete a Business Combination to September 1, 2020 (the “Second Extended Date”). The Company agreed to contribute $0.15 for each Public Share outstanding that was not redeemed for the three-month extension period. As of June 30, 2020, the Company has contributed an aggregate of $962,476 to the Trust Account and now has until September 1, 2020 to complete a Business Combination.

In connection with the approval of the Second Charter Amendment, stockholders elected to redeem an aggregate of 627,059 shares of the Company’s common stock. As a result, an aggregate of $6,666,775 (or approximately $10.63 per share) was removed from the Company’s Trust Account to pay such stockholders and 12,597,757 shares of common stock are now issued and outstanding.

On August 28, 2020, the Company held a Special Meeting of the Stockholders (the “Meeting”) of the Company at which the stockholders approved a proposal to amend the Company’s Amended and Restated Certificate of Incorporation (the “Third Charter Amendment”) to extend the period of time for which the Company is required to complete a Business Combination to December 1, 2020 (the “Third Extended Date”). The Company agreed to contribute $0.15 for each Public Share outstanding that was not redeemed for the three-month extension period. As of September 30, 2020, the Company has contributed an aggregate of $867,971 to the Trust Account and now has until December 1, 2020 to complete a Business Combination.

In connection with the approval of the Third Charter Amendment, stockholders elected to redeem an aggregate of 630,037 shares of the Company’s common stock. As a result, an aggregate of $6,781,851 (or approximately $10.76 per share) was removed from the Company’s Trust Account to pay such stockholders and 5,786,470 shares of common stock are now issued and outstanding as of September 30, 2020.

The Company has scheduled a special meeting of stockholders to be held in November 2020, pursuant to which it will seek stockholder approval to extend the Third Extended Date from December 1, 2020 to March 31, 2021 (the “Fourth Extended Date”). The public stockholders will be able to elect to redeem their shares in connection with the extension meeting for a pro rata portion of the amount then on deposit in the Trust Account. If the Company does not obtain stockholder approval and is unable to complete a Business Combination by December 1, 2020, the Company would wind up its affairs and liquidate.

If the Company is unable to consummate a Business Combination by the Third Extended Date (or the Fourth Extended Date, if approved by the stockholders), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding 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 (net of taxes payable), 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), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law.

The initial stockholders have agreed to waive their rights to liquidating distributions from the Trust Account with respect to their insider shares and Private Shares if the Company fails to complete a Business Combination during the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriter has agreed to waive its rights to the deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the $10.20 per share held in the Trust Account.

In order to protect the amounts held in the Trust Account, the initial stockholders have agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the initial stockholders will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the initial stockholders will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent accountants), 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.

Liquidity and Going Concern

As of September 30, 2020, the Company had $217,858 in its operating bank accounts, $63,154,834 in marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem shares in connection therewith and an adjusted working capital of $30,210, which excludes franchise and income taxes payable of $26,652, of which such amounts will be paid from interest earned on the Trust Account, and promissory notes in the amount of $3,825,000 as such amounts are payable upon the consummation of a Business Combination and not from the working capital of the Company. As of September 30, 2020, approximately $1,575,000 of the amount on deposit in the Trust Account represents interest income, which is available to pay the Company’s tax obligations. Through September 30, 2020, the Company has withdrawn $1,520,886 of interest earned from the Trust Account in order to pay its taxes, of which $450,865 was withdrawn during the nine months ended September 30, 2020.

On December 17, 2019, Viktoria Group, LLC, a company owned by the Company’s President and Chief Financial Officer, loaned the Company $180,000 in order to fund working capital requirements and finance transaction expenses in connection with a Business Combination. The loan was repaid on June 18, 2020.

On January 30, 2020, VK Consulting, Inc. a company owned by the Company’s President and Chief Financial Officer, loaned the Company $425,000 in order to fund working capital requirements and finance transaction expenses in connection with a Business Combination. The loan is non-interest bearing and payable on December 2, 2020.

On February 7, 2020 and May 15, 2020, BGV Group Limited, an affiliate of one of the Company’s stockholders, loaned the Company an aggregate of $2,300,000 to be used to finance transaction costs in connection with a Business Combination. The loans are non-interest bearing and payable on December 2, 2020.

On August 27, 2020, BGV Group Limited loaned the Company an aggregate of $1,100,000 to fund the Company’s working capital requirements and finance transaction expenses in connection with a Business Combination. The loans are non-interest bearing and payable on December 2, 2020.

The Company will need to raise additional capital through loans or additional investments from its initial stockholders, officers or directors. The Company’s initial stockholders, officers or directors may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through December 1, 2020 (or March 31, 2021 if approved by the stockholders), the date that the Company will be required to cease all operations, except for the purpose of winding up, if a Business Combination is not consummated. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Risks and Uncertainties

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the World. As of the date the financial statements were available to be issued, there was considerable uncertainty around the expected duration of this pandemic. We have concluded that while it is reasonably possible that COVID-19 could have a negative effect on identifying a target company for a Business Combination, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

NOTE 7. STOCKHOLDERS’ EQUITY

Preferred Stock — On May 29, 2018, the Company filed an Amended and Restated Certificate of Incorporation such that the Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At September 30, 2020 and December 31, 2019, there were no shares of preferred stock issued or outstanding.

Common Stock — On May 29, 2018, the Company filed an Amended and Restated Certificate of Incorporation such that the Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. Holders of the Company’s common stock are entitled to one vote for each share. At September 30, 2020 and December 31, 2019, there were 7,453,759 and 7,148,526 shares of common stock issued and outstanding (excluding 4,153,961 and 6,076,290 shares of common stock subject to possible redemption), respectively.

Warrants — The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that as soon as practicable, but in no event later than 30 days, after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the common stock issuable upon the exercise of the Public Warrants is not effective within 90 days from the consummation of a Business Combination, the holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise the Public Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company may redeem the Public Warrants:

	●	in whole and not in part;

	●	at a price of $0.01 per warrant;

	●	upon a minimum of 30 days’ prior written notice of redemption;

	●	if, and only if, the last sale price of the Company’s common stock equals or exceeds $16.00 per share for any 20 trading days within a 30-trading day period ending on a the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and

	●	If, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants are non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Warrants are held by holders other than the initial purchasers or any of their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.

The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants stock. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Unit Purchase Option

On June 1, 2018, the Company sold to the underwriter (and its designees), for $100, an option to purchase up to a total of 1,750,000 Units exercisable at $12.00 per Unit (or an aggregate exercise price of $21,000,000) commencing on the later of November 29, 2018 and the consummation of a Business Combination. The option represents the right to purchase 1,750,000 shares of common stock and 1,750,000 warrants to purchase 1,750,000 shares of common stock. The unit purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expires on May 29, 2023. The Units issuable upon exercise of this option are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase option, inclusive of the receipt of $100 cash payment, as an expense of the Initial Public Offering resulting in a charge directly to stockholders’ equity. The Company determined the fair value of this unit purchase option to be approximately $5,048,518 (or $2.88 per Unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase option granted to the underwriter was estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free interest rate of 2.74% and (3) expected life of five years. The option and the 1,750,000 Units, as well as the 1,750,000 shares of common stock and 1,750,000 warrants, and 1,750,000 shares of common stock underlying such warrants, that may be issued upon exercise of the option, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA’s NASD Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for 180 days following the effective date of Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners, nor may the option, nor the securities underlying the option, be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition for such period. The option grants to holders demand and “piggyback” rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a share dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of common stock at a price below its exercise price.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Nov. 16, 2020
Document Information Line Items
Entity Registrant Name	TRIDENT ACQUISITIONS CORP.
Trading Symbol	TDAC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,967,720
Amendment Flag	false
Entity Central Index Key	0001673481
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38508
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1996183
Entity Address, Address Line One	77 Water St. Fl 8
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10005
City Area Code	(646)
Local Phone Number	229-7549
Title of 12(b) Security	Common stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Description of Organization and Business Operations (Details) - USD ($)			1 Months Ended			9 Months Ended
	Jun. 05, 2018	Jun. 01, 2018	Aug. 28, 2020	May 28, 2020	Nov. 26, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 27, 2020	May 15, 2020	Feb. 07, 2020	Jan. 30, 2020	Dec. 31, 2019	Dec. 17, 2019
Description of Organization and Business Operations (Details) [Line Items]
Unit price (in Dollars per share)						$ 10.20
Net proceeds from issuance equity held in trust account	$ 1,181,250
Proceeds in trust account	26,775,000					$ 217,858
Total net proceeds held in the trust account	205,275,000
Transaction costs	11,101,864
Underwriting fees	5,031,250
Deferred underwriting fees	5,031,250
Other costs	$ 1,039,364
Minimum percentage of trust account required for business combination						80.00%
Percentage of outstanding voting securities						50.00%
Net tangible assets						$ 5,000,001
Description of restricted stock						Notwithstanding the foregoing, the Company’s Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from converting its shares with respect to more than an aggregate of 20% of the shares sold in the Initial Public Offering (“Excess Shares”).
Percentage of redemption of company's outstanding public shares						100.00%
Business combination, description					the Company held its Annual Meeting of the Stockholders (the “Annual Meeting”) of the Company at which the stockholders approved a proposal to amend the Company’s Amended and Restated Certificate of Incorporation (the “Charter Amendment”) to extend the period of time for which the Company is required to complete a Business Combination two times for an additional 90 days each time (the termination date as so extended, the “Extended Termination Date”). The Company agreed to contribute $500,000 to the Trust Account for each 90-day extension period. The Company contributed an aggregate of $1,000,000 to the Trust Account which extended the date to June 1, 2020 to complete a Business Combination.
Stockholders' equity shares (in Shares)			630,037			13,081,434
Stockholders value			$ 6,781,851			$ 137,130,484
Stockholders per value (in Dollars per share)			$ 10.76			$ 10.48
Public share outstanding per value (in Dollars per share)			$ 0.15	$ 0.15
Business combination amount				$962,476
Aggregate shares of common stock (in Shares)				627,059
Aggregate proceeds held in the trust account				$ 6,666,775
Aggregate proceeds, per share (in Dollars per share)				$ 10.63
Aggregate proceeds held in the trust account (in Shares)				12,597,757		5,786,470
Business combination amount			$ 867,971
Description of business combination within the combination period						If the Company is unable to consummate a Business Combination by the Third Extended Date (or the Fourth Extended Date, if approved by the stockholders), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding 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 (net of taxes payable), 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), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law.
Net operating bank accounts						$ 217,858						$ 55,461
Marketable securities held in the trust account						63,154,834						74,376,617
Working capital						30,210
Income taxes payable						26,652
Promissory note - related party						3,825,000			$ 2,300,000			$ 180,000	$ 180,000
Deposit in trust account						1,575,000
Withdrawn from trust account						1,520,886
withdrawn						$ 450,865	$ 577,315
Initial Public Offering [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)		17,500,000				20,125,000
Gross proceeds from issuance offering		$ 175,000,000
Unit price (in Dollars per share)		$ 10.20
Net proceeds from issuance equity held in trust account		$ 178,500,000
Private Placement [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)		1,150,000				1,150,000
Gross proceeds from issuance offering		$ 11,500,000				$ 11,500,000
Unit price (in Dollars per share)		$ 10.00
Underwriters [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)		1,750,000
Gross proceeds from issuance offering		$ 100				$ 5,031,250
Underwriters [Member] \| Over-Allotment Option [Member]
Description of Organization and Business Operations (Details) [Line Items]
Number of units issued in transaction (in Shares)	2,625,000					2,625,000
Gross proceeds from issuance offering	$ 26,250,000
Unit price (in Dollars per share)	$ 10.00
VK Consulting, Inc [Member]
Description of Organization and Business Operations (Details) [Line Items]
Promissory note - related party											$ 425,000
BGV Group Limited [Member]
Description of Organization and Business Operations (Details) [Line Items]
Promissory note - related party								$ 1,100,000		$ 2,300,000

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock subject to possible redemption	4,528,985	6,076,290
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock authorized	100,000,000	100,000,000
Common stock issued	7,438,735	7,148,526
Common stock outstanding	7,438,735	7,148,526

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (618,464)	$ 2,345,649
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account	(347,246)	(2,818,877)
Unrealized gain on marketable securities held in Trust Account		(951,245)
Deferred tax (benefit) provision	(163,939)	198,910
Changes in operating assets and liabilities:
Prepaid expenses	63,399	25,100
Prepaid income taxes	(12,186)
Accounts payable and accrued expenses	154,861	(55,045)
Income taxes payable	(679,431)	55,835
Net cash used in operating activities	(1,603,006)	(1,199,673)
Cash Flows from Investing Activities:
Investment of cash in Trust Account	(2,330,462)
Cash withdrawn from Trust Account for redemptions	13,448,626
Cash withdrawn from Trust Account to pay for franchise taxes and income taxes	450,865	577,315
Net cash provided by investing activities	11,569,029	577,315
Cash Flows from Financing Activities:
Proceeds from promissory notes – related parties	3,825,000
Repayment of promissory note – related parties	(180,000)
Redemptions of common stock	(13,448,626)
Net cash used in financing activities	(9,803,626)
Net Change in Cash	162,397	(622,358)
Cash – Beginning	55,461	1,255,817
Cash – Ending	217,858	633,459
Supplemental cash flow information:
Cash paid for income taxes	691,617	386,030
Non-cash investing and financing activities:
Change in value of common stock subject to possible redemption	$ 618,465	$ 2,345,652

Related Party Transactions (Details) - USD ($)					1 Months Ended			3 Months Ended		9 Months Ended
Related Party Transactions (Details) - USD ($)	Feb. 07, 2020	Jun. 05, 2018	Jun. 01, 2018	May 30, 2018	Dec. 17, 2019	Feb. 28, 2018	Mar. 31, 2016	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 27, 2020	May 15, 2020	Jan. 30, 2020	Dec. 31, 2019
Related Party Transactions (Details) [Line Items]
Total number shares issued and outstanding (in Shares)						5,031,250
Maximum shares subject to forfeited (in Shares)		656,250
Promissory note - related party					$ 180,000			$ 3,825,000		$ 3,825,000			$ 2,300,000		$ 180,000
Administrative Services Agreement [Member]
Related Party Transactions (Details) [Line Items]
Fee for office space, secretarial & administrative services (monthly)				$ 7,500
Payment for secretarial administrative fees								$ 22,500	$ 22,500	$ 67,500	$ 67,500
VK Consulting, Inc [Member]
Related Party Transactions (Details) [Line Items]
VK Consulting loaned							$ 425,000
Promissory note - related party														$ 425,000
Viktoria Group, LLC [Member]
Related Party Transactions (Details) [Line Items]
Promissory note - related party					$ 180,000
Non-interest bearing and payable date					Dec. 02, 2020
BGV Group Limited [Member]
Related Party Transactions (Details) [Line Items]
Promissory note - related party	$ 2,300,000											$ 1,100,000
Non-interest bearing and payable date	Dec. 02, 2020									Dec. 02, 2020
Private Placement [Member]
Related Party Transactions (Details) [Line Items]
Number of common stock issued (in Shares)			1,150,000							1,150,000
Amount of debt converted										$ 200,000
Conversion price (in dollars per share) (in Dollars per share)								$ 10.00		$ 10.00
Initial stockholders (the "insider shares") [Member]
Related Party Transactions (Details) [Line Items]
Number of common stock issued (in Shares)							3,737,500
Purchase price of shares issued							$ 25,000
Number of common stock sold (in Shares)						1,293,750
Purchase price of shares sold						$ 8,654
Total number shares issued and outstanding (in Shares)						5,031,250
Maximum shares subject to forfeited (in Shares)						656,250
Percentage of issued and outstanding shares						20.00%
Description of initial stockholders										The initial stockholders have agreed not to transfer, assign or sell any of the insider shares (except to certain permitted transferees) with respect to 50% of the insider shares, until the earlier of (i) six months after the date of the consummation of a Business Combination and on the date on which the closing price of the Company’s common stock equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period following the consummation of a Business Combination and, with respect to the remaining 50% of the insider shares, six months after the date of the consummation of a Business Combination, or if, (ii) subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their common stock for cash, securities or other property (the “Lock-Up Period”).

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Basis of presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated 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 consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the SEC on March 16, 2020, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2019 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The interim results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any future interim periods.

Principles of Consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its majority owned subsidiary where the Company has the ability to exercise control. All significant intercompany balances and transactions have been eliminated in consolidation. Activities in relation to the noncontrolling interest are not considered to be significant and are, therefore, not presented in the accompanying consolidated financial statements.

Emerging growth company

Emerging Growth Company

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 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s balance sheet with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of estimates

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and cash equivalents

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2020 and December 31, 2019.

Marketable securities held in Trust Account

Marketable Securities Held in Trust Account

At September 30, 2020 and December 31, 2019, the assets held in the Trust Account were substantially held in money market funds, which are invested in U.S. Treasury securities. Through September 30, 2020, the Company has withdrawn $1,520,886 of interest earned from the Trust Account in order to pay its taxes, of which $450,865 was withdrawn during the nine months ended September 30, 2020.

Common stock subject to possible redemption

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s condensed consolidated balance sheets.

Income taxes

Income Taxes

The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2020 and December 31, 2019, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The effective tax rate differs from the statutory tax rate of 21% for the three and nine months ended September 30, 2020 the non-deductibility of meal expenses, which are treated as permanent differences. The effective tax rate differs from the statutory tax rate of 21% for the three and nine months ended September 30, 2019 mainly due to true-up adjustments from the prior year tax returns.

The Company may be subject to potential examination by federal or state taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws.

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security "CARES" Act into law. The CARES Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses ("NOL) and allow businesses to carry back NOLs arising in 2018, 2019 and 2020 to the five prior years, suspend the excess business loss rules, accelerate refunds of previously generated corporate alternative minimum tax credits, generally loosen the business interest limitation under IRC section 163(j) from 30 percent to 50 percent among other technical corrections included in the Tax Cuts and Jobs Act tax provisions. The Company does not believe that the CARES Act will have a significant impact on Company's financial position or statement of operations.

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

Net income (loss) per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Shares of common stock subject to possible redemption at September 30, 2020 and 2019, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic loss per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of (1) warrants sold in the Initial Public Offering and private placement to purchase 21,275,000 shares of common stock and (2) 1,750,000 shares of common stock and warrants to purchase 1,750,000 shares of common stock in the unit purchase option sold to the underwriters and their designees, in the calculation of diluted loss per share, since the exercise of the warrants and the exercise of the unit purchase option is contingent upon the occurrence of future events. As a result, diluted loss per common share is the same as basic loss per common share for the periods.

Reconciliation of net income (loss) per common share

Reconciliation of Net Income (Loss) Per Common Share

The Company’s net (loss) income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net (loss) income	$	(362,526	)	$	723,357		$	(618,464	)	$	2,345,649
Less: Income attributable to shares subject to possible redemption		—			(873,692	)		(282,699	)		(2,854,730	)
Adjusted net loss	$	(362,526	)	$	(150,335	)	$	(901,163	)	$	(509,081	)

Weighted average common shares outstanding, basic and diluted		7,292,117			7,113,052			7,216,093			7,089,297

Basic and diluted net loss per common share	$	(0.05	)	$	(0.02	)	$	(0.12	)	$	(0.07	)

Concentration of credit risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair value of financial instruments

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature.

Recently issued accounting standards

Recently Issued Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements.

Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted loss per common share - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Schedule of basic and diluted loss per common share [Abstract]

Net (loss) income

$ (362,526)

$ 723,357

$ (618,464)

$ 2,345,649

Less: Income attributable to shares subject to possible redemption

(873,692)

(282,699)

(2,854,730)

Adjusted net loss

$ (362,526)

$ (150,335)

$ (901,163)

$ (509,081)

Weighted average common shares outstanding, basic and diluted (in Shares)

^[1]

7,292,117

7,113,052

7,216,093

7,089,297

Basic and diluted net loss per common share (in Dollars per share)

^[2]

$ (0.05)

$ (0.02)

$ (0.12)

$ (0.07)

[1]	Excludes an aggregate of 4,513,961 and 19,167,779 shares subject to redemption at September 30, 2020 and 2019, respectively.
[2]	Net loss per share – basic and diluted excludes income attributable to common stock subject to possible redemption of $0 and $873,692 for the three months ended September 30, 2020 and 2019 and $282,699 and $2,854,730 for the nine months ended September 30, 2020 and 2019, respectively.

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Income Statement [Abstract]

Operating costs

$ 532,732

$ 244,001

$ 1,129,649

$ 783,698

Loss from operations

(532,732)

(244,001)

(1,129,649)

(783,698)

Other income:

Interest income

6,267

338,503

347,246

2,818,877

Unrealized gain on marketable securities held in Trust Account

800,740

951,245

Other income

6,267

1,139,243

347,246

3,770,122

(Loss) income before income taxes

(526,465)

895,242

(782,403)

2,986,424

Benefit from (provision for) income taxes

163,939

(171,885)

163,939

(640,775)

Net (loss) income

$ (362,526)

$ 723,357

$ (618,464)

$ 2,345,649

Weighted average shares outstanding, basic and diluted (in Shares)

^[1]

7,292,117

7,113,052

7,216,093

7,089,297

Basic and diluted net loss per common share (in Dollars per share)

^[2]

$ (0.05)

$ (0.02)

$ (0.12)

$ (0.07)

[1]	Excludes an aggregate of 4,513,961 and 19,167,779 shares subject to redemption at September 30, 2020 and 2019, respectively.
[2]	Net loss per share – basic and diluted excludes income attributable to common stock subject to possible redemption of $0 and $873,692 for the three months ended September 30, 2020 and 2019 and $282,699 and $2,854,730 for the nine months ended September 30, 2020 and 2019, respectively.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

Common Stock Subject to Possible Redemption

Income Taxes

Net Income (Loss) Per Common Share

Reconciliation of Net Income (Loss) Per Common Share

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net (loss) income	$	(362,526	)	$	723,357		$	(618,464	)	$	2,345,649
Less: Income attributable to shares subject to possible redemption		—			(873,692	)		(282,699	)		(2,854,730	)
Adjusted net loss	$	(362,526	)	$	(150,335	)	$	(901,163	)	$	(509,081	)

Weighted average common shares outstanding, basic and diluted		7,292,117			7,113,052			7,216,093			7,089,297

Basic and diluted net loss per common share	$	(0.05	)	$	(0.02	)	$	(0.12	)	$	(0.07	)

Concentration of Credit Risk

Fair Value of Financial Instruments

Recently Issued Accounting Standards

Stockholders' Equity (Details) - USD ($)		9 Months Ended
Stockholders' Equity (Details) - USD ($)	Jun. 01, 2018	Sep. 30, 2020	Dec. 31, 2019	May 29, 2018
Stockholders' Equity (Details) [Line Items]
Preferred stock, authorized		1,000,000	1,000,000
Preferred stock, par value (in Dollars per share)		$ 0.001	$ 0.001
Common stock, authorized		100,000,000	100,000,000
Common stock, par value (in Dollars per share)		$ 0.001	$ 0.001
Common stock, shares issued (in Dollars)		$ 7,453,759
Common stock, issued		7,438,735	7,148,526
Common stock subject to possible redemption		4,153,961	6,076,290
Description of warrant redemption		The Company may redeem the Public Warrants: ●in whole and not in part; ●at a price of $0.01 per warrant; ●upon a minimum of 30 days’ prior written notice of redemption; ●if, and only if, the last sale price of the Company’s common stock equals or exceeds $16.00 per share for any 20 trading days within a 30-trading day period ending on a the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and ●If, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.
Warrant [Member]
Stockholders' Equity (Details) [Line Items]
Number of unit issued in transaction		1,750,000
Unit price (in Dollars per share)		$ 11.50
Description of option	The option and the 1,750,000 Units, as well as the 1,750,000 shares of common stock and 1,750,000 warrants, and 1,750,000 shares of common stock underlying such warrants, that may be issued upon exercise of the option, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA’s NASD Conduct Rules.
Underwriters [Member]
Stockholders' Equity (Details) [Line Items]
Preferred stock, authorized				1,000,000
Preferred stock, par value (in Dollars per share)				$ 0.001
Common stock, authorized				100,000,000
Common stock, par value (in Dollars per share)				$ 0.001
Transaction amount (in Dollars)	$ 100
Number of unit issued in transaction	1,750,000
Unit price (in Dollars per share)	$ 12.00
Warrant exercise price (in Dollars)	$ 21,000,000
Description of option	The option represents the right to purchase 1,750,000 shares of common stock and 1,750,000 warrants to purchase 1,750,000 shares of common stock.
Cash payment (in Dollars)	$ 100	$ 5,031,250
Estimated fair value of option (in Dollars)	$ 5,048,518
Fair value per unit (in Dollars per share)	$ 2.88
Expected volatility rate	35.00%
Risk free interest rate	2.74%
Expected term	5 years
Piggyback rights, description	The option grants to holders demand and “piggyback” rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option.

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2018	$ 7,071	$ 3,591,212	$ 1,401,725	$ 5,000,008
Balance (in Shares) at Dec. 31, 2018	7,070,627
Change in value of common stock subject to possible redemption	$ 13	(794,833)		(794,820)
Change in value of common stock subject to possible redemption (in Shares)	13,119
Net income (loss)			794,815	794,815
Balance at Mar. 31, 2019	$ 7,084	2,796,379	2,196,540	5,000,003
Balance (in Shares) at Mar. 31, 2019	7,083,746
Balance at Dec. 31, 2018	$ 7,071	3,591,212	1,401,725	5,000,008
Balance (in Shares) at Dec. 31, 2018	7,070,627
Net income (loss)				2,345,649
Balance at Sep. 30, 2019	$ 7,138	1,245,493	3,747,374	5,000,005
Balance (in Shares) at Sep. 30, 2019	7,138,471
Balance at Mar. 31, 2019	$ 7,084	2,796,379	2,196,540	5,000,003
Balance (in Shares) at Mar. 31, 2019	7,083,746
Change in value of common stock subject to possible redemption	$ 29	(827,505)		(827,476)
Change in value of common stock subject to possible redemption (in Shares)	29,306
Net income (loss)			827,477	827,477
Balance at Jun. 30, 2019	$ 7,113	1,968,874	3,024,017	5,000,004
Balance (in Shares) at Jun. 30, 2019	7,113,052
Change in value of common stock subject to possible redemption	$ 25	(723,381)		(723,356)
Change in value of common stock subject to possible redemption (in Shares)	25,419
Net income (loss)			723,357	723,357
Balance at Sep. 30, 2019	$ 7,138	1,245,493	3,747,374	5,000,005
Balance (in Shares) at Sep. 30, 2019	7,138,471
Balance at Dec. 31, 2019	$ 7,149	1,058,028	3,934,831	5,000,008
Balance (in Shares) at Dec. 31, 2019	7,148,526
Change in value of common stock subject to possible redemption	$ 58	243		301
Change in value of common stock subject to possible redemption (in Shares)	58,275
Net income (loss)			(305)	(305)
Balance at Mar. 31, 2020	$ 7,207	1,058,271	3,934,526	5,000,004
Balance (in Shares) at Mar. 31, 2020	7,206,801
Balance at Dec. 31, 2019	$ 7,149	1,058,028	3,934,831	5,000,008
Balance (in Shares) at Dec. 31, 2019	7,148,526
Net income (loss)				(618,464)
Balance at Sep. 30, 2020	$ 7,439	1,676,203	3,316,367	5,000,009
Balance (in Shares) at Sep. 30, 2020	7,438,735
Balance at Mar. 31, 2020	$ 7,207	1,058,271	3,934,526	5,000,004
Balance (in Shares) at Mar. 31, 2020	7,206,801
Change in value of common stock subject to possible redemption	$ 85	255,554		255,639
Change in value of common stock subject to possible redemption (in Shares)	85,316
Net income (loss)			(255,633)	(255,633)
Balance at Jun. 30, 2020	$ 7,292	1,313,825	3,678,893	5,000,010
Balance (in Shares) at Jun. 30, 2020	7,292,117
Change in value of common stock subject to possible redemption	$ 147	362,378		362,525
Change in value of common stock subject to possible redemption (in Shares)	146,619
Net income (loss)			(362,526)	(362,526)
Balance at Sep. 30, 2020	$ 7,439	$ 1,676,203	$ 3,316,367	$ 5,000,009
Balance (in Shares) at Sep. 30, 2020	7,438,735

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Related Party Transactions

9 Months Ended

Sep. 30, 2020

RELATED PARTY TRANSACTIONS

NOTE 5. RELATED PARTY TRANSACTIONS

Insider Shares

In March 2016, the Company issued 3,737,500 shares of common stock to the initial stockholders (the “insider shares”) for an aggregate purchase price of $25,000. In February 2018, the Company sold an additional 1,293,750 insider shares for an aggregate purchase price of $8,654, resulting in a total of 5,031,250 insider shares issued and outstanding. The 5,031,250 insider shares included an aggregate of up to 656,250 shares subject to forfeiture by the initial stockholders to the extent that the underwriter’s over-allotment was not exercised in full or in part, so that the initial stockholders would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering, excluding shares in the Private Units (assuming the initial stockholders did not purchase any Public Shares in the Initial Public Offering). On June 5, 2018, as a result of the underwriters’ election to exercise their over-allotment option in full, 656,250 insider shares are no longer subject to forfeiture.

The initial stockholders have agreed not to transfer, assign or sell any of the insider shares (except to certain permitted transferees) with respect to 50% of the insider shares, until the earlier of (i) six months after the date of the consummation of a Business Combination and on the date on which the closing price of the Company’s common stock equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period following the consummation of a Business Combination and, with respect to the remaining 50% of the insider shares, six months after the date of the consummation of a Business Combination, or if, (ii) subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their common stock for cash, securities or other property (the “Lock-Up Period”).

Promissory Notes — Related Parties

In March 2016, VK Consulting, Inc. loaned the Company $425,000 to be used for the payment of costs related to the Initial Public Offering. On February 15, 2018, the terms of the promissory note with VK Consulting were amended such that the loan is now payable upon the consummation of a Business Combination. The loan was repaid in December 2019.

On December 17, 2019, Viktoria Group, LLC loaned the Company $180,000 under a promissory note to fund its working capital requirements and finance transaction expenses in connection with a Business Combination. The promissory note was non-interest bearing and payable on December 2, 2020. The loan was repaid on June 18, 2020.

On January 30, 2020, VK Consulting, Inc. loaned the Company $425,000 under a promissory note to fund its working capital requirements and finance transaction expenses in connection with a Business Combination. The promissory note is non-interest bearing and payable on December 2, 2020.

On February 7, 2020 and May 15, 2020, BGV Group Limited loaned the Company an aggregate of $2,300,000 under promissory notes to fund its working capital requirements and finance transaction expenses in connection with a Business Combination. The promissory notes are non-interest bearing and payable on December 2, 2020.

If the Company does not complete a Business Combination, any outstanding loans from the Company’s insiders, officers and directors or their affiliates will be repaid only from amounts remaining outside of the Company’s Trust Account, if any.

As of September 30, 2020, there was $3,825,000 outstanding under the promissory notes.

Administrative Services Agreement

The Company entered into an agreement whereby, commencing on May 30, 2018 through the earlier of the Company’s consummation of a Business Combination and its liquidation, the Company will pay VK Consulting a monthly fee of $7,500 for office space and secretarial and administrative services. For each of the three months ended September 30, 2020 and 2019, the Company incurred and paid $22,500 in fees for these services. For each of the nine months ended September 30, 2020 and 2019, the Company incurred and paid $67,500 in fees for these services.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, certain of the Company’s initial stockholders, officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds held in the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Up to $200,000 of Working Capital Loans may be convertible into Private Units of the post Business Combination entity at a price of $10.00 per unit at the option of the lender. Such Units would be identical to the Private Units.

Summary of Significant Accounting Policies (Details) - USD ($)		1 Months Ended		3 Months Ended	9 Months Ended
	Jun. 01, 2018	Sep. 30, 2020	Mar. 27, 2020	Sep. 30, 2019	Sep. 30, 2020
Summary of Significant Accounting Policies (Details) [Line Items]
Withdrew of interest earned on trust account (in Dollars)		$ 1,520,886			$ 450,865
Effective tax rate differs from the statutory tax rate				21.00%	21.00%
Federal depository insurance coverage (in Dollars)					$ 250,000
Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Tax cuts and jobs act tax provisions			30.00%
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Tax cuts and jobs act tax provisions			50.00%
Underwriters [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Number of units issued in transaction (in Shares)	1,750,000
Private Placement [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Number of units issued in transaction (in Shares)	1,150,000				1,150,000
Common Stock [Member] \| Underwriters [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Number of units issued in transaction (in Shares)					1,750,000
Common Stock [Member] \| Private Placement [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Number of units issued in transaction (in Shares)					21,275,000
Warrant [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Number of units issued in transaction (in Shares)					1,750,000

Commitments (Details) - Underwriters [Member] - USD ($)		9 Months Ended
Commitments (Details) - Underwriters [Member] - USD ($)	Jun. 01, 2018	Sep. 30, 2020
Commitments (Details) [Line Items]
Deferred fee		2.50%
Gross proceeds from offering	$ 100	$ 5,031,250
Description of warrant solicitation fee		The Company has agreed to pay the underwriter a warrant solicitation fee of five percent (5%) of the exercise price of each Public Warrant exercised during the period commencing twelve months after the effective date of the Initial Public Offering, including warrants acquired by security holders in the open market, but excluding warrants exercised during the 30 day period following notice of a proposed redemption.

Fair Value Measurements (Details) - Schedule of fair value on a recurring basis - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements (Details) - Schedule of fair value on a recurring basis [Line Items]
Marketable securities held in Trust Account	$ 63,154,834	$ 74,376,617

Private Placement (Details) - USD ($)		9 Months Ended
Private Placement (Details) - USD ($)	Jun. 01, 2018	Sep. 30, 2020
Private Placement [Member]
Private Placement (Details) [Line Items]
Number of units issued in transaction (in Shares)	1,150,000	1,150,000
Unit price		$ 10.00
Gross proceeds from issuance offering (in Dollars)	$ 11,500,000	$ 11,500,000
Warrant [Member]
Private Placement (Details) [Line Items]
Number of units issued in transaction (in Shares)		1,750,000
Unit price		$ 11.50

Initial Public Offering (Details) - $ / shares			9 Months Ended
Initial Public Offering (Details) - $ / shares	Jun. 05, 2018	Jun. 01, 2018	Sep. 30, 2020
Initial Public Offering (Details) [Line Items]
Description of initial public offering			Each Unit consists of one share of common stock and one warrant (“Public Warrant”).
Underwriters [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction		1,750,000
Unit price		$ 12.00
Initial Public Offering [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction		17,500,000	20,125,000
Unit price			$ 10.00
Over-Allotment Option [Member] \| Underwriters [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction	2,625,000		2,625,000
Warrant [Member]
Initial Public Offering (Details) [Line Items]
Number of units issued in transaction			1,750,000
Unit price			$ 11.50