2020 Q4 Form 10-K Financial Statement
#000121390021019193 Filed on March 31, 2021
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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NetCashProvidedByUsedInFinancingActivities
|
130595589 | USD | |
CY2020 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-191030 | USD |
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
362570 | USD | |
CY2019Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
362570 | USD |
CY2019Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
USD | |
CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
171540 | USD |
CY2019Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
USD | |
CY2020 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
47779 | USD |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
USD | ||
CY2020 | MCMJ |
Initial Classification Of Common Stock Subject To Possible Redemption
InitialClassificationOfCommonStockSubjectToPossibleRedemption
|
USD | |
MCMJ |
Initial Classification Of Common Stock Subject To Possible Redemption
InitialClassificationOfCommonStockSubjectToPossibleRedemption
|
125578180 | USD | |
CY2020 | MCMJ |
Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
|
101067 | USD |
MCMJ |
Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
|
102123 | USD | |
CY2020 | MCMJ |
Issuance Of Representative Shares
IssuanceOfRepresentativeShares
|
USD | |
MCMJ |
Issuance Of Representative Shares
IssuanceOfRepresentativeShares
|
910 | USD | |
CY2020 | MCMJ |
Offering Cost Paid Directly By Stockholder In Consideration For Issuance Of Common Stock
OfferingCostPaidDirectlyByStockholderInConsiderationForIssuanceOfCommonStock
|
USD | |
MCMJ |
Offering Cost Paid Directly By Stockholder In Consideration For Issuance Of Common Stock
OfferingCostPaidDirectlyByStockholderInConsiderationForIssuanceOfCommonStock
|
25000 | USD | |
CY2020 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<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 |