Cambridge Capital Acquisition (CAMB) Inactive 10-Q13 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 12, 2014
Document And Entity Information [Abstract]	'	'
Entity Registrant Name	'Cambridge Capital Acquisition Corp	'
Entity Central Index Key	'0001588869	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	10,534,625

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current Assets	'	'
Cash and cash equivalents	$545,155	$803,613
Prepaid expenses	20,111	25,300
Total current assets	565,266	828,913
Restricted investments and cash equivalents held in trust account	81,325,372	81,305,000
Total assets	81,890,638	82,133,913
Current Liabilities:	'	'
Accrued expenses	217,252	15,000
Accrued Delaware franchise tax	56,000	'
Accrued expenses - related party	4,667	4,667
Total liabilities	277,919	19,667
Commitments	'	'
Common stock, subject to possible conversion or tender, 7,585,418 and 7,635,074 shares at conversion value at June 30, 2014 and December 31, 2013, respectively	76,612,718	77,114,245
Shareholders' Equity:	'	'
Preferred stock, $.0001 par value; 1,000,000 shares authorized; none issued and outstanding	'	'
Common stock, $.0001 par value; 40,000,000 shares authorized; 2,949,207 shares issued and outstanding (excluding 7,585,418 shares subject to possible conversion or tender) at June 30, 2014 and 2,899,551 shares issued and outstanding (excluding 7,635,074 shares subject to possible conversion or tender) at December 31, 2013	295	290
Additional paid-in capital	5,463,270	5,008,040
Accumulated deficit	-463,564	-8,329
Total stockholders' equity	5,000,001	5,000,001
Total liabilities, redeemable common stock and stockholders' equity	$81,890,638	$82,133,913

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, subject to possible conversion or tender	7,585,418	7,635,074
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	'	'
Preferred stock, shares outstanding	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	2,949,207	2,899,551
Common stock, shares outstanding	2,949,207	2,899,551

Condensed_Statements_of_Operat

Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
Condensed Statements of Operations (Unaudited) (USD $)	Jun. 30, 2014		Jun. 30, 2014
Formation and operating costs	'		'
Legal and professional fees	$90,321		$207,890
General and administrative expenses	95,947		207,742
Office expense - related party	30,000		60,000
Loss from operations	216,268		475,632
Interest income	11,319		20,397
Net Loss	($204,949)		($455,235)
Weighted average shares outstanding, basic and diluted(1)	2,929,105	[1]	2,914,588	[1]
Basic and diluted net loss per common share	($0.07)		($0.16)

[1]	For the three and six months ended June 30, 2014, weighted average shares outstanding excluded 7,585,418 shares subject to possible conversion or tender.

Condensed_Statements_of_Operat1

Condensed Statements of Operations (Unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2014
Income Statement [Abstract]	'
Shares excluded from computation of EPS	7,585,418

Condensed_Statement_of_Changes

Condensed Statement of Changes in Stockholders' Equity (USD $)		Total	Common Stock	Additional Paid-in Capital	Deficit Accumulated
Beginning Balance at Dec. 31, 2013		$5,000,001	$290	$5,008,040	($8,329)
Beginning Balance, Shares at Dec. 31, 2013		'	2,899,551	'	'
Payment of offering costs		-46,292	'	-46,292	'
Change in net proceeds subject to possible redemption(1)	[1]	501,527	5	501,522	'
Change in net proceeds subject to possible redemption(1), Shares	[1]	'	49,656	'	'
Net loss		-455,235	'	'	-455,235
Balance at Jun. 30, 2014		$5,000,001	$295	$5,463,270	($463,564)
Balance, Shares at Jun. 30, 2014		'	2,949,207	'	'

[1]	As a result of changes in the Company's net tangible assets, a total of 7,585,418 shares of common stock were subject to conversion or tender at June 30, 2014

Condensed_Statement_of_Changes1

Condensed Statement of Changes in Stockholders' Equity (Parenthetical)	Jun. 30, 2014
Common stock, subject to possible conversion or tender	7,585,418
Common Stock	'
Common stock, subject to possible conversion or tender	7,585,418

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
Condensed Statements of Cash Flows (Unaudited) (USD $)	Jun. 30, 2014
Cash flows from operating activities:	'
Net loss	($455,235)
Adjustments to reconcile net loss to net cash used in operating activities:	'
Accretion of discount on investments held in trust	-20,372
Changes in operating assets and liabilities:	'
Prepaid expenses and other current assets	5,189
Accrued expenses	258,252
Net Cash Used in Operating Activities	-212,166
Cash flows from investing activities:	'
Purchases of restricted investments and cash equivalents held in Trust Account	-81,304,516
Proceeds from maturity of restricted investments and cash equivalents held in Trust Account	81,304,516
Net Cash Used in Investing Activities	'
Cash flows from financing activities:	'
Payment of offering costs	-46,292
Net Cash Used in Financing Activities	-46,292
Net decrease in cash and cash equivalents	-258,458
Cash and cash equivalents - beginning	803,613
Cash and cash equivalents - ending	$545,155

Organization_and_Plan_of_Busin

Organization and Plan of Business Operations and Liquidity	6 Months Ended
Organization and Plan of Business Operations and Liquidity	Jun. 30, 2014
Organization and Plan of Business Operations and Liquidity and Basis of Presentation [Abstract]	'
Organization and Plan of Business Operations and Liquidity	'
	Note 1 — Organization and Plan of Business Operations and Liquidity
	Organization and Plan of Business Operations

	Cambridge Capital Acquisition Corporation (the “Company”) was incorporated in Delaware on October 1, 2013 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 target business will not be limited to a particular industry or geographic region, although the Company intends to focus its search for target businesses that operate in the supply chain industry, with an emphasis on target businesses that operate in the traditional transportation and logistics end of the supply chain industry.

	At June 30, 2014, the Company had not yet commenced any operations. All activity through June 30, 2014 relates to the Company’s formation, the offering described below and the Company’s identification and investigation of prospective target businesses with which to consummate a Business Combination.

	The registration statement for the Company’s initial public offering (“Public Offering”) was declared effective on December 17, 2013. On December 23, 2013, the Company consummated the Public Offering of 7,000,000 units (“Units”) at $10.00 per Unit and received net proceeds of $67,217,475 after payment of underwriters discount of $2,275,000 and offering expenses of $507,525 and simultaneously raised $4,275,000 through the issuance of private units (“Private Units”) at $10.00 per unit to the Company’s initial stockholders (collectively, the “Sponsors”) and the underwriters (and/or their respective designees) in a private placement (See Note 3 – Public Offering and Private Placement). Subsequent to December 31, 2013, the Company paid $46,292 in additional offering expenses, for a total amount of offering expenses paid of $553,817.

	On December 23, 2013, the underwriters exercised their over-allotment option and on December 30, 2013, the Company consummated the closing of the over-allotment option (the “Overallotment”). The Public Offering and the Overallotment are collectively referred to as the “Offering.” The units sold pursuant to the Overallotment were sold at an offering price of $10.00 per Unit, generating net proceeds of $10,158,750 after payment of underwriters’ discount of $341,250. In a private placement that took place simultaneously with the consummation of the exercise of the over-allotment option, certain of the Sponsors and the underwriters purchased an additional 44,625 Private Units at $10.00 per Private Unit generating gross proceeds of $446,250. The private placements consummated simultaneously with the Offering are collectively referred to as the “Private Placement.”

	The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Offering and the Private Placement, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to effect a Business Combination successfully. The Company’s securities are listed on the Nasdaq Capital Markets (“NASDAQ”). Pursuant to the NASDAQ listing rules, the target business or businesses that the Company acquires must collectively have a fair market value equal to at least 80% of the balance of the funds in the Trust Account (defined below) at the time of the execution of a definitive agreement for its initial Business Combination, although the Company may acquire a target business whose fair market value significantly exceeds 80% of the Trust Account balance.

	Following the closing of the Overallotment on December 30, 2013, an amount of $81,305,000 (or $10.10 per Unit sold in the Offering), including the proceeds of the Private Placement, was placed in trust (the “Trust Account”) and was subsequently invested in United States government treasury bills having a maturity of 180 days or less or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, that invest solely in U.S. treasuries until the earlier of the consummation of the initial Business Combination and the Company’s failure to consummate a Business Combination within the prescribed time. 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 executive officers have agreed that they will be jointly and severally 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 services rendered, contracted for or products sold to the Company. However, they may not be able to satisfy those obligations should they arise. 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. In addition, (1) interest income on the funds held in the Trust Account can be released to the Company to pay its income and other tax obligations and (2) interest income on the funds held in the Trust Account can be released to the Company to pay for its working capital requirements in connection with searching for a Business Combination.

	The Company will seek shareholder approval of any Business Combination at a meeting called for such purpose at which shareholders may seek to convert their shares into their pro rata share of the aggregate amount then on deposit in the Trust Account, less any taxes then due but not yet paid. The Company will proceed with a Business Combination only if it has net tangible assets of at least $5,000,001 upon consummation of the Business Combination and a majority of the outstanding shares of common stock of the Company voted are voted in favor of the Business Combination. In connection with any shareholder vote required to approve any Business Combination, the Sponsors agreed (i) to vote any of their respective shares, including the 2,012,500 shares of common stock sold to the Sponsors in connection with the organization of the Company (the “Sponsors’ Shares”), shares of common stock sold to Sponsors in connection with the Private Placement, and any shares of common stock 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 (ii) not to convert such respective shares into a pro rata portion of the Trust Account.

	The Company’s amended and restated Certificate of Incorporation provides that the Company will continue in existence only until June 23, 2015 (or December 23, 2015 if the Company has executed a definitive agreement for an initial Business Combination by June 23, 2015, but has not completed the initial Business Combination by June 23, 2015). If the Company has not completed a Business Combination by such date, the Company will, as promptly as possible but not more than ten business days thereafter, redeem from holders of the outstanding shares sold in the Offering (“Public Stockholders”) 100% of such shares for a pro rata portion of the funds held in the Trust Account and then seek to dissolve and liquidate. In the event of a liquidation, the Public Stockholders will be entitled to receive a full pro rata interest in the Trust Account (initially anticipated to be $10.10 per share after the closing of the Overallotment, plus any pro rata interest earned on the Trust Account not previously released to the Company). The Company’s Sponsors and purchasers of the Private Units have agreed not to participate in such redemption, except with respect to any shares of common stock which were issued in connection with the Offering.
	Liquidity

	As of June 30, 2014, the Company had $545,155 in its operating bank accounts and $81,325,372 in restricted cash and equivalents held in trust to be used for an initial business combination or to repurchase or convert its common shares. As of June 30, 2014, the Company has not withdrawn from the trust account any interest income for its working capital and tax obligations. As of June 30, 2014, $20,372 of the amount on deposit in the trust account represents interest income, which was available to be withdrawn as described above.

	Until consummation of its initial business combination, the Company will be using the funds not held in the trust account, plus the interest earned on the trust account balance (net of income, and other tax obligations) that may be released to the Company to fund its working capital requirements, for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business combination. The Company believes that the funds not held in trust, plus the interest earned on the trust account balance that may be released to the Company, will be sufficient to fund its operations through at least August 31, 2015, assuming it has not consummated a business combination during that period of time.

	If the Company’s estimates of the costs of undertaking in-depth due diligence and negotiating its initial business combination is less than the actual amount necessary to do so, or the amount of interest available to the Company from the trust account is less than it expects as a result of the current interest rate environment, the Company may have insufficient funds available to operate its business prior to its initial business combination. Moreover, the Company may need to obtain additional financing either to consummate its initial business combination or because the Company become obligated to redeem a significant number of its public shares upon consummation of its initial business combination, in which case the Company may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, the Company would only consummate such financing simultaneously with the consummation of its initial business combination. Following the Company’s initial business combination, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations. There can be no assurance that the Company can issue additional securities or incur debt on commercially acceptable terms or at all.

	The Company does not believe that it will need to raise additional funds in order to meet the expenditures required for operating its business until the Company consummate its initial business combination. In order to finance transaction costs in connection with an intended initial business combination, the Company’s sponsors, officers, directors or their affiliates may, but are not obligated to, loan the Company funds as may be required. If the Company consummates its initial business combination, it would repay such loaned amounts. In the event that the initial business combination does not close, the Company may use a portion of the working capital held outside the trust account to repay such loaned amounts, but no proceeds from its trust account would be used for such repayment.

Basis_of_Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2014
Organization and Plan of Business Operations and Liquidity and Basis of Presentation [Abstract]	'
Basis of Presentation	'
	Note 2 — Basis of Presentation

	The accompanying unaudited financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and Article 8 of Regulation S-X. 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. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. For further information refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with Securities and Exchange Commission on March 28, 2014.

Significant_Accounting_Policie

Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Note 3 — Significant Accounting Policies

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions.

Restricted Investments and Cash Equivalents Held in Trust Account

The amounts held in the Trust Account represent substantially all of the proceeds of the Offering 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.

As of June 30, 2014, investment securities held in the Trust Account consisted of $81,324,888 in United States Treasury Bills, which matured on July 17, 2014 and $484 of cash equivalents. On July 17, 2014, upon the maturity of the Company’s U.S. Treasury Bills, the Company received proceeds of $81,327,000 and used a portion of those proceeds in the amount of $81,325,893, to purchase U.S. Treasury Bills with a maturity date of August 14, 2014. The Company classifies its United States Treasury securities as held-to-maturity in accordance with ASC 320 “Investments – Debt and Equity Securities”. Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and are adjusted for the accretion of discounts.

A decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities’ fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary.

Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest method. Such amortization and accretion is included in the “interest income” line item in the statements of operations. Interest income is recognized when earned.

The carrying amount, gross unrealized holding gains and fair value of held-to-maturity securities at June 30, 2014 are as follows:

Carrying

Gross

Fair Value

Amount

Unrealized Holding

Gains

Held-to-maturity:

U.S. Treasury Bills

81,324,888

1,299

81,326,187

Common Stock Subject to Possible Conversion

The Company accounts for its common stock subject to possible conversion in accordance with the guidance provided in ASC 480 “Distinguishing Liabilities from Equity”. Common stock subject to mandatory conversion (if any) is classified as a liability instrument and is measured at fair value. Conditionally convertible common stock (including common stock that features 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 at June 30, 2014, the common stock subject to possible conversion is presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

Loss Per Share

Loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Common shares subject to possible redemption of 7,585,418 shares at June 30, 2014 have been excluded from the calculation of basic loss per share since such shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of (i) warrants sold in the Public Offering and Private Placement to purchase 8,522,125 shares of the Company’s common stock and (ii) 420,000 shares of common stock and warrants to purchase 420,000 common shares included in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the warrants is contingent on the occurrence of future events.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 expenses during the reporting period. Actual results could differ from those estimates. Material estimates include the Company’s estimate of the value of the unit purchase option issued to the underwriter of the Public Offering.

Income Taxes

The Company accounts for income taxes under ASC Topic 740 “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements 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.

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 October 1, 2013, the evaluation was performed for the 2013 tax year, which will be the only period subject to examination. 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.

Income Taxes, continued

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 for the six months ended June 30, 2014. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation." This ASU removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the ASU eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and stockholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. This ASU is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company has elected to adopt this ASU effective with this Quarterly Report on Form 10-Q and its adoption resulted in the removal of previously required development stage disclosures.

Subsequent Events

The Company evaluates events that have occurred after the balance sheet date of June 30, 2014 through the date which these financial statements were issued. Based upon the review, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.

Public_Offering_and_Private_Pl

Public Offering and Private Placement	6 Months Ended
Public Offering and Private Placement	Jun. 30, 2014
Public Offering and Private Placement [Abstract]	'
Public Offering and Private Placement	'
	Note 4 — Public Offering and Private Placement

	On December 23, 2013 and December 30, 2013, the Company sold 7,000,000 and 1,050,000 Units, respectively, at an offering price of $10.00 per Unit generating gross proceeds of $70,000,000 and $10,500,000, respectively, in the Offering. Each Unit consisted of one share of common stock of the Company and one Warrant to purchase one share of common stock of the Company (“Warrant”). Each Warrant entitles the holder to purchase one share of common stock at a price of $11.50 upon the Company’s completion of its initial Business Combination and expiring on December 17, 2018. 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 shares of common stock is at least $17.50 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 shares of common stock underlying such Warrants commencing five business days prior to the 30-Day Trading Period and continuing each day thereafter until the date of redemption. 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, beginning on the 91st day and 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. In the event that a registration statement is not effective at the time of 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.

	On December 23, 2013 and December 30, 2013, the Company sold 427,500 and 44,625 Units, respectively, at an offering price of $10.00 per Unit generating gross proceeds of $4,275,000 and $446,250, respectively, in the Private Placement. The Private Units are identical to the Units sold in the Offering except the warrants included in the Private Units will be 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, (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 stockholders’ rights or pre-business combination activity 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 the Company’s initial Business Combination.

	The Sponsors and purchasers of the Private Units are entitled to registration rights with respect to their initial shares and the Private Units purchased in the Private Placement. 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 (and 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 Sponsors and purchasers of the Private Units have certain “piggy-back” registration rights on registration statements filed after the Company’s consummation of a Business Combination.

	Pursuant to an agreement with the underwriters of the Offering (the “Underwriting Agreement”), the Company paid 3.25% of the gross proceeds of the Offering or $2,616,250 as underwriting discounts and commissions. The Company has further engaged the representative of the underwriters (“Representative”) as an investment banker to provide the Company with merger and acquisition services in connection with its initial Business Combination. Pursuant to this arrangement, the Representative will, if requested, advise and assist the Company in reviewing potential targets with which the Company may consummate a Business Combination as well as structuring the terms of the Business Combination and negotiating the terms of the letter of intent and/or definitive agreement relating to such Business Combination (but not for purposes of finding and/or locating potential targets for its Business Combination). If requested by the Company, the Representative will participate directly in negotiations, review marketing plans and projections of the target, analyze and advise on the financial implications of the transaction, and arrange meetings with and prepare materials for investors. The Company will pay the Representative a cash fee for such services upon the consummation of its initial Business Combination in an amount equal to $2,415,000 (representing 3.0% of the total gross proceeds raised in the Offering (exclusive of any applicable finders’ fees which might become payable)).

	In connection with the closing of the Offering, the Company has sold to the underwriter, for $100, a unit purchase option to purchase up to a total of 420,000 units exercisable at $10.00 per unit (or an aggregate exercise price of $4,200,000) commencing on the later of the consummation of a Business Combination and December 17, 2014. The unit purchase option expires on December 17, 2018. The units issuable upon exercise of this option are identical to the Units sold in the Offering. The holders of the unit purchase option have demand and “piggy back” registration rights for periods of five and seven years, respectively, from the effective date of the Public Offering, including securities directly and indirectly issuable upon exercise of the unit purchase option.

	The Company has 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 has determined that the fair value of this unit purchase option was approximately $1,402,485 (or $3.34 per Unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase option was estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free interest rate of 1.68% 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 above), 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 shares of 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.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	Note 5— Commitments and Contingencies

	Office Space

	The Company presently occupies office space provided by an affiliate of the Company’s Chief Executive Officer (the “Affiliate”). Such Affiliate has agreed that, until the Company consummates a Business Combination, it will make such office space, as well as certain office and secretarial services, available to the Company, as may be required by the Company from time to time. The Company has agreed to pay such Affiliate $10,000 per month for such services commencing on December 17, 2013. During the three and six months ended June 30, 2014 the Company has paid $30,000 and $60,000, to the aforementioned Affiliate, which is reflected in the Statement of Operations as Office Expense - Related Party.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2014
Stockholders' Equity [Abstract]	'
Stockholders' Equity	'
	Note 6 — Stockholders’ Equity

	Preferred Stock

	The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors.

	As of June 30, 2014, there are no shares of preferred stock issued or outstanding.

	Common Stock

	The Company is authorized to issue 40,000,000 shares of common stock with a par value of $0.0001 per share.

	In connection with the organization of the Company, on December 23, 2013, the Sponsors Shares, consisting of a total of 2,012,500 shares of the Company’s common stock were sold to the Sponsors at a price of approximately $0.01 per share for an aggregate of $25,000. This number included an aggregate of 262,500 shares that would have been subject to forfeiture if the over-allotment option had not been exercised in full by the underwriters. On December 23, 2013, the underwriters exercised their overallotment option and such option was fully exercised on December 30, 2013. As a result, no shares remain subject to forfeiture.

	At June 30, 2014, 2,949,207 shares of the Company’s common stock were issued and outstanding, excluding 7,585,418 shares subject to possible conversion or tender.

	The Sponsors Shares were placed into an escrow account maintained by Continental Stock Transfer and Trust Company, acting as escrow agent. Subject to certain limited expectations, these shares will not be transferable during the escrow period. Such shares will be released from escrow on the first anniversary of the closing date of the initial Business Combination, or earlier upon the occurrence of certain events.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]

Cash and Cash Equivalents

Restricted Investments and Cash Equivalents Held in Trust Account

As of June 30, 2014, investment securities held in the Trust Account consisted of $81,324,888 in United States Treasury Bills, which mature on July 17, 2014 and $484 of cash equivalents. The Company classifies its United States Treasury securities as held-to-maturity in accordance with ASC 320 “Investments – Debt and Equity Securities”. Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet and are adjusted for the accretion of discounts.

The carrying amount, gross unrealized holding gains and fair value of held-to-maturity securities at June 30, 2014 are as follows:

Carrying

Gross

Fair Value

Amount

Unrealized Holding

Gains

Held-to-maturity:

U.S. Treasury Bills

81,324,888

1,299

81,326,187

Common Stock Subject to Possible Conversion

Loss Per Share

Use of Estimates

Income Taxes

Recent Accounting Pronouncements

Subsequent Events

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Significant Accounting Policies [Abstract]

Summary of held-to-maturity securities

Carrying

Gross

Fair Value

Amount

Unrealized Holding

Gains

Held-to-maturity:

U.S. Treasury Bills

81,324,888

1,299

81,326,187

Organization_and_Plan_of_Busin1

Organization and Plan of Business Operations and Liquidity (Details) (USD $)

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

0 Months Ended

1 Months Ended

6 Months Ended

0 Months Ended

1 Months Ended

Dec. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Dec. 30, 2013

Jun. 30, 2014

Dec. 23, 2013

Dec. 30, 2013

Jun. 30, 2014

Dec. 23, 2013

Dec. 30, 2013

Common Stock [Member]

Trust Account [Member]

US Treasury Bill Securities [Member]

IPO [Member]

Private Placement [Member]

Underwriter [Member]

Organization and Plan of Business Operations (Textual)

Proceeds from offering

$67,217,475

Sale of units, number of unit sold

1,050,000

2,012,500

7,000,000

1,050,000

427,500

44,625

Proceeds from Private Placement

4,275,000

446,250

Number of shares issued

7,000,000

44,625

Sale of stock, price per share

$10

$0.01

$10.10

$10

Proceeds from over allotment and private placement transferred to trust account

81,305,000

Net proceeds from issuance of share after payment of underwriter's discount

10,158,750

105

Discount on underwriters

341,250

2,275,000

2,616,250

Sale of underwriters discount and offering costs, per share

$10

Percentage of balance of funds in Trust Account

80.00%

Payment of offering costs

46,292

507,525

Total amount of offering expenses

553,817

Maturity description

'180 days or less

Minimum net tangible assets required to proceed business combination

5,000,001

Percentage of redemption shares sold in offering from public stockholders

100.00%

Liquidation per share price to public stockholders

$10.10

Shares of common stock sold to the Sponsors

2,012,500

Cash and cash equivalents

545,155

803,613

Restricted investments and cash equivalents held in trust account

81,325,372

81,305,000

Accretion of discount on investments held in trust

($20,372)

Significant_Accounting_Policie3

Significant Accounting Policies (Details) (U.S. Treasury Bills, USD $)	6 Months Ended
	Jun. 30, 2014	Jul. 17, 2014
U.S. Treasury Bills	'	'
Summary of Investment Holdings [Line Items]	'	'
Carrying Amount	$81,324,888	$81,327,000
Gross Unrealized Holding Gains	1,299	'
Fair Value	$81,326,187	'

Significant_Accounting_Policie4

Significant Accounting Policies (Details Textual) (USD $)	0 Months Ended	6 Months Ended
Significant Accounting Policies (Details Textual) (USD $)	Jul. 17, 2014	Jun. 30, 2014
Significant Accounting Policies (Textual)	'	'
Possible redemption of common shares subject excluded from calculation of basic loss per share	'	7,585,418
Number of antidiluted shares	'	7,585,418
Payments made to purchase U.S. Treasury Bills	$81,325,893	'
Equity Option [Member]	'	'
Significant Accounting Policies (Textual)	'	'
Number of antidiluted shares	'	420,000
Warrant [Member]	'	'
Significant Accounting Policies (Textual)	'	'
Number of antidiluted shares	'	8,522,125
US Treasury Securities [Member]	'	'
Significant Accounting Policies (Textual)	'	'
Held-to-maturity securities, Carrying Amount	81,327,000	81,324,888
Held to maturity securities, cash equivalents	'	484
Held-to-maturity securities, debt maturities, Date	14-Aug-14	17-Jul-14

Public_Offering_and_Private_Pl1

Public Offering and Private Placement (Details) (USD $)	1 Months Ended	6 Months Ended		0 Months Ended	1 Months Ended	6 Months Ended			0 Months Ended	1 Months Ended
	Dec. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 23, 2013	Dec. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Dec. 23, 2013	Dec. 30, 2013
				IPO [Member]	IPO [Member]	IPO [Member]	IPO [Member]	IPO [Member]	Private Placement [Member]	Private Placement [Member]
							Warrant [Member]	Underwriter [Member]
Public Offering and Private Placement (Textual)	'	'	'	'	'	'	'	'	'	'
Sale of units, number of unit sold	1,050,000	2,012,500	'	7,000,000	1,050,000	'	'	'	427,500	44,625
Proceeds from Issuance of Private Placement	'	'	'	'	'	'	'	'	$4,275,000	$446,250
Number of units issued, price per unit	$10	'	'	$10	'	'	$11.50	'	$10	$10
Sale of unit, amount received for transaction	10,500,000	'	'	70,000,000	10,500,000	'	'	'	'	'
Sale of unit, description	'	'	'	'	'	'Each Unit consisted of one share of common stock of the Company and one Warrant to purchase one share of common stock of the Company ("Warrant").	'	'	'	'
Warrant redemption description	'	'	'	'	'	'	'Warrants at a price of $0.01 per Warrant upon 30 days' notice, only in the event that the last sale price of the shares of common stock is at least $17.50 per share for any 20 trading days within a 30-trading day period ("30-Day Trading Period")	'	'	'
Underwriters discount, description	'	'	'	'	'	'	'	'Company paid 3.25% of the gross proceeds of the Offering or $2,616,250 as underwriting discounts and commissions.	'	'
Discount on underwriters	341,250	'	'	2,275,000	'	'	'	2,616,250	'	'
Offering expenses	'	'	'	'	'	'	'	2,415,000	'	'
Underwriters fees description	'	'	'	'	'	'	'	'Cash fee for such services upon the consummation of its initial Business Combination in an amount equal to $2,415,000 (representing 3.0% of the total gross proceeds raised in the Offering	'	'
Number of stock option unit exercisesd	'	'	'	'	'	4,200,000	'	'	'	'
Number of stock option unit exercisesd, shares	'	'	'	'	'	420,000	'	'	'	'
Stock option unit exercisesd, price per shares	'	'	'	'	'	$10	'	'	'	'
Stock option expire date	'	'	'	'	'	17-Dec-18	17-Dec-18	'	'	'
Stock option fair value	'	'	'	'	'	1,402,485	'	'	'	'
Stock option fair value per share	'	'	'	'	'	$3.34	'	'	'	'
Stock option assumption fair value expected volatility rate	'	'	'	'	'	35.00%	'	'	'	'
Stock option assumption fair value expected interest rate	'	'	'	'	'	1.68%	'	'	'	'
Stock option assumption fair value expected life	'	'	'	'	'	'5 years	'	'	'	'
Sale of unit purchase option	'	'	$100	'	'	$100	'	'	'	'
Purchase Option Description	'	'	'	'	'	'The Company has 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	'	'	'	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended	6 Months Ended
Commitments and Contingencies (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2014
Commitments and Contingencies (Textual)	'	'
Office space and service expense	'	$10,000
Office expense - related party	$30,000	$60,000

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Dec. 23, 2013
Stockholders' Equity (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Sponsor [Member]
Stockholders' Equity (Textual)	'	'	'
Preferred stock, shares authorized	1,000,000	1,000,000	'
Preferred stock, par value	$0.00	$0.00	'
Preferred stock, shares issued	'	'	'
Preferred stock, shares outstanding	'	'	'
Common stock, shares authorized	40,000,000	40,000,000	'
Common stock, par value	$0.00	$0.00	'
Common stock issued to sponsors	'	'	2,012,500
Common stock issued to sponsors value	'	'	$25,000
Price per share amount	'	'	$0.01
Founder shares forfeited upon underwriters election not to exercise their over-allotment option	262,500	'	'
Common stock, shares issued	2,949,207	2,899,551	'
Common stock, shares outstanding	2,949,207	2,899,551	'
Common stock, subject to possible conversion or tender	7,585,418	7,635,074	'