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Financial report summary
?Management Discussion
- Our entire activity through March 15, 2018, consisted of formation and preparation for the Public Offering. Since the Public Offering, our activity has been limited to the evaluation of business combination candidates, including International General Insurance Holdings Ltd., and we have not and will not be generating any operating revenues until the closing of our initial business combination. We generate non-operating income in the form of interest on marketable securities held in the trust account. We are incurring expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence and transaction expenses.
- For the year ended December 31, 2019, we had net income of $1,937,205, which consists of operating costs of $1,361,167 and a provision for income taxes of $651,500, offset by interest income of $3,854,255, and an unrealized gain on marketable securities held in our Trust Account of $95,617.
- For the year ended December 31, 2018, we had net income of $1,581,542, which consists of operating costs of $668,087 and a provision for income taxes of $420,000, offset by interest income of $2,687,003, and an unrealized loss on marketable securities held in our Trust Account of $17,374.