2020 Q4 Form 10-K Financial Statement

#000121390021019193 Filed on March 31, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $148.3K $170.0K
YoY Change -12.75%
Operating Profit
YoY Change
Interest Expense $34.42K $300.0K
YoY Change -88.53%
% of Operating Profit
Other Income/Expense, Net -$1.975M
YoY Change
Pretax Income -$2.089M $130.0K
YoY Change -1706.97%
Income Tax -$23.92K $30.00K
% Of Pretax Income 23.08%
Net Earnings -$2.065M $100.0K -$339.00
YoY Change -2165.14%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$125.8K $0.12
COMMON SHARES
Basic Shares Outstanding 16.37M shares 16.57M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.9M $130.7M
YoY Change 0.14%
Cash & Equivalents $171.5K $362.6K
Short-Term Investments $130.7M $130.3M
Other Short-Term Assets $99.74K $200.0K
YoY Change -50.13%
Inventory
Prepaid Expenses $99.74K $176.9K
Receivables
Other Receivables
Total Short-Term Assets $271.3K $539.4K
YoY Change -49.71%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $130.7M $130.3M
YoY Change 0.29%
Other Assets
YoY Change
Total Long-Term Assets $130.7M $130.3M
YoY Change 0.28%
TOTAL ASSETS
Total Short-Term Assets $271.3K $539.4K
Total Long-Term Assets $130.7M $130.3M
Total Assets $131.0M $130.9M
YoY Change 0.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K
YoY Change
Accrued Expenses $100.0K
YoY Change
Deferred Revenue $1.585M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $170.5K $170.6K
YoY Change -0.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.950M
YoY Change
Total Long-Term Liabilities $3.950M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $170.5K $170.6K
Total Long-Term Liabilities $3.950M $0.00
Total Liabilities $4.121M $170.7K
YoY Change 2314.75%
SHAREHOLDERS EQUITY
Retained Earnings -$3.714M $101.5K
YoY Change -3759.26%
Common Stock $337.00 $382.00
YoY Change -11.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.069M -$1.492M
YoY Change
Total Liabilities & Shareholders Equity $131.0M $130.9M
YoY Change 0.08%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.065M $100.0K -$339.00
YoY Change -2165.14%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$71.35K -$220.0K
YoY Change -67.57%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$130.0M
YoY Change -100.0%
Cash From Investing Activities $0.00 -$130.0M
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 130.6M
YoY Change
NET CHANGE
Cash From Operating Activities -71.35K -220.0K
Cash From Investing Activities 0.000 -130.0M
Cash From Financing Activities 130.6M
Net Change In Cash -71.35K 350.0K
YoY Change -120.39%
FREE CASH FLOW
Cash From Operating Activities -$71.35K -$220.0K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight:bold;">NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Merida Merger Corp. I (the “Company”) was incorporated in Delaware on June 20, 2019. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"/></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus its search on companies in the cannabis industry. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">As of December 31, 2020, the Company had not commenced any operations. All activity through December 31, 2020 relates to the Company’s formation, the IPO (“IPO”), which is described below, and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the IPO.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The registration statements for the Company’s IPO were declared effective on November 4, 2019. On November 7, 2019, the Company consummated the IPO of 12,000,000 units (the “Units” and, with respect to the shares of common stock included in the Units sold, the “Public Shares”), generating gross proceeds of $120,000,000, which is described in Note 3.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Simultaneously with the closing of the IPO, the Company consummated the sale of 3,750,000 warrants (the “Private Warrants”) at a price of $1.00 per Private Warrant in a private placement to Merida Holdings, LLC and EarlyBirdCapital, Inc. (“EarlyBirdCapital”), generating gross proceeds of $3,750,000, which is described in Note 4.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Following the closing of the IPO on November 7, 2019, an amount of $120,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Warrants was placed in a trust account (the “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 185 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 completion of a Business Combination or (ii) the distribution of the Trust Account to the Company’s stockholders, as described below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">On November 12, 2019, the underwriters notified the Company of their intention to partially exercise their over-allotment option on November 13, 2019. As such, on November 13, 2019 the Company consummated the sale of an additional 1,001,552 Units, at $10.00 per Unit, and the sale of an additional 200,311 Private Warrants, at $1.00 per Private Warrant, generating total gross proceeds of $10,215,831. A total of $10,015,520 of the net proceeds was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $130,015,520.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Transaction costs amounted to $3,412,939 consisting of $2,600,311 of underwriting fees and $812,628 of other offering costs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination. The Company will only complete a Business Combination if the post-transaction 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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination in connection with a stockholder meeting called to approve the Business Combination. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per Public 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 and up to $250,000 per 12-month period for working capital needs). There will be no redemption 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 a majority of the shares voted are voted in favor of the Business Combination. The Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules. The Company’s Sponsor and EarlyBirdCapital have agreed to vote their Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination and not to convert any shares in connection with a stockholder vote to approve 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 or don’t vote at all.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Sponsor has agreed (a) to waive its redemption rights with respect to the Founder Shares and any Public Shares held by it in connection with the completion of a Business Combination, (b) to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to consummate a Business Combination, and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect a public stockholders’ ability to convert their shares in connection with a Business Combination or 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 Public Shares in conjunction with any such amendment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Company will have until November 7, 2021 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 ten business days thereafter, redeem 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 funds held in the Trust Account and not previously released to the Company, 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 liquidating distributions, if any), subject to applicable law, 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 each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">In order to protect the amounts held in the Trust Account, Merida Manager III LLC, the general partner of the Sponsor, has agreed to be liable to the Company if and to the extent any claims by a third party 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 to below $10.00 per Public Share, except as to any claims by a third party who executed a valid and enforceable agreement with the Company waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of IPO 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, Merida Manager III LLC will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that Merida Manager III LLC will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), 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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight:bold;"><i>Risks and Uncertainties</i></span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or closing of 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.</span></p>
CY2020 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3412939 USD
CY2020Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
812628 USD
CY2020 MCMJ Aggregate Fair Market Value Percentage
AggregateFairMarketValuePercentage
0.80 pure
CY2020 MCMJ Business Combination Owns Or Acquires Percentage
BusinessCombinationOwnsOrAcquiresPercentage
0.50 pure
CY2020 MCMJ Withdrawal Amount Of Working Capital Purposes On Annual Basis
WithdrawalAmountOfWorkingCapitalPurposesOnAnnualBasis
250000 USD
CY2020 MCMJ Public Share Percentage
PublicSharePercentage
1 pure
CY2020 MCMJ Business Combination Period
BusinessCombinationPeriod
2021-11-07
CY2020Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2020Q4 MCMJ Minimum Amount Of Net Tangible Assets To Complete Business Combination
MinimumAmountOfNetTangibleAssetsToCompleteBusinessCombination
5000001 USD
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight:bold;"><i>Use of Estimates</i></span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The preparation of the financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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.</span></p>
CY2020 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
419894 USD
MCMJ Net Income Allocable To Common Stock Subject To Possible Redemption
NetIncomeAllocableToCommonStockSubjectToPossibleRedemption
-175485 USD
CY2020 MCMJ Nonredeemable Net Loss
NonredeemableNetLoss
-474339 USD
us-gaap Net Income Loss
NetIncomeLoss
101502 USD
CY2020 MCMJ Net Income Allocable To Common Stock Subject To Possible Redemption
NetIncomeAllocableToCommonStockSubjectToPossibleRedemption
-575415 USD
MCMJ Nonredeemable Net Loss
NonredeemableNetLoss
-73983 USD
CY2020Q4 MCMJ Class Of Warrant To Purchase Shares Of Common Stock
ClassOfWarrantToPurchaseSharesOfCommonStock
10451087 shares
CY2020 us-gaap Interest And Dividend Income Securities Other
InterestAndDividendIncomeSecuritiesOther
758612 USD
us-gaap Interest And Dividend Income Securities Other
InterestAndDividendIncomeSecuritiesOther
285524 USD
CY2020 MCMJ Unrealized Gain Loss On Marketable Securities Held In Trust Account
UnrealizedGainLossOnMarketableSecuritiesHeldInTrustAccount
1981 USD
MCMJ Unrealized Gain Loss On Marketable Securities Held In Trust Account
UnrealizedGainLossOnMarketableSecuritiesHeldInTrustAccount
219 USD
CY2020 MCMJ Less Interest Available To Be Withdrawn For Payment Of Taxes
LessInterestAvailableToBeWithdrawnForPaymentOfTaxes
-185178 USD
MCMJ Less Interest Available To Be Withdrawn For Payment Of Taxes
LessInterestAvailableToBeWithdrawnForPaymentOfTaxes
-110258 USD
CY2020 MCMJ Less Interest Available To Be Withdrawn For Working Capital
LessInterestAvailableToBeWithdrawnForWorkingCapital
USD
CY2020 MCMJ Net Income Attributable
NetIncomeAttributable
575415 USD
MCMJ Net Income Attributable
NetIncomeAttributable
175485 USD
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12547286 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12446534 shares
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.05
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.01
CY2020 us-gaap Net Income Loss
NetIncomeLoss
101076 USD
CY2020 MCMJ Basic And Diluted Weighted Average Shares Outstanding Nonredeemable Common Stock
BasicAndDilutedWeightedAverageSharesOutstandingNonredeemableCommonStock
3824645 shares
MCMJ Basic And Diluted Weighted Average Shares Outstanding Nonredeemable Common Stock
BasicAndDilutedWeightedAverageSharesOutstandingNonredeemableCommonStock
3305465 shares
CY2020 MCMJ Basic And Diluted Net Loss Per Share Nonredeemable Common Stock
BasicAndDilutedNetLossPerShareNonredeemableCommonStock
-0.12
MCMJ Basic And Diluted Net Loss Per Share Nonredeemable Common Stock
BasicAndDilutedNetLossPerShareNonredeemableCommonStock
-0.02
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight:bold;"><i>Concentration of Credit Risk</i></span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Financial instruments that potentially subject the Company to concentrations 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.</span></p>
CY2020Q4 MCMJ Federal Depository Insurance Coverage
FederalDepositoryInsuranceCoverage
250000 USD
CY2019Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
2875000 shares
CY2019Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
25000 USD
CY2019Q4 MCMJ Stock Dividend Description
StockDividendDescription
the Company effected a stock dividend of 0.2 shares for each share outstanding,
CY2020 us-gaap Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until, with respect to 50% of the Founder Shares, the earlier of one year after the consummation of a Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Founder Shares, until the one year after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.
CY2019Q4 MCMJ Office Space Utilities And Secretarial And Administrative Support
OfficeSpaceUtilitiesAndSecretarialAndAdministrativeSupport
5000 USD
CY2020 us-gaap Professional Fees
ProfessionalFees
50000 USD
us-gaap Professional Fees
ProfessionalFees
20000 USD
CY2020Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
5000 USD
CY2019Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
20000 USD
CY2020 us-gaap Costs And Expenses
CostsAndExpenses
162500 USD
CY2019Q4 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
162500 USD
CY2020 MCMJ Cover Expenses
CoverExpenses
41458 USD
CY2019Q4 MCMJ Outstanding Promissory Notes
OutstandingPromissoryNotes
16458 USD
CY2020Q4 MCMJ Outstanding Promissory Notes
OutstandingPromissoryNotes
16458 USD
CY2019Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
100569 USD
CY2020 us-gaap Debt Instrument Description
DebtInstrumentDescription
The Promissory Note was non-interest bearing and payable on the earlier of (i) September 30, 2020, (ii) the consummation of the IPO or (iii) the date on which the Company determined not to proceed with the IPO. As of December 31, 2019, the Company repaid $100,230 of amounts owed under the Promissory Note and $339 remained outstanding under the Promissory Note at December 31, 2020 and 2019
CY2020Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1500000 USD
CY2020Q4 us-gaap Business Acquisition Share Price
BusinessAcquisitionSharePrice
1.00
CY2020Q4 MCMJ Gross Proceeds Percentage
GrossProceedsPercentage
0.035 pure
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3821463 shares
CY2020Q4 MCMJ Common Stock Subject To Possible Redemption Share
CommonStockSubjectToPossibleRedemptionShare
12527125 shares
CY2019Q4 MCMJ Common Stock Subject To Possible Redemption Share
CommonStockSubjectToPossibleRedemptionShare
12550477 shares
CY2020 us-gaap Class Of Warrant Or Right Expense Or Revenue Recognized
ClassOfWarrantOrRightExpenseOrRevenueRecognized
Once the warrants become exercisable, the Company may redeem the Public Warrants:    ● in whole and not in part;         ● at a price of $0.01 per warrant;         ● upon not less than 30 days’ prior written notice of redemption;         ● if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period commencing after the warrants become exercisable and ending on the third business day prior to 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 the warrants.
CY2020Q4 MCMJ Busniess Combination Issued Price
BusniessCombinationIssuedPrice
9.20
CY2020 MCMJ Aggregate Gross Proceeds Percentage
AggregateGrossProceedsPercentage
0.60 pure
CY2020Q4 MCMJ Market Value Per Share
MarketValuePerShare
9.20
CY2020 MCMJ Market Value Percentage
MarketValuePercentage
1.15 pure
CY2020Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
432 USD
CY2019Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
48 USD
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
432 USD
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
48 USD
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
USD
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
USD
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
432 USD
CY2019Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
48 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
26728 USD
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
26934 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
384 USD
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
48 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
USD
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
USD
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
USD
CY2020 MCMJ Change In Valuation Allowance
ChangeInValuationAllowance
USD
MCMJ Change In Valuation Allowance
ChangeInValuationAllowance
USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
27112 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26982 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000 pure
CY2020 MCMJ Meals And Entertainment
MealsAndEntertainment
0.001 pure
MCMJ Meals And Entertainment
MealsAndEntertainment
0.000 pure
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.211 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.210 pure

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