What changed in this filing

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2020-05-11 compared with 2019-11-14 · 40 added, 7 removed, 0 unchanged (100% of the section changed)

QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

The net proceeds of our initial public

offering and the sale of the private placement warrants held in the trust account are invested in money market funds meeting certain

conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S.

government treasury obligations.

to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

Quantitative and Qualitative Disclosures About Market

We are a smaller reporting company as defined by Rule 12b-2

of the Exchange Act and are not required to provide the information required under this item.

Control and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision

and with the participation of our management, including our principal executive officer and principal financial officer, as of

the end of the period covered by this report, we conducted an evaluation of the effectiveness of the design and operation of our

disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Act of 1934.

Our disclosure

controls and procedures are designed to provide reasonable assurance that the information required to be included in our SEC reports

is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, relating to the Company,

including our consolidated subsidiaries, and was made known to them by others within those entities, particularly during the period

when this report was being prepared.

Based on this evaluation, our principal executive officer and principal financial and accounting

officer have concluded that as a result of the material weakness in our internal control over financial reported in our Annual

Report on Form 10-K for the year ended December 31, 2019, our disclosure controls and procedures were not effective as of March

Notwithstanding the material weaknesses, our management has concluded that the financial statements included elsewhere

in this report present fairly, and all materials respects, our financial position on results of operation and cash flow in conformity

Changes in Internal Control Over Financial Reporting

As previously reported

in our Annual Report on Form 10-K for the year ended December 31, 2019, management concluded that the internal control over financial

reporting of Glory Star, as a private company before the closing of the Business Combination, was ineffective due to material weakness

in Glory Star’s internal control over financial reporting.

The material weakness related to the deficiency in the ability

of Glory Star’s in-house accounting professionals to generate financial statements in the form required by applicable SEC

requirements.

In order to address and resolve the foregoing material weakness, during the three months ended March 31, 2020, we

made the following change to our internal control over financial reporting:

we hired a Finance Controller, who is experienced in

the preparation of financial statements in compliance with applicable SEC requirements.

we are implementing is subject to continued management review supported by confirmation and testing, as well as audit committee

Management remains committed to the implementation of remediation efforts to address these material weaknesses.

we will continue to implement measures to remedy our internal control deficiencies, there can be no assurance that our efforts

will be successful or avoid potential future material weaknesses.

In addition, until the remediation step has been completed and/or

operated for a sufficient period of time, and subsequent evaluation of their effectiveness is completed, the material weakness

identified and described above will continue to exist.

PART II –

OTHER INFORMATION

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk