Skillsoft Corporation Registration of securities issued in business combination transactions

Registration of securities issued in business combination transactions

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of basic and diluted loss per common share

The Company’s net (loss) income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows:


							For the Period
							from April 11,
							2019 (Inception)
	Three Months Ended				Nine Months Ended		Through
	September 30,				September 30,		September 30,
	2020		2019		2020		2019
Net (loss) income	$	(92,949)	$	2,507,354	$	1,303,184	$	2,506,354
Less: Income attributable to common stock subject to possible redemption		—		(2,489,595)		(1,612,947)		(2,489,595)
Adjusted net loss	$	(92,949)	$	17,759	$	(309,763)	$	16,759

Weighted average shares outstanding, basic and diluted		19,665,085		19,549,981		19,647,636		17,433,711

Basic and diluted net loss per common share	$	(0.00)	$	0.00	$	(0.02)	$	0.00

The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted income per common share is calculated as follows:


	For the Period
	from April 11,
	2019
	(Inception)
	Through
	December 31,
	2019
Net income	$	4,693,042
Less: Income attributable to common stock subject to possible redemption		(4,868,674)
Adjusted net loss	$	(175,632)
Weighted average shares outstanding, basic and diluted		18,180,430
Basic and diluted net loss per share	$	(0.01)