Glory Star(GSMG) - 2019 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2019, the company reported a net income of $552,308, with interest income of$1,365,513 and operating costs of $690,455[88]. - For the nine months ended September 30, 2019, the company had a net income of$2,966,101, driven by interest income of $4,423,040 and operating costs of$1,434,041[89]. Cash and Securities - As of September 30, 2019, the company held marketable securities in the Trust Account amounting to $256,286,247[95]. - Cash used in operating activities for the nine months ended September 30, 2019, was$1,209,724, influenced by interest earned on marketable securities[93]. Capital Structure - The company generated gross proceeds of $250 million from its Initial Public Offering, with an additional$6.5 million from the sale of Private Placement Warrants[91]. - The company has a working capital deficit of $80,945 as of September 30, 2019[101]. - An unsecured promissory note of up to$1,100,000 was issued to the Sponsor for working capital loans, with $850,000 outstanding as of September 30, 2019[100]. - The company does not have any long-term debt or off-balance sheet financing arrangements as of September 30, 2019[102]. Strategic Intent - The company intends to utilize funds in the Trust Account primarily for acquiring target businesses and covering related expenses[97]. - The company entered into a Share Exchange Agreement with Glory Star, issuing Exchange Shares valued at$425 million[82].