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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
2 — Significant Accounting Policies</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Basis
of presentation</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange
Commission (“SEC”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include
all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal
accruals) considered for a fair presentation have been included. The Company has evaluated subsequent events through the issuance
of this Form 10-Q. Operating results for the quarter ended June 30, 2018 are not necessarily indicative of the results that may
be expected for the year ended December 31, 2018 or any future interim period. The accompanying unaudited condensed financial
statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s
Form 10-K filed with the Securities and Exchange Commission on March 27, 2018.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Emerging
Growth Company</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">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 financial statement
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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Cash
and Cash Equivalents</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Marketable
securities held in Trust Account</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
amounts held in the Trust Account represent substantially all of the remaining proceeds of the Initial Public Offering, in addition
to aggregate proceeds of $398,258 received to date to extend the time to complete an initial business combination, and are classified
as restricted assets since such amounts can only be used by the Company in connection with the consummation of a Business Combination.
Except with respect to interest earned on the funds held in the Trust Account that may be released to pay income or other tax
obligations, the proceeds will not be released from the Trust Account until the earlier of the completion of a Business Combination
or the redemption of 100% of the outstanding public shares if the company has completed a Business Combination in the required
time period. As of June 30, 2018, marketable securities held in the Trust Account consisted of $51,904,674 in United States Treasury
Bills with an original maturity of six months or less. During the six months ended June 30, 2018, the Company withdrew interest
income totaling $5,260 to be utilized for payment of tax obligations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Fair
value of financial instruments</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “<i>Fair Value Measurements and Disclosures</i>,”
approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Use
of Estimates</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
preparation of 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 financial
statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those
estimates. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Concentration
of credit risk</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">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.  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Net
Loss Per Common Share</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company complies with accounting and disclosure requirements ASC Topic 260, “<i>Earnings Per Share</i>.” Net income
(loss) per common share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number
of common shares outstanding during the period, plus, to the extent dilutive, the incremental number of shares of common stock
to settle warrants, as calculated using the treasury stock method. An aggregate of 4,239,522 and 4,714,289 shares of common stock
subject to possible conversion at June 30, 2018 and 2017, respectively, have been excluded from the calculation of basic loss
per ordinary share since such shares, if redeemed, only participate in their pro rata share of the trust earnings.  At June
30, 2018 and 2017, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised
or converted into common stock and then share in the earnings of the Company under the treasury stock method. As a result, diluted
loss per common share is the same as basic loss per common share for the period.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Reconciliation
of net loss per common share </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company’s net loss is adjusted for the portion of income that is attributable to common stock subject to conversion, as
these shares only participate in the income of the Trust Account and not the losses of the Company. Accordingly, basic and diluted
loss per common share is calculated as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three
Months Ended<br />June 30, 2018</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three
Months Ended<br />June 30, 2017</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(162,535</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(75,024</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Less:
Income attributable to common shares subject to conversion</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(188,026</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,610</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Adjusted
net loss</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(350,561</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(99,634</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average
shares outstanding, basic and diluted</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,392,650</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,327,728</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic
and diluted net loss per common share</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.15</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.04</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six
Months Ended<br />June 30, 2018</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six
Months Ended<br />June 30, 2017</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(309,285</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(263,869</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Less:
Income attributable to common shares subject to conversion</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(337,950</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(102,325</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Adjusted
net loss</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(647,235</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(366,194</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average
shares outstanding, basic and diluted</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,352,922</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,319,266</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic
and diluted net loss per common share</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.28</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.16</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Common
stock subject to possible conversion</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company accounts for its common stock subject to possible conversion in accordance with the guidance enumerated in ASC 480 “<i>Distinguishing
Liabilities from Equity</i>”.   Common stock subject to mandatory conversion is classified as a liability
instrument and is measured at fair value. Conditionally convertible common stock (including common shares that feature conversion
rights that are either within the control of the holder or subject to conversion 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 conversion rights that are considered by the Company to be outside of
the Company’s control and subject to the occurrence of uncertain future events. Accordingly, the common stock subject to
possible conversion is presented as temporary equity, outside of the stockholders’ equity section of the Company’s
balance sheet.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Income
Taxes</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company accounts for income taxes under ASC 740 “<i>Income Taxes</i>”. ASC 740 requires the recognition of deferred
tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets
and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally
requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets
will not be realized.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">ASC
740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position
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. ASC 740 also provides guidance on derecognition, classification, interest
and penalties, accounting in interim periods, disclosure and transition. The Company is required to file income tax returns in
the United States (federal) and in various state and local jurisdictions. Based on the Company’s evaluation, it has been
concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements.
Since the Company was incorporated on April 23, 2015, the evaluation was performed for the 2015, 2016 and 2017 tax years. The
Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments
that would result in a material change to its financial position.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of
income tax expense. There were no amounts accrued for penalties or interest as of or during the period from January 1, 2018 through
June 30, 2018. Management is currently unaware of any issues under review that could result in significant payments, accruals
or material deviations from its position.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law. Under ASC 740, the enactment of
the Tax Act also requires companies, to recognize the effects of changes in tax laws and rates on deferred tax assets and liabilities
and the retroactive effects of changes in tax laws in the period in which the new legislation is enacted. There is no further
change to its assertion on maintaining a full valuation allowance against its U.S. deferred tax assets. The Company’s gross
deferred tax assets were revalued from 35% to 21% with a corresponding offset to the valuation allowance. The Company will continue
to analyze the Tax Act to assess the full effects on its financial results, including disclosures, for our fiscal year ending
December 31, 2018.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Related
Parties</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant
to Section 850-10-20, the related parties include: (a.) affiliates of the Company (“Affiliate” means, with respect
to any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act);
(b.) entities for which investments in their equity securities would be required, absent the election of the fair value option
under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing
entity; (c.) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship
of management; (d.) principal owners of the Company; (e.) management of the Company; (f.) other parties with which the Company
may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that
one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g.) other parties that
can significantly influence the management or operating policies of the transacting parties or that have an ownership interest
in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties
might be prevented from fully pursuing its own separate interests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated
in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall
include: (a.) the nature of the relationship(s) involved; (b.) a description of the transactions, including transactions to which
no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other
information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c.) the dollar
amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the
method of establishing the terms from that used in the preceding period; and (d.) amounts due from or to related parties as of
the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent
Accounting Pronouncements</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Management
does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material
effect on the accompanying financial statements.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
3 — Initial Public Offering</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
September 19, 2016, the Company sold 5,000,000 Units at a price of $10.00 per Unit generating gross proceeds of $50,000,000 and
net proceeds of $47,981,581 after deducting $2,018,419 of transaction costs. In addition, the Company granted the Underwriter
the option to purchase an additional 750,000 Units solely to cover over allotments, if any, pursuant to a 45-day over-allotment
option granted to the Underwriter. The underwriters exercised the over-allotment option in part and, on October 14, 2016, the
underwriters purchased 310,109 Over-allotment Option Units, which were sold at an offering price of $10.00 per Unit, generating
gross proceeds of $3,101,090 and net proceeds of $3,008,057 after deducting $93,033 of transaction costs.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Each
Unit consists of one share of common stock of the Company, and one Warrant (“Warrant”). Each Warrant entitles the
holder to purchase one share of common stock at a price of $11.50 per share commencing on the later of 30 days after the Company’s
completion of its initial Business Combination and expiring five years from the completion of the Company’s initial Business
Combination. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days’ notice, only in the event
that the last sale price of the common shares is at least $16.00 per share for any 20 trading days within a 30-trading day period
(“30-Day Trading Period”) ending on the third day prior to the date on which notice of redemption is given, provided
there is a current registration statement in effect with respect to the common shares underlying such Warrants during the 30 day
redemption period. If the Company redeems the Warrants as described above, management will have the option to require all holders
that wish to exercise Warrants to do so on a “cashless basis.” In accordance with the warrant agreement relating to
the Warrants sold and issued in the Offering the Company is only required to use its best efforts to maintain the effectiveness
of the registration statement covering the Warrants. If a registration statement is not effective within 90 days following the
consummation of a Business Combination, Warrant 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 Warrants on a cashless
basis pursuant to an available exemption from registration under the Securities Act of 1933, as amended. In the event that a registration
statement is not effective at the time of exercise or no exemption is available for a cashless exercise, the holder of such Warrant
shall not be entitled to exercise such Warrant for cash and in no event (whether in the case of a registration statement being
effective or otherwise) will the Company be required to net cash settle the Warrant exercise. If an initial Business Combination
is not consummated, the Warrants will expire and will be worthless.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
4 — Private Units</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Simultaneously
with the Offering, the Initial Shareholders of the Company purchased an aggregate of 421,107 Private Units at $10.00 per Private
Unit (for an aggregate purchase price of $4,211,070) from the Company. All of the proceeds received from these purchases
were placed in the Trust Account.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Private Units are identical to the Units sold in the Offering except the Warrants included in the Private Units are non-redeemable
and may be exercised on a cashless basis, in each case so long as they continue to be held by the initial purchasers or their
permitted transferees. Additionally, the holders of the Private Units have agreed (A) to vote the shares underlying their Private
Units in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, an amendment to the Company’s
amended and restated certificate of incorporation with respect to the Company’s pre-Business Combination activities prior
to the consummation of such a Business Combination unless the Company provides dissenting Public Stockholders with the opportunity
to convert their public shares in connection with any such vote, (C) not to convert any shares underlying the Private Units into
the right to receive cash from the Trust Account in connection with a stockholder vote to approve an initial Business Combination
or a vote to amend the provisions of the Company’s amended and restated certificate of incorporation relating to shareholders’
rights or pre-Business Combination activity or sell their shares to the Company in connection with a tender offer the Company
engages in and (D) that the shares underlying the Private Units shall not participate in any liquidating distribution upon winding
up if a Business Combination is not consummated. The purchasers have also agreed not to transfer, assign or sell any of the Private
Units or underlying securities (except to the same permitted transferees as the insider shares and provided the transferees agree
to the same terms and restrictions as the permitted transferees of the insider shares must agree to, each as described above)
until the completion of an initial Business Combination.</font></p>
<p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note 5 — Notes Payable</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
July 1, 2015, the Company issued a $55,000 principal amount unsecured promissory note. The note was non-interest bearing and was
payable on the consummation of the Offering. On September 26, 2016, the Company amended the agreement with lender and outstanding
balance was amended to $27,500. The note is now due upon completion of an initial business combination. Due to the short-term
nature of the note, the fair value of the note approximates the carrying amount.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
April 12, 2018, the Company issued a promissory note in the aggregate principal amount of <font style="background-color: #fefefe">$132,753
to Priority Holdings, LLC. </font>The $132,753 received by the Company upon issuance of the note was deposited into the Company’s
trust account for the benefit of its public stockholders in order to extend the <font style="background-color: #fefefe">period
of time the Company had to complete a business combination for an additional one month, from April 19, 2018 to May 19, 2018. The
note does not bear interest and is payable five business days after the date the Company completes a business combination. </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
April 19, 2018, the Company issued a promissory note in the aggregate principal amount of <font style="background-color: #fefefe">$76,771
to Priority Holdings, LLC. The proceeds </font>of the note were used for payment of filing fees of the Company incurred in connection
the business combination with Priority<font style="background-color: #fefefe">. The note does not bear interest and is payable
five business days after the date the Company completes a business combination.  </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
May 15, 2018, the Company issued a promissory note in the aggregate principal amount of <font style="background-color: #fefefe">$132,753
to Priority Holdings, LLC. The proceeds </font>of the note was deposited into the Company’s trust account for the benefit
of its public stockholders in order to extend the <font style="background-color: #fefefe">period of time the Company had to complete
a business combination for an additional three months, from May 19, 2018 to September 19, 2018. The note does not bear interest
and is payable five business days after the date the Company completes a business combination.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
5 — Notes Payable – Related Parties</b> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> <br />
On March 13, 2018, the Company issued promissory notes in the aggregate principal amount of <font style="background-color: #fefefe">$132,753
to its sponsors (M SPAC LLC, M SPAC Holdings I, LLC and M SPAC Holdings II, LLC)</font>. The $132,753 received by the Company
upon issuance of the notes was deposited into the Company’s trust account for the benefit of its public stockholders in
order to extend the <font style="background-color: #fefefe">period of time the Company had to complete a business combination
for an additional one month, from March 19, 2018 to April 19, 2018. The notes do not bear interest and are payable five business
days after the date the Company completes a business combination.</font>  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
6 — Commitments</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Underwriting
Agreement</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company entered into an agreement with the underwriters of the Offering (“Underwriting Agreement”). The Underwriting
Agreement required the Company to pay an underwriting discount of 3.0% of the gross proceeds of the Offering as an underwriting
discount and incur a deferred underwriting discount of up to 2.0% for an aggregate underwriting discount of 5.0% of the gross
proceeds of the Offering, in each case as set forth in the Underwriting Agreement. The Company will pay the deferred underwriting
fee at the closing of the Business Combination. The underwriters also purchased an interest in M SPAC Holdings I LLC, an entity
controlled by the Company’s insiders, which entitles it to a beneficial interest in 63,184 insider shares.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Underwriting Agreement granted Chardan Capital Markets, LLC a right of first refusal, for a period of thirty-six months from the
closing of the Offering, to act as lead investment banker, lead book-runner, and/or lead placement agent with 33% of the economics
or 25% if three investment banks are involved in the transaction, for any public or private equity and debt offerings during such
period.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Underwriting Agreement provides that the Company will pay Chardan Capital Markets, LLC a warrant solicitation fee of five percent
(5%) of the exercise price of each public warrant exercised during the period commencing on the later of 12 months from the closing
of the Proposed Public Offering or 30 days after the completion of the Company’s initial business combination including
warrants acquired by security holders in the open market. The warrant solicitation fee will be payable in cash. There is no limitation
on the maximum warrant solicitation fee payable to Chardan Capital Markets, LLC except to the extent it is limited by the number
of warrants outstanding.<b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Registration
Rights</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Initial Stockholders are entitled to registration rights with respect to their initial shares and the purchasers of the Private
Units will be entitled to registration rights with respect to the Private Units (and underlying securities), pursuant to an agreement
signed on September 13, 2016. The holders of the majority of the initial shares are entitled to demand that the Company register
these shares at any time commencing three months prior to the first anniversary of the consummation of a Business Combination.
The holders of the Private Units (or underlying securities) are entitled to demand that the Company register these securities
at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back”
registration rights on registration statements filed after the Company’s consummation of a Business Combination.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Administrative
Service Fee</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company, commencing on September 13, 2016, agreed to pay an affiliate of the Company’s executive officers a monthly fee
of $10,000 for general and administrative services due on the first of each month. During the three months ended June 30, 2018
and 2017, the Company incurred administrative fees of $30,000 and $30,000, respectively. During the six months ended June 30,
2018 and 2017, the Company incurred administrative fees of $60,000 and $60,000, respectively. As of June 30, 2018, the Company
accrued $20,000 due the affiliate.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Contribution
Agreement</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
February 26, 2018, the Company entered into a Contribution Agreement with Priority Investment Holdings, LLC and Priority Incentive
Equity Holdings, LLC (collectively, the “Interest Holders”) to acquire all of the outstanding equity interests of
Priority Holdings, LLC (“Priority”), a leading provider of B2C and B2B payment processing solutions. On March 26,
2018, the Company entered into an Amended and Restated Contribution Agreement with the Interest Holders (as amended and restated,
the “Purchase Agreement”).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Upon
the closing of the transactions contemplated by the Purchase Agreement, the Company will acquire 100% of the issued and outstanding
equity securities of Priority (the “Business Combination”), which will result in Priority becoming a wholly-owned
subsidiary of the Company. In connection with the Business Combination, the Company will change its name to Priority Technology
Holdings, Inc. The consideration to be paid by the Company to the Interest Holders in the business combination is a number of
shares of the Company’s common stock equal to Priority’s equity value (which the Purchase Agreement defines as of
the signing date as the $947.8 million enterprise value of Priority, less the net debt of Priority, subject to certain adjustments
as described in the Purchase Agreement) divided by $10.30.If Priority acquires any businesses prior to the closing of the Business
Combination that increase Priority’s Earnout Adjusted EBITDA in aggregate by more than $9.0 million, Priority’s enterprise
value will increase by multiplying the incremental increase in Earnout Adjusted EBITDA of such acquisition by 12.5, provided that
estimated synergies related to any such acquisitions included in the Earnout Adjusted EBITDA calculation of Priority shall be
capped at 20% of the Earnout Adjusted EBITDA of the applicable acquisition with respect to the 12-month period immediately preceding
the consummation of such acquisition. In addition, any cash that Priority spends to acquire any technology assets, up to $5.0
million, to purchase securities from the Founders pursuant to the Founders Share Agreement described below or to extend the time
we have to complete a business combination, will be included in the calculation of net debt as cash and cash equivalents (which
would reduce the amount of net debt, effectively increasing the assumed equity value of Priority and increasing the number of
shares that would be issued to the Interest Holders).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
additional 9.8 million shares of M I Acquisitions common stock may be issued as earn-out consideration to the Interest Holders
or at their election, to members of Priority’s management or other service providers post-business combination pursuant
to the Earnout Incentive Plan—4.9 million shares for the first earn-out and 4.9 million shares for the second earn-out.
For the first earn-out, Earnout Adjusted EBITDA of M I Acquisitions must be no less than $82.5 million for the year ended December
31, 2018 and the M I Acquisitions stock price must have traded in excess of $12.00 for any 20 trading days within any consecutive
30-day trading period at any time on or before December 31, 2019. For the second earn-out, Earnout Adjusted EBITDA of M I Acquisitions
must be no less than $91.5 million for the year ending December 31, 2019 and the M I Acquisitions stock price must have traded
in excess of $14.00 for any 20 trading days within any consecutive 30-day trading period at any time between January 1, 2019 and
December 31, 2020. In the event that the first earn-out targets are not met, the entire 9.8 million shares may be issued if the
second earn-out targets are met.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Concurrently
with the Purchase Agreement, the Company’s founding stockholders (the “Founders”) and Priority entered into
a purchase agreement (the “Founders Share Agreement”) pursuant to which Priority agreed to purchase 421,107 of the
units issued to the Founders in a private placement immediately prior to the Company’s initial public offering, and 453,210
shares of common stock of the Company issued to the Founders for an aggregate purchase price of approximately $2.1 million. In
addition, pursuant to the Founders Share Agreement, the Founders will forfeit 174,863 founder’s shares at the closing of
the Business Combination, which shares may be reissued to the Founders if one of the earn-outs described above (and relating to
the Purchase Agreement consideration) is achieved.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In
addition, the Founders and Thomas C. Priore, the Executive Chairman of Priority (“TCP”), entered into a letter agreement
(the “Letter Agreement”) pursuant to which the Founders granted TCP (i) the right to purchase at any time all or some
of the Founders’ remaining shares of the Company’s common stock at the prevailing market price subject to certain
conditions including a floor of $10.30 per share and (ii) a right of first refusal on any proposed transfer of shares by the Founders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
July 19, 2018, the Company will hold a special meeting at which the holders of the Company’s shares of common stock will
be asked to approve the amended and restated Purchase Agreement. In addition, the shareholders will vote on other proposals related
to the business combination.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Nasdaq
Notification Letter</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
January 3, 2018, the Company received a letter (the “Notification Letter”) from the staff of the Listing Qualifications
Department of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that the Company no longer complies with Nasdaq
Listing Rule 5620(a) for continued listing due to its failure to hold an annual meeting of stockholders within twelve months of
the end of the Company’s fiscal year ended December 31, 2016. On February 20, 2018, the Company submitted its plan to regain
compliance pursuant to the procedures set forth in the Nasdaq listing rules. On February 20, 2018, Nasdaq granted the Company
an extension until June 19, 2018 to regain compliance. On June 19, 2018, the Company received a notice from Nasdaq stating that
as a result of the Annual Meeting held on June 15, 2018, the Company is now in compliance with the Rules.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
7 — Stockholder’s Equity</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Preferred
Stock</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is authorized to issue 1,000,000 preferred shares 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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2018, there are no preferred shares issued or outstanding.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Common
Stock</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is authorized to issue 30,000,000 shares of common stock with a par value of $0.001 per share.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
April 23, 2015, 1,437,500 shares of the Company’s common stock were sold to the Initial Stockholders at a price of approximately
$0.02 per share for an aggregate of $25,000. This number included an aggregate of up to 187,500 shares that were subject to forfeiture
if the over-allotment option was not exercised by the underwriters. All of these shares were placed in escrow until (1) with respect
to 50% of the shares, the earlier of six months after the date of the consummation of an initial Business Combination and the
date on which the closing price of the Company’s common stock equals or exceeds $12.50 per share (as adjusted for share
splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after the Company’s initial business combination and (2) with respect to the remaining 50% of the insider shares, six months
after the date of the consummation of an initial Business Combination, or earlier, in either case, if, subsequent to an initial
Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which results
in all of the Company’s stockholders having the right to exchange their shares for cash, securities or other property. On
November 11, 2016, 109,973 Founders’ shares were forfeited and cancelled.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In
June 2018, holders of 377,231 shares of the Company’s common stock redeemed their shares for cash of $3,963,539.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2018 and December 31, 2017, there were 2,441,990 and 2,352,922 common shares issued and outstanding, which excludes
4,239,522 and 4,705,821 shares subject to possible conversion, respectively. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company’s insiders have agreed (A) to vote their insider shares, private shares and any public shares acquired in or after
the Offering in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, an amendment to the Company’s
certificate of incorporation that would affect the substance or timing of its obligation to redeem 100% of its public shares if
it does not complete its initial business combination by September 17, 2018, unless the Company provides its public stockholders
with the opportunity to redeem their shares of common stock upon approval of any such amendment 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 to pay its tax obligations, divided by the number of then outstanding
public shares, (C) not to convert any shares (including the insider shares and private shares) into the right to receive cash
from the Trust Account in connection with a stockholder vote to approve the Company’s proposed initial Business Combination
(or sell any shares they hold to the Company in a tender offer in connection with a proposed initial Business Combination) or
a vote to amend the provisions of the Company’s certificate of incorporation relating to the substance or timing of its
obligation to redeem 100% of the Company’s public shares if it does not complete its initial business combination within
18 months from the closing of the Offering (or 21 months, as applicable) and (D) that the insider shares and private shares shall
not be entitled to be redeemed for a pro rata portion of the funds held in the Trust Account if a Business Combination is not
consummated.  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Purchase
Option</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company sold to the underwriters, for $100, a unit purchase option to purchase up to a total of 300,000 units exercisable at $12.00
per unit (or an aggregate exercise price of $3,600,000) commencing on the later of the consummation of a Business Combination
and six months from September 13, 2016. The unit purchase option expires five years from September 13, 2016. The units issuable
upon exercise of this option are identical to the Units being offered in the Offering. The Company has agreed to grant to the
holders of the unit purchase option, demand and “piggy back” registration rights for periods of five and seven years,
respectively, from September 13, 2016, including securities directly and indirectly issuable upon exercise of the unit purchase
option. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company accounted for the fair value of the unit purchase option, inclusive of the receipt of a $100 cash payment, as an expense
of the Offering resulting in a charge directly to stockholders’ equity. The Company estimates that the fair value of this
unit purchase option was approximately $2,695,000 (or $8.98 per unit) using a Black-Scholes option-pricing model. The fair value
of the unit purchase option to be granted to the placement agent is estimated as of the date of grant using the following assumptions:
(1) expected volatility of 149%, (2) risk-free interest rate of 1.22% and (3) expected life of five years. The unit purchase option
may be exercised for cash or on a “cashless” basis, at the holder’s option (except in the case of a forced cashless
exercise upon the Company’s redemption of the Warrants, as described in Note 3), such that the holder may use the appreciated
value of the unit purchase option (the difference between the exercise prices of the unit purchase option and the underlying Warrants
and the market price of the Units and underlying common stock) to exercise the unit purchase option without the payment of any
cash. The Company will have no obligation to net cash settle the exercise of the unit purchase option or the Warrants underlying
the unit purchase option. The holder of the unit purchase option will not be entitled to exercise the unit purchase option or
the Warrants underlying the unit purchase option unless a registration statement covering the securities underlying the unit purchase
option is effective or an exemption from registration is available. If the holder is unable to exercise the unit purchase option
or underlying Warrants, the unit purchase option or Warrants, as applicable, will expire worthless.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Basis
of presentation</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange
Commission (“SEC”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include
all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal
accruals) considered for a fair presentation have been included. The Company has evaluated subsequent events through the issuance
of this Form 10-Q. Operating results for the quarter ended June 30, 2018 are not necessarily indicative of the results that may
be expected for the year ended December 31, 2018 or any future interim period. The accompanying unaudited condensed financial
statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s
Form 10-K filed with the Securities and Exchange Commission on March 27, 2018.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Emerging
Growth Company</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">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 financial statement
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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Cash
and Cash Equivalents</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Marketable
securities held in Trust Account</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
amounts held in the Trust Account represent substantially all of the remaining proceeds of the Initial Public Offering, in addition
to aggregate proceeds of $398,258 received to date to extend the time to complete an initial business combination, and are classified
as restricted assets since such amounts can only be used by the Company in connection with the consummation of a Business Combination.
Except with respect to interest earned on the funds held in the Trust Account that may be released to pay income or other tax
obligations, the proceeds will not be released from the Trust Account until the earlier of the completion of a Business Combination
or the redemption of 100% of the outstanding public shares if the company has completed a Business Combination in the required
time period. As of June 30, 2018, marketable securities held in the Trust Account consisted of $51,904,674 in United States Treasury
Bills with an original maturity of six months or less. During the six months ended June 30, 2018, the Company withdrew interest
income totaling $5,260 to be utilized for payment of tax obligations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Fair
value of financial instruments</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “<i>Fair Value Measurements and Disclosures</i>,”
approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Use
of Estimates</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
preparation of 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 financial
statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those
estimates. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Concentration
of credit risk</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Net
Loss Per Common Share</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company complies with accounting and disclosure requirements ASC Topic 260, “<i>Earnings Per Share</i>.” Net income
(loss) per common share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number
of common shares outstanding during the period, plus, to the extent dilutive, the incremental number of shares of common stock
to settle warrants, as calculated using the treasury stock method. An aggregate of 4,239,522 and 4,714,289 shares of common stock
subject to possible conversion at June 30, 2018 and 2017, respectively, have been excluded from the calculation of basic loss
per ordinary share since such shares, if redeemed, only participate in their pro rata share of the trust earnings.  At June
30, 2018 and 2017, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised
or converted into common stock and then share in the earnings of the Company under the treasury stock method. As a result, diluted
loss per common share is the same as basic loss per common share for the period. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Reconciliation
of net loss per common share </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company’s net loss is adjusted for the portion of income that is attributable to common stock subject to conversion, as
these shares only participate in the income of the Trust Account and not the losses of the Company. Accordingly, basic and diluted
loss per common share is calculated as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three
Months Ended<br />June 30, 2018</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three
Months Ended<br />June 30, 2017</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(162,535</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(75,024</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Less:
Income attributable to common shares subject to conversion</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(188,026</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,610</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Adjusted
net loss</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(350,561</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(99,634</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average
shares outstanding, basic and diluted</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,392,650</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,327,728</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic
and diluted net loss per common share</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.15</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.04</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six
Months Ended<br />June 30, 2018</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six
Months Ended<br />June 30, 2017</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(309,285</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(263,869</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Less:
Income attributable to common shares subject to conversion</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(337,950</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(102,325</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Adjusted
net loss</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(647,235</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(366,194</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average
shares outstanding, basic and diluted</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,352,922</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,319,266</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic
and diluted net loss per common share</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.28</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.16</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Common
stock subject to possible conversion</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company accounts for its common stock subject to possible conversion in accordance with the guidance enumerated in ASC 480 “<i>Distinguishing
Liabilities from Equity</i>”.   Common stock subject to mandatory conversion is classified as a liability
instrument and is measured at fair value. Conditionally convertible common stock (including common shares that feature conversion
rights that are either within the control of the holder or subject to conversion 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 conversion rights that are considered by the Company to be outside of
the Company’s control and subject to the occurrence of uncertain future events. Accordingly, the common stock subject to
possible conversion is presented as temporary equity, outside of the stockholders’ equity section of the Company’s
balance sheet.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Income
Taxes</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company accounts for income taxes under ASC 740 “<i>Income Taxes</i>”. ASC 740 requires the recognition of deferred
tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets
and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally
requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets
will not be realized.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">ASC
740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and
prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position
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. ASC 740 also provides guidance on derecognition, classification, interest
and penalties, accounting in interim periods, disclosure and transition. The Company is required to file income tax returns in
the United States (federal) and in various state and local jurisdictions. Based on the Company’s evaluation, it has been
concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements.
Since the Company was incorporated on April 23, 2015, the evaluation was performed for the 2015, 2016 and 2017 tax years. The
Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments
that would result in a material change to its financial position.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of
income tax expense. There were no amounts accrued for penalties or interest as of or during the period from January 1, 2018 through
June 30, 2018. Management is currently unaware of any issues under review that could result in significant payments, accruals
or material deviations from its position.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">On
December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law. Under ASC 740, the enactment of
the Tax Act also requires companies, to recognize the effects of changes in tax laws and rates on deferred tax assets and liabilities
and the retroactive effects of changes in tax laws in the period in which the new legislation is enacted. There is no further
change to its assertion on maintaining a full valuation allowance against its U.S. deferred tax assets. The Company’s gross
deferred tax assets were revalued from 35% to 21% with a corresponding offset to the valuation allowance. The Company will continue
to analyze the Tax Act to assess the full effects on its financial results, including disclosures, for our fiscal year ending
December 31, 2018.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Related
Parties</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant
to Section 850-10-20, the related parties include: (a.) affiliates of the Company (“Affiliate” means, with respect
to any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act);
(b.) entities for which investments in their equity securities would be required, absent the election of the fair value option
under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing
entity; (c.) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship
of management; (d.) principal owners of the Company; (e.) management of the Company; (f.) other parties with which the Company
may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that
one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g.) other parties that
can significantly influence the management or operating policies of the transacting parties or that have an ownership interest
in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties
might be prevented from fully pursuing its own separate interests.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated
in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall
include: (a.) the nature of the relationship(s) involved; (b.) a description of the transactions, including transactions to which
no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other
information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c.) the dollar
amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the
method of establishing the terms from that used in the preceding period; and (d.) amounts due from or to related parties as of
the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent
Accounting Pronouncements</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Management
does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material
effect on the accompanying financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Accordingly,
basic and diluted loss per common share is calculated as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three
Months Ended<br />June 30, 2018</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three
Months Ended<br />June 30, 2017</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(162,535</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(75,024</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Less:
Income attributable to common shares subject to conversion</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(188,026</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,610</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Adjusted
net loss</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(350,561</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(99,634</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average
shares outstanding, basic and diluted</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,392,650</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,327,728</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic
and diluted net loss per common share</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.15</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.04</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six
Months Ended<br />June 30, 2018</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six
Months Ended<br />June 30, 2017</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(309,285</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">(263,869</font></td>
<td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Less:
Income attributable to common shares subject to conversion</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(337,950</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(102,325</font></td>
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Adjusted
net loss</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(647,235</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(366,194</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average
shares outstanding, basic and diluted</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,352,922</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,319,266</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Basic
and diluted net loss per common share</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.28</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.16</font></td>
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
5000000
402500
310109
18607
750000
421107
300000
50000000
4025000
3101090
186070
54694127
3600000
2018419
93033
398258
10.00
10.00
10.00
10.30
10.00
0.02
10.507
1169032
1062022
200000
5000001
0.20
0.20
15000
792481
1301875
337950
188026
24610
102325
-647235
-350561
-99634
-366194
-0.28
-0.15
-0.04
-0.16
51904674
<p><font style="font: 10pt Times New Roman, Times, Serif">An original maturity of six months or less.</font></p>
5260
0.21
0.35
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Each
Unit consists of one share of common stock in the Company, and one Warrant (“Warrant”). Each Warrant entitles the
holder to purchase one share of common stock at a price of $11.50 per share commencing on the later of 30 days after the Company’s
completion of its initial Business Combination and expiring five years from the completion of the Company’s
initial Business Combination. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days’ notice,
only in the event that the last sale price of the common shares is at least $16.00 per share for any 20 trading days within a
30-trading day period (“30-Day Trading Period”) ending on the third day prior to the date on which notice of redemption
is given, provided there is a current registration statement in effect with respect to the common shares underlying such Warrants
during the 30 day redemption period.</font></p>
421107
453210
1437500
55000
132753
76771
132753
132753
<p><font style="font: 10pt Times New Roman, Times, Serif">The consummation of the Public Offering.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The notes do not bear interest and are payable five
business days after the date the Company completes a business combination.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The notes do not bear interest and are payable five
business days after the date the Company completes a business combination.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The notes do not bear interest and are payable five
business days after the date the Company completes a business combination.</font></p>
<p><font style="font: 10pt Times New Roman, Times, Serif">The notes do not bear interest and are payable five
business days after the date the Company completes a business combination.</font></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">An
underwriting discount of 3.0% of the gross proceeds of the Offering as an underwriting discount and incur a deferred underwriting
discount of up to 2.0% for an aggregate underwriting discount of 5.0% of the gross proceeds of the Offering, in each case as set
forth in the Underwriting Agreement.</font></p>
63184
1.00
947800000
10.30
10.30
<p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Any cash that Priority spends
to acquire any technology assets, up to $5.0 million, to purchase securities from the Founders pursuant to the Founders Share
Agreement described below or to extend the time we have to complete a business combination, will be included in the calculation
of net debt as cash and cash equivalents (which would reduce the amount of net debt, effectively increasing the assumed equity
value of Priority and increasing the number of shares that would be issued to the Interest Holders).</font></p>
9000000
82500000
91500000
9800000
4900000
4900000
<p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The Earnout Incentive Plan—4.9
million shares for the first earn-out and 4.9 million shares for the second earn-out. For the first earn-out, Earnout Adjusted
EBITDA of M I Acquisitions must be no less than $82.5 million for the year ended December 31, 2018 and the M I Acquisitions stock
price must have traded in excess of $12.00 for any 20 trading days within any consecutive 30-day trading period at any time on
or before December 31, 2019. For the second earn-out, Earnout Adjusted EBITDA of M I Acquisitions must be no less than $91.5 million
for the year ending December 31, 2019 and the M I Acquisitions stock price must have traded in excess of $14.00 for any 20 trading
days within any consecutive 30-day trading period at any time between January 1, 2019 and December 31, 2020. In the event that
the first earn-out targets are not met, the entire 9.8 million shares may be issued if the second earn-out targets are met.</font></p>
2100000
25000
174863
187500
<p><font style="font: 10pt Times New Roman, Times, Serif">(1) with respect to 50% of the shares, the earlier
of six months after the date of the consummation of an initial Business Combination and the date on which the closing price of
the Company’s common stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business
combination and (2) with respect to the remaining 50% of the insider shares, six months after the date of the consummation of
an initial Business Combination, or earlier, in either case, if, subsequent to an initial Business Combination, the Company consummates
a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s stockholders having
the right to exchange their shares for cash, securities or other property.</font></p>
109973
100
12.00
P5Y
P5Y
P7Y
2695000
8.98
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Note
1 — Organization, Plan of Business Operations and Going Concern Consideration</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">M
I Acquisitions, Inc. (the “Company”) was incorporated in Delaware on April 23, 2015 as a blank check company whose
objective is to acquire, through a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination, one or more businesses or entities (a “Business Combination”). The Company’s
efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although
the Company intends to focus its search on target businesses operating in the technology, media and telecommunications industries.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">At
June 30, 2018, the Company had not yet commenced any operations. <font style="background-color: white">For the six months ended
June 30, 2018, the Company’s activity has been limited to the evaluation of business combination candidates (see Note 6
– Commitments: Contribution Agreement), and the Company will not be generating any operating revenues until the closing
and completion of an initial business combination.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
registration statement for the Company’s initial public offering was declared effective on September 13, 2016. The Company
consummated a public offering of 5,000,000 units (“Units”) on September 19, 2016 (the “Offering”), generating
gross proceeds of $50,000,000 and net proceeds of $47,981,581 after deducting $2,018,419 of transaction costs. In addition, the
Company generated gross proceeds of $4,025,000 from the private placement (the “Private Placement”) of 402,500 units
(the “Private Units”) to certain initial stockholders (“Initial Stockholders”) of the Company. The Units
sold pursuant to the Offering and the Private Placement were sold at an offering price of $10.00 per Unit.  The Company also
incurred additional issuance costs totaling $1,169,032, of which the deferred underwriting fee of $1,062,022 was unpaid as of
June 30, 2018.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
underwriters exercised the over-allotment option in part and, on October 14, 2016, the underwriters purchased 310,109 Over-allotment
Option Units, which were sold at an offering price of $10.00 per Unit, generating gross proceeds of $3,101,090 and net proceeds
of $3,008,057 after deducting $93,033 of transaction costs. On October 14, 2016, simultaneously with the sale of the over-allotment
Units, the Company consummated the private sale of an additional 18,607 private Units to one of the initial stockholders, generating
gross proceeds of $186,070.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Offering and
Private Placement, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business
Combination. The Company’s Units, common stock and warrants are listed on the Nasdaq Capital Market (“NASDAQ”).
Pursuant to the NASDAQ listing rules, the Company’s initial Business Combination must be with a target business or businesses
whose collective fair market value is at least equal to 80% of the balance in the trust account at the time of the execution of
a definitive agreement for such Business Combination, although this may entail simultaneous acquisitions of several target businesses.
There is no assurance that the Company will be able to effect a Business Combination successfully.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Following
the closing of the Offering and the Private Placement (including the partial exercise of the over-allotment option) an amount
of $54,694,127 (or $10.30 per share sold to the public in the Offering included in the Units (“Public Shares”)) from
the sale of the Units and Private Units is being held in a trust account (“Trust Account”) at J.P. Morgan Chase Bank
maintained by American Stock Transfer & Trust Company (“American”), acting as trustee, and may be invested in
money market funds meeting the applicable conditions of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended,
and that invest solely in U.S. treasuries or United States bonds, treasuries or notes having a maturity of 180 days or less. The
funds in the Trust Account may not be released until the earlier of (i) the consummation of the Company’s initial Business
Combination and (ii) the Company’s failure to consummate a Business Combination within the prescribed time. The remaining
net proceeds (not held in the Trust Account) may be used to pay for business, legal and accounting due diligence on prospective
acquisitions and continuing general and administrative expenses. However, the interest earned on the Trust Account balance may
be released to the Company to pay the Company’s tax obligations. Placing funds in the Trust Account may not protect those
funds from third party claims against the Company. Although the Company will seek to have all vendors, service providers, prospective
target businesses or other entities it engages, execute agreements with the Company waiving any claim of any kind in or to any
monies held in the Trust Account, there is no guarantee that such persons will execute such agreements. The Company’s insiders
agreed to be liable under certain circumstances to ensure that the proceeds in the Trust Account are not reduced by the claims
of target businesses or vendors or other entities that are owed money by the Company for service rendered, contracted for or products
sold to the Company. However, they may not be able to satisfy those obligations should they arise. With these exceptions, expenses
incurred by the Company may be paid prior to a Business Combination only from the net proceeds of the Proposed Public Offering
not held in the Trust Account; provided, however, that in order to meet its working capital needs following the consummation of
the Proposed Public Offering, the Company’s Initial Stockholders, officers and directors or their affiliates 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. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the Company’s
initial Business Combination, without interest, or, at the lender’s discretion, up to $200,000 of the notes may be converted
upon consummation of the Company’s Business Combination into additional Private Units at a price of $10.00 per Unit. If
the Company does not complete a Business Combination, the loans would not be repaid.  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company will either seek stockholder approval of any Business Combination at a meeting called for such purpose at which stockholders
may seek to convert their shares into their pro rata share of the aggregate amount then on deposit in the Trust Account, less
any tax obligations then due but not yet paid, or provide stockholders with the opportunity to sell their shares to the Company
by means of a tender offer for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account,
less any tax obligations then due but not yet paid. The Company will proceed with a Business Combination only if it will have
net tangible assets of at least $5,000,001 upon consummation of the Business Combination and, solely if stockholder approval is
sought, a majority of the outstanding common shares of the Company voted are voted in favor of the Business Combination. Notwithstanding
the foregoing, a public stockholder, together with any affiliate of his or any other person with whom he is acting in concert
or as a “group” (as defined in Section 13(d)(3) of the Exchange Act) will be restricted from seeking conversion rights
with respect to 20% or more of the common shares sold in the Offering. Accordingly, all shares purchased by a holder in excess
of 20% of the shares sold in the Offering will not be converted to cash. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">In
connection with any stockholder vote required to approve any Business Combination, the Initial Stockholders agreed to vote any
of their respective shares, including the common shares sold to the Initial Stockholders in connection with the organization of
the Company (the “Initial Shares”), common shares included in the Private Units sold in the Private Placement, and
any common shares which were initially issued in connection with the Offering, whether acquired in or after the effective date
of the Offering, in favor of the initial Business Combination and not to convert such respective shares into a pro rata portion
of the Trust Account or seek to sell their shares in connection with any tender offer the Company engages in.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant
to the Company’s amended and restated Certificate of Incorporation if the Company is unable to complete its initial Business
Combination by September 17, 2018, 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 100% of the outstanding public shares and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of the remaining holders of common stock
and the Company’s board of directors, dissolve and liquidate.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Between
March of 2018 and June of 2018 and pursuant to the terms of the original investment management trust agreement between the Company
and American Stock Transfer & Trust dated September 13, 2016, the Company’s insiders and their affiliates or designees
had deposited $398,258 into the trust account in order to extend the time the Company had to complete a business combination from
March 19, 2018 to June 19, 2018. On June 15, 2018, the Company further extended the time the Company has to complete a business
combination to September 17, 2018, pursuant to a vote of our stockholders by amending the Company’s investment management
trust agreement with American Stock Transfer & Trust Company and by amending and restating the certificate of incorporation
of the Company. No additional consideration was paid for the extension of such deadline to September 17, 2018. Shareholders redeemed
a total of 377,231 public shares at a price per share of $10.507 (or $3,963,539 in the aggregate) in connection with the vote
to extend the liquidation date to September 17, 2018. This resulted in a reduction of M I Acquisitions’ trust account by
$3,963,539. If the Company is unable to consummate an initial Business Combination and is forced to redeem 100% of the outstanding
public shares for a pro rata portion of the funds held in the Trust Account, each shareholder will receive a pro rata portion
of the amount then in the Trust Account less tax obligations. Holders of warrants will receive no proceeds in connection with
the liquidation. The Initial Stockholders and the holders of Private Units will not participate in any redemption distribution
with respect to their initial shares and Private Units, including the common stock included in the Private Units. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">To
the extent the Company is unable to consummate a business combination, the Company will pay the costs of liquidation from the
remaining assets outside of the trust account. If such funds are insufficient, the insiders have agreed to pay the funds necessary
to complete such liquidation (currently anticipated to be no more than $15,000) and have agreed not to seek repayment of such
expenses.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Going
Concern</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern, which contemplates,
among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of June 30,
2018, the Company had $887 in cash and cash equivalents held outside Trust Account, $792,481 in interest income available from
the Company’s investments in the Trust Account to pay its tax obligations, and a working capital deficit of $1,301,875.
Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition
plans. The Company’s plans to consummate the initial Business Combination may not be successful.  These matters, among
others, raise substantial doubt about the Company’s ability to continue as a going concern.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">Based
on the foregoing, the Company may have insufficient funds available to operate its business through the earlier of consummation
of a Business Combination or September 17, 2018. Following the initial Business Combination, if cash on hand is insufficient,
the Company may need to obtain additional financing in order to meet its obligations.  The Company cannot be certain that
additional funding will be available on acceptable terms, or at all.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying condensed financial statements do not include any adjustments that might be necessary if the Company is unable to
continue as a going concern.</font></p>
377231
3963539
4211070
20000
1.49
0.0122
P5Y
MACQU