Origo Acquisition (OACCF) 10-Q 14 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2015	Oct. 14, 2015
Document And Entity Information
Entity Registrant Name	CB Pharma Acquisition Corp.
Entity Central Index Key	1,619,551
Document Type	10-Q
Document Period End Date	Aug. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,536,000
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	cnlm

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Aug. 31, 2015	Nov. 30, 2014
Current assets
Cash and cash equivalents	$ 37,656	$ 100,170
Prepaid expenses and other assets	65,871
Total current assets	103,527	$ 100,170
Cash and marketable securities held in Trust Account	$ 42,868,699
Deferred offering costs associated with initial public offering		$ 136,837
Total assets	$ 42,972,226	237,007
Current Liabilities:
Accounts payable and accrued expenses	28,069	$ 20,567
Accounts payable - related party	92,715
Note payable to related party	100,000	$ 200,000
Total current liabilities	$ 220,784	$ 220,567
Commitments
Ordinary shares subject to possible conversion, $.0001 par value; 3,698,656 and -0- shares at conversion value at August 31, 2015 and November 30, 2014	$ 37,751,440
Shareholders' Equity:
Preferred shares, $.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding at August 31, 2015 and November 30, 2014
Ordinary shares, $.0001 par value; 100,000,000 shares authorized; 1,837,344 and 1,150,000 shares issued and outstanding at August 31, 2015 and November 30, 2014 (excluding 3,698,656 shares subject to conversion at August 31, 2015 )	$ 184	$ 115
Additional paid-in capital	5,288,770	24,885
Accumulated deficit	(288,952)	(8,560)
Total Shareholders' Equity	5,000,002	16,440
Total Liabilities and Shareholders' Equity	$ 42,972,226	$ 237,007

Condensed Balance Sheets (Unau3

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 31, 2015	Nov. 30, 2014
Statement of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, conversion value of shares	3,698,656	0
Preferred stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Ordinary shares, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, shares issued	1,837,344	1,150,000
Ordinary shares shares outstanding	1,837,344	1,150,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)		3 Months Ended	9 Months Ended
		Aug. 31, 2015	Aug. 31, 2015
Income Statement [Abstract]
Formation and operating costs		$ 98,142	$ 219,091
Operating cost - related parties		30,000	85,000
Loss from operations		(128,142)	(304,091)
Interest income		4,204	23,699
Net loss		$ (123,938)	$ (280,392)
Basic and diluted net loss per ordinary share (in dollars per share)		$ (0.07)	$ (0.16)
Weighted average shares outstanding, basic and diluted (in shares)	[1]	1,824,974	1,769,817
[1]	For the three and nine months ended August 31, 2015, weighted average shares outstanding excludes 3,698,656 shares subject to possible conversion

Condensed Statements of Operat5

Condensed Statements of Operations (Unaudited) (Parenthetical) - shares	3 Months Ended	9 Months Ended
	Aug. 31, 2015	Aug. 31, 2015
Income Statement [Abstract]
Weighted average ordinary shares, subject to possible conversion	3,698,656	3,698,656

Condensed Statement of Changes

Condensed Statement of Changes in Shareholders' Equity (Unaudited) - 9 months ended Aug. 31, 2015 - USD ($)	Ordinary Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance, at beginning at Nov. 30, 2014	$ 115	$ 24,885	$ (8,560)	$ 16,440
Balance, at beginning (in shares) at Nov. 30, 2014	1,150,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of units, net of underwriters' discounts and offering cost	$ 420	40,154,874		40,155,294
Sale of units, net of underwriters' discounts and offering cost (in shares)	4,200,000
Sale of units to Fortress and EarlyBirdCapital	$ 29	2,859,971		2,860,000
Sale of units to Fortress and EarlyBirdCapital (in shares)	286,000
Sale of unit purchase option		100		$ 100
Compulsory repurchase of ordinary shares	$ (10)	10
Compulsory repurchase of ordinary shares (in shares)	(100,000)
Ordinary shares subject to possible conversion	$ (370)	$ (37,751,070)		$ 37,751,440
Ordinary shares subject to possible conversion (in shares)	(3,698,656)			3,698,656
Net loss			$ (280,392)	$ (280,392)
Balance, at the end at Aug. 31, 2015	$ 184	$ 5,288,770	$ (288,952)	$ 5,000,002
Balance, at the end (in shares) at Aug. 31, 2015	1,837,344

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited)	9 Months Ended
	Aug. 31, 2015USD ($)
Cash Flows from Operating Activities
Net loss	$ (280,392)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest income in restricted cash and cash equivalents held in trust	(23,699)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(65,871)
Accounts payable and accrued expenses	7,502
Accounts payable - related party	92,715
Net Cash Used in Operating Activities	(269,745)
Cash Flows from Investing Activities
Principal deposited in trust account	(42,845,000)
Net cash used in investing activities	(42,845,000)
Cash Flows from Financing Activities
Repayment of note payable to related party	(200,000)
Proceeds from note payable to related party	100,000
Proceeds from underwriters unit purchase option	100
Proceeds from initial public offering, net of costs	40,292,131
Proceeds from private placement	2,860,000
Net Cash Provided by Financing Activities	43,052,231
Net decrease in cash and cash equivalents	(62,514)
Cash and cash equivalents - beginning	100,170
Cash and cash equivalents - ending	37,656
Supplemental disclosure of noncash investing and financing activities:
Value of ordinary shares subject to possible conversion	37,751,440
Reclassification of deferred offering cost to additional paid-in capital	$ 136,837

Organization, Plan of Business

Organization, Plan of Business Operations	9 Months Ended
	Aug. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Plan of Business Operations	Note 1 - Organization, Plan of Business Operations CB Pharma Acquisition Corp. (the “Company”) was incorporated in the Cayman Islands on August 26, 2014 as a blank check company whose objective is to acquire, through a merger, share exchange, asset acquisition, share 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 a particular industry or geographic region of the world although the Company initially intends to focus on target businesses in North America, Europe, South America and Asia operating in the specialty pharma and generic drug industries. All activity through August 31, 2015 relates to the Company’s formation, the initial public offering described below and a search for a Business Combination candidate. On December 12, 2014, the Company changed its fiscal year end from December 31 to November 30. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. The registration statement for the Company’s initial public offering (“Initial Public Offering”) was declared effective on December 12, 2014. The Company consummated the Initial Public Offering of 4,000,000 units (“Units”) at $10.00 per unit on December 17, 2014, generating gross proceeds of $40,000,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 285,000 units (“Private Placement Units”) at a price of $10.00 per unit, of which 265,000 Private Placement Units were sold to Fortress Biotech, Inc. (“Fortress”), formerly known as Coronado Biosciences, Inc., an affiliate of the Company’s executive officers and the holder of a majority of the Company’s Ordinary Shares prior to the Initial Public Offering, and 20,000 Private Placement Units were sold to EarlyBirdCapital, Inc. (“EBC”), the representative of the underwriters in the Initial Public Offering, generating gross proceeds of $2,850,000, which is described in Note 4. Following the closing of the Initial Public Offering on December 17, 2014, an amount of $40,900,000 ($10.225 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Units, net of fees associated with the Initial Public Offering was placed in a Trust Account (“Trust Account”) and will be invested in U.S. government treasury bills, bonds or notes with a maturity of 180 days or less or in money market funds selected by the Company meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 of the Investment Company Act of 1940, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account as described below. On December 18, 2014, EBC notified the Company of its election to exercise its over-allotment option to the extent of 200,000 additional Units. The issuance of the additional Units closed on December 24, 2014 at $10.00 per unit, generating total gross proceeds of $2,000,000. Following the closing of the over-allotment an additional $1,945,000 of net proceeds was placed in the Trust Account, resulting in an aggregate of $42,845,000 (approximately $10.20 per Unit) held in Trust. On December 24, 2014, the Company also consummated a simultaneous private placement of an additional 1,000 Private Placement Units at a price of $10.00 per unit to EBC, generating gross proceeds of $10,000. Transaction costs amounted to approximately $1,844,000, inclusive of $1,365,000 of underwriting fees. In addition, $407,000 of cash was available to fund operations and held outside of the Trust Account of which $200,000 was used to reimburse Fortress for its unsecured promissory note on December 18, 2014, as described in Note 5. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement, although substantially all of the net proceeds are intended to be applied to consummating a Business Combination. Fortress has agreed that it will 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, Fortress 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, (i) interest income earned on the funds in the Trust Account may be released to the Company to pay its income or other tax obligations and (ii) any remaining interest earned on the funds in the Trust Account may be released to the Company for its working capital requirements. With these exceptions, expenses incurred by the Company may be paid prior to a Business Combination only from the net proceeds of the Initial Public Offering not held in the Trust Account; provided, however, that in order to meet its working capital needs following the consummation of the Initial Public Offering, the Company’s shareholders prior to the Initial Public Offering (“Initial Shareholders”), officers and directors or their affiliates (including Fortress) 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 $500,000 of the notes may be converted upon consummation of the Company’s Business Combination into additional Private Placement Units at a price of $10.00 per unit. If the Company does not complete a Business Combination, the loans would not be repaid. At August 31, 2015, proceeds not held in Trust were approximately $38,000, which excludes interest income of approximately $24,000 from the Company’s investments in Trust. The Company will either seek shareholder approval of any Business Combination at a meeting called for such purpose at which public shareholders may seek to convert their public 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, or provide public shareholders with the opportunity to sell their public 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 taxes 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 shareholder approval is sought, a majority of the outstanding Ordinary Shares of the Company voted, are voted in favor of the Business Combination. Notwithstanding the foregoing, a public shareholder, 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 30% or more of the Ordinary Shares sold in the Initial Public Offering. Accordingly, all shares purchased by a holder in excess of 30% of the shares sold in the Initial Public Offering will not be converted to cash. In connection with any shareholder vote required to approve any Business Combination, the Initial Shareholders have agreed (i) to vote any of their respective shares, including the 1,050,000 Ordinary Shares sold to the Initial Shareholders in connection with the organization of the Company (the “Initial Shares”), in favor of the initial Business Combination and (ii) 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. The Company’s Memorandum and Articles of Association provides that the Company will continue in existence only until 18 months from the closing of the Initial Public Offering. If the Company has not completed a Business Combination by such date, it will trigger the automatic liquidation of the Trust Account and the voluntary liquidation of the Company. If the Company is forced to liquidate prior to a Business Combination, holders of the outstanding Ordinary Shares sold in the Initial Public Offering (“Public Shareholders”) are entitled to share ratably in the Trust Account, including any interest, and any net assets remaining available for distribution to them after payment of liabilities. The Initial Shareholders have agreed to waive their rights to share in any distribution with respect to their initial shares. On January 5, 2015, the Company was informed by EBC, that the holders of the Company’s units will be able to separately trade on NASDAQ the Ordinary Shares, rights and redeemable warrants included in such units commencing on January 7, 2015.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 - Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to rules and regulations of the Securities and Exchange Commission. 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 months and nine months ended August 31, 2015 are not necessarily indicative of the results that may be expected for the year ending November 30, 2015. For further information refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the period from August 26, 2014 through November 30, 2014, filed with Securities and Exchange Commission on February 27, 2015. The Company had minimal activity for the period from August 26, 2014 (inception) through August 31, 2014. Accordingly, the condensed statements of operations and condensed statements of cash flow for the comparative period from August 26, 2014 (inception) through August 31, 2014 are not presented. Emerging Growth Company 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 of 1933, as amended (“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 an 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. 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. Cash and Marketable Securities Held in Trust Account The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public 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 August 31, 2015, cash and cash equivalents held in the Trust Account consisted of $42,868,426 in United States Treasury Bills and $273 in cash. At August 31, 2015, there was approximately $24,000 of interest income held in the Trust Account available to be released to the Company. Ordinary Shares Subject to Possible Conversion The Company accounts for its Ordinary Shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary Shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Ordinary Shares (including Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Ordinary Shares are classified as shareholders’ equity. The Company’s Ordinary Shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at August 31, 2015, 3,698,656 Ordinary Shares subject to possible conversion with a conversion value of $37,751,440 are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Offering Costs Offering costs consist principally of legal, accounting and underwriting costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounting to $1,844,706 (including $1,365,000 in underwriters’ fees) were charged to shareholder’s equity upon completion of the Initial Public Offering. Concentration of Credit Risk 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. At August 31, 2015, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Net Loss per Share Loss per share is computed by dividing net loss by the weighted-average number of Ordinary Shares outstanding during the period. An aggregate of 3,698,656 Ordinary Shares subject to possible redemption at August 31, 2015, have been excluded from the calculation of basic loss per ordinary share since such Ordinary 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 2,243,000 Ordinary Shares of the Company, (ii) rights to acquire 448,600 Ordinary Shares of the Company and (iii) 400,000 Ordinary Shares, warrants to purchase 200,000 Ordinary Shares and rights to acquire 40,000 Ordinary Shares included in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the unit purchase option and warrants as well as the conversion of rights is contingent on the occurrence of future events. Use of Estimates The preparation of financial statements in conformity with U.S. 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 expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company accounts for income taxes under ASC Topic 740 “Income Taxes”. 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. 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 derecoginition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company determined that the Cayman Islands is its only major tax jurisdiction. 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 August 26, 2014, the evaluation was performed for the 2014 tax year, which will be the only period subject to examination upon filing of appropriate tax returns. 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 changes to its financial position. 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 August 31, 2015. 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 On February 18, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-2, Consolidation (Topic 820): Amendments to the Consolidation Analysis In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company will adopt the methodologies prescribed by ASU 2014-15 by the date required, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718). The ASU clarifies how entities should treat performance targets that can be achieved after the requisite service period of a share-based payment award. The accounting standard is effective for interim and annual periods beginning after December 15, 2015. The Company is currently in the process of evaluating the impact of the guidance on its financial position, results of operation, and cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Initial Public Offering

Initial Public Offering	9 Months Ended
	Aug. 31, 2015
Equity [Abstract]
Initial Public Offering	Note 3 - Initial Public Offering In December 2014, the Company consummated the Initial Public Offering of 4,200,000 of its units (“Units”). Each Unit consists of one ordinary share, $.0001 par value per share (“Ordinary Share”), one right (“Right”) to receive one-tenth of one Ordinary Share upon consummation of the Company’s initial Business Combination and one warrant entitling the holder to purchase one-half of one Ordinary Share (“Warrant”). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $42,000,000. Each Warrant entitles the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full Ordinary Share commencing on the later of the Company’s completion of its initial Business Combination or December 12, 2015, and expiring five years from the completion of the Company’s initial Business Combination. The Company will not issue fractional shares. As a result, investors must exercise Warrants in multiples of two Warrants in whole and not in part, at a price of $11.50 per full share, subject to adjustment, to validly exercise the Warrants. 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 Ordinary Shares is at least $24.00 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 Ordinary Shares 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 issued in the Initial Public 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. Additionally, in no event will the Company be required to net cash settle the Rights. If an initial Business Combination is not consummated, the Rights and Warrants will expire and will be worthless.

Private Placement

Private Placement	9 Months Ended
	Aug. 31, 2015
Equity [Abstract]
Private Placement	Note 4 - Private Placement Simultaneously with the consummation of the Initial Public Offering, the Company consummated the Private Placement of 285,000 Private Placement Units at a price of $10.00 per Private Placement Unit, generating total proceeds of $2,850,000. Of the Private Placement Units, 265,000 were purchased by Fortress, an affiliate of the Company’s executive officers and the holder of a majority of the Company’s Ordinary Shares prior to the Initial Public Offering, and 20,000 were purchased by EBC, the representative of the underwriters of the Initial Public Offering. The Company consummated the sale of an additional 1,000 Private Placement Units to EBC upon consummation of the over-allotment option, generating total proceeds of $10,000. The Private Placement Units are identical to the Units sold in the Initial Public Offering, except the warrants included in the Private Placement Units will be non-redeemable, may be exercised on a cashless basis and may be exercisable for unregistered Ordinary Shares if the prospectus relating to the Ordinary Shares issuable upon exercise of the Warrants is not current and effective, in each case so long as they continue to be held by the initial purchasers or their permitted transferees. The holders of the Private Placement Units have agreed (A) to vote the Ordinary Shares included in the Private Placement Units (“Private Shares”) in favor of any initial Business Combination, (B) not to propose, or vote in favor of, an amendment to the Company’s amended and restated memorandum and articles of association 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 shareholders with the opportunity to convert their public shares into the right to receive cash from the Company’s Trust Account in connection with any such vote, (C) not to convert any Private Shares into the right to receive cash from the Trust Account in connection with a shareholder vote to approve the Company’s initial Business Combination or a vote to amend the provisions of the Company’s amended and restated memorandum and articles of association relating to shareholders’ rights or pre-Business Combination activity and (D) that such Private Shares shall not participate in any liquidating distribution upon winding up if a Business Combination is not consummated within the required time period. Additionally, the purchasers have agreed not to transfer, assign or sell any of the Private Placement Units (except to certain permitted transferees) until the completion of the Company’s initial Business Combination.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Aug. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 5 - Related Party Transactions Initial Shares In August 2014, the Company issued 1,150,000 Initial Shares to the Initial Shareholders for an aggregate purchase price of $25,000. The Initial Shares included an aggregate of up to 150,000 shares subject to compulsory repurchase for an aggregate purchase price of $0.01 to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20.0% of issued and outstanding shares after the Initial Public Offering (excluding the sale of the Private Placement Units). On December 18, 2014, EBC notified the Company that it had elected to exercise a portion of the over-allotment option for 200,000 additional units at $10.00 per unit for an additional $2,000,000, The partial exercise resulted in a reduction of 50,000 Ordinary Shares subject to compulsory repurchase resulting in a total of 100,000 Ordinary Shares being compulsory repurchased on January 5, 2015. The Initial Shares are identical to the Ordinary Shares included in the Units sold in the Initial Public Offering. However, the Initial Shareholders have agreed (A) to vote their Initial Shares (as well as any shares acquired after the Initial Public Offering) in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, an amendment to the amended and restated memorandum and articles of association with respect to pre-Business Combination activities prior to the consummation of such a Business Combination unless the Company provides dissenting public shareholders with the opportunity to convert their public shares into the right to receive cash from the Trust Account in connection with any such vote, (C) not to convert any Initial Shares (as well as any other shares acquired after the Initial Public Offering) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a 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 amended and restated memorandum and articles of association relating to shareholders’ rights or pre-Business Combination activity and (D) that the Initial Shares shall not participate in any liquidating distribution upon winding up if a Business Combination is not consummated. Additionally, the Initial Shareholders have agreed not to transfer, assign or sell any of the Initial Shares (except to certain permitted transferees) until (1) with respect to 50% of the Initial Shares, the earlier of one year after the date of the consummation of initial Business Combination and the date on which the closing price of Ordinary Shares 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 initial Business Combination and (2) with respect to the remaining 50% of the Initial Shares, one year after the date of the consummation of initial Business Combination, or earlier, in either case, if, subsequent to initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of shareholders having the right to exchange their Ordinary Shares for cash, securities or other property. Promissory Notes The Company issued a $200,000 principal amount unsecured promissory note to Fortress. The note was non-interest bearing and became due and payable on the consummation of the Initial Public Offering. Due to the short-term nature of the note, the fair value of the note approximated the carrying amount. The Company repaid this note on December 18, 2014 from the proceeds received upon closing of the Initial Public Offering On March 19, 2015, the Company issued a $100,000 convertible promissory note to Fortress to evidence a loan made by Fortress to the Company. The loan is unsecured, non-interest bearing and is payable at the consummation by the Company of a merger, share exchange, asset acquisition, or other similar Business Combination. Upon consummation of a Business Combination, the principal balance of the note may be converted, at the holder’s option, to units at a price of $10.00 per unit. The terms of the units will be identical to the units issued by the Company in the Private Placement. If the holder converts the entire principal balance of the convertible promissory note, it would receive 10,000 units. If a Business Combination is not consummated, the note will not be repaid by the Company and all amounts owed thereunder by the Company will be forgiven except to the extent that the Company had funds available to it outside of its Trust Account. Administrative Service Fee The Company, commencing on December 12, 2014, has agreed to pay Fortress a monthly fee of $10,000 for general and administrative services. However, pursuant to the terms of such agreement, the Company may delay payment of such monthly fee upon a determination by the Company’s audit committee that the Company lacks sufficient funds held outside the Trust Account to pay actual or anticipated expenses in connection with an initial Business Combination. Any such unpaid amount will accrue without interest and either is due and payable no later than the date of the consummation of an initial Business Combination, or, at Fortress’s option, treated as working capital loans and will be convertible into additional Private Placement Units. As of August 31, 2015, accounts payable to Fortress was $92,715; of which $85,000 represents the accrued service fee and $7,715 represents invoices of the Company paid by Fortress. Additionally, invoices totaling $502 which are no longer included in this balance were repaid to Fortress by the Company in December 2014.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Aug. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 - Commitments and Contingencies On December 12, 2014, the Company entered into an agreement with EBC (“Underwriting Agreement”). The Underwriting Agreement required the Company to pay an underwriting discount of 3.25% of the gross proceeds of the Initial Public Offering as an underwriting discount. The Company has further engaged EBC to assist the Company with its initial Business Combination. Pursuant to this arrangement, the Company anticipates that the underwriter will assist the Company in holding meetings with shareholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities, assist the Company in obtaining shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay EBC a cash fee of 4% of the gross proceeds of the Initial Public Offering for such services upon the consummation of its initial Business Combination (exclusive of any applicable finders’ fees which might become payable). Purchase Option The Company sold to EBC, for $100, a unit purchase option to purchase up to a total of 400,000 units exercisable at $11.00 per unit (or an aggregate exercise price of $4,400,000) commencing on the later of the consummation of a Business Combination and December 12, 2015. The unit purchase option expires on December 12, 2019. The units issuable upon exercise of this option are identical to the Units being offered in the Initial Public Offering. Accordingly, after the Business Combination, the purchase option will be to purchase 440,000 Ordinary Shares (which include 40,000 Ordinary Shares to be issued for the rights included in the units) and 400,000 Warrants to purchase 200,000 Ordinary Shares. 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 the effective date of the Initial Public Offering, including securities directly and indirectly issuable upon exercise of the unit purchase option. 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 Initial Public Offering resulting in a charge directly to shareholders’ equity. The Company estimated that the fair value of this unit purchase option is approximately $2,920,000 (or $7.30 per unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase option granted to the EBC is estimated as of the date of grant using the following assumptions: (1) expected volatility of 99.10%, (2) risk-free interest rate of 1.53% 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 Ordinary Shares) 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. Registration Rights The Initial Shareholders are entitled to registration rights with respect to their initial shares and the purchasers of the Private Placement Units are entitled to registration rights with respect to the Private Placement Units (and underlying securities), pursuant to an agreement dated December 12, 2014. 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 Placement 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.

Shareholder Equity

Shareholder Equity	9 Months Ended
	Aug. 31, 2015
Stockholders' Equity Note [Abstract]
Shareholder Equity	Note 7 – Shareholder Equity Preferred Shares The Company is authorized to issue 1,000,000 preferred shares 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 August 31, 2015, there are no preferred shares issued or outstanding. Ordinary Shares The Company is authorized to issue 100,000,000 Ordinary Shares with a par value of $0.0001 per share. In connection with the organization of the Company, on August 26, 2014, 1,150,000 Ordinary Shares were sold to the Initial Shareholders at a price of approximately $0.01 per share for an aggregate of $25,000. This number included an aggregate of up to 150,000 shares that were subject to compulsory repurchase if the over-allotment option is not exercised by the underwriters. On December 18, 2014, EBC notified the Company that it had elected to exercise a portion of the over-allotment option for 200,000 additional units of the Company at $10.00 per unit for an additional $2,000,000, The partial exercise resulted in a reduction of 50,000 Ordinary Shares subject to compulsory repurchase resulting in a total of 100,000 Ordinary Shares being compulsory repurchased on January 5, 2015. All of the Initial Shares have been placed in escrow with Continental Stock Transfer & Trust Company, as escrow agent, until (1) with respect to 50% of the Initial shares, the earlier of one year after the date of the consummation of an initial Business Combination and the date on which the closing price of the Company’s Ordinary Shares 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 initial Business Combination and (2) with respect to the remaining 50% of the Initial Shares, one year 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 shareholders having the right to exchange their shares for cash, securities or other property. In connection with the Initial Public Offering, 4,000,000 Ordinary Shares, included in the Units, were sold at a price of $10.00 per unit for an aggregate of $40,000,000. An additional 286,000 Ordinary Shares included in the Private Placement Units were sold at a price of $10.00 per Unit for an aggregate of $2,860,000 related to the Private Placement.

Subsequent Events

Subsequent Events	9 Months Ended
	Aug. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 8 - Subsequent Events In October 2015, the Company issued a $50,000 convertible promissory note to a related party (“Lender”). The note is non-interest bearing, payable upon the consummation of a Business Combination, and convertible, at the holder’s option, into units at a price of $10.00 per unit. The terms of the units will be identical to the units issued by the Company in the Private Placement. If the Lender converts the entire principal balance of the convertible promissory note, it would receive 5,000 units. If a Business Combination is not consummated, the note will not be repaid by the Company and all amounts owed thereunder by the Company will be forgiven except to the extent that the Company had funds available to it outside of its trust account established in connection with the initial public offering.

Significant Accounting Polici16

Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to rules and regulations of the Securities and Exchange Commission. 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 months and nine months ended August 31, 2015 are not necessarily indicative of the results that may be expected for the year ending November 30, 2015. For further information refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the period from August 26, 2014 through November 30, 2014, filed with Securities and Exchange Commission on February 27, 2015. The Company had minimal activity for the period from August 26, 2014 (inception) through August 31, 2014. Accordingly, the condensed statements of operations and condensed statements of cash flow for the comparative period from August 26, 2014 (inception) through August 31, 2014 are not presented.
Emerging Growth Company	Emerging Growth Company 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 of 1933, as amended (“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 an 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.
Cash and Cash Equivalents	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.
Restricted Cash	Cash and Marketable Securities Held in Trust Account The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public 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 August 31, 2015, cash and cash equivalents held in the Trust Account consisted of $42,868,426 in United States Treasury Bills and $273 in cash. At August 31, 2015, there was approximately $24,000 of interest income held in the Trust Account available to be released to the Company.
Ordinary Shares Subject to Possible Conversion	Ordinary Shares Subject to Possible Conversion The Company accounts for its Ordinary Shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary Shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Ordinary Shares (including Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Ordinary Shares are classified as shareholders’ equity. The Company’s Ordinary Shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at August 31, 2015, 3,698,656 Ordinary Shares subject to possible conversion with a conversion value of $37,751,440 are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Offering Costs	Offering Costs Offering costs consist principally of legal, accounting and underwriting costs incurred through the balance sheet date that are directly related to the Initial Public Offering. Offering costs amounting to $1,844,706 (including $1,365,000 in underwriters’ fees) were charged to shareholder’s equity upon completion of the Initial Public Offering.
Concentration of Credit Risk	Concentration of Credit Risk 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. At August 31, 2015, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.
Net Loss per Share	Net Loss per Share Loss per share is computed by dividing net loss by the weighted-average number of Ordinary Shares outstanding during the period. An aggregate of 3,698,656 Ordinary Shares subject to possible redemption at August 31, 2015, have been excluded from the calculation of basic loss per ordinary share since such Ordinary 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 2,243,000 Ordinary Shares of the Company, (ii) rights to acquire 448,600 Ordinary Shares of the Company and (iii) 400,000 Ordinary Shares, warrants to purchase 200,000 Ordinary Shares and rights to acquire 40,000 Ordinary Shares included in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the unit purchase option and warrants as well as the conversion of rights is contingent on the occurrence of future events.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. 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 expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes The Company accounts for income taxes under ASC Topic 740 “Income Taxes”. 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. 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 derecoginition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company determined that the Cayman Islands is its only major tax jurisdiction. 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 August 26, 2014, the evaluation was performed for the 2014 tax year, which will be the only period subject to examination upon filing of appropriate tax returns. 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 changes to its financial position. 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 August 31, 2015. 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	Recent Accounting Pronouncements On February 18, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-2, Consolidation (Topic 820): Amendments to the Consolidation Analysis In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company will adopt the methodologies prescribed by ASU 2014-15 by the date required, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718). The ASU clarifies how entities should treat performance targets that can be achieved after the requisite service period of a share-based payment award. The accounting standard is effective for interim and annual periods beginning after December 15, 2015. The Company is currently in the process of evaluating the impact of the guidance on its financial position, results of operation, and cash flows. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Organization, Plan of Busines17

Organization, Plan of Business Operations (Details Narrative) - USD ($)	1 Months Ended				3 Months Ended	9 Months Ended
	Dec. 31, 2014	Dec. 24, 2014	Dec. 18, 2014	Dec. 17, 2014	Aug. 31, 2015	Aug. 31, 2015	Nov. 30, 2014	Aug. 26, 2014
Proceeds from issuance						$ 40,292,131
Proceeds from issuance of private placement						2,860,000
Net proceeds from sale of units, amount				$ 40,900,000
Net proceeds from sale of units, price per unit				$ 10.225
Assets held-in-trust			$ 42,845,000
Units, held in trust, price per unit			$ 10.20
Payments of stock issuance costs			$ 1,844,000
Payments of underwriting fees, included in payment of stock issuance costs			1,365,000
Cash and cash equivalents, at carrying value			407,000		$ 37,656	37,656	$ 100,170
Repayments of related party debt			$ 200,000			200,000
Proceeds not held in trust					38,000	38,000
Interest income					$ 4,204	$ 23,699
Ordinary shares sold to the initial shareholders, shares								1,150,000
IPO [Member]
Unit issued during period, shares, new issues	4,200,000			4,000,000		4,200,000
Unit issued during period, price per unit	$ 10			$ 10		$ 10
Proceeds from issuance	$ 42,000,000			$ 40,000,000		$ 42,000,000
Private Placement [Member]
Unit issued during period, shares, new issues						286,000
Unit issued during period, price per unit						$ 10
Proceeds from issuance of private placement						$ 2,860,000
Over-Allotment Option [Member]
Unit issued during period, shares, new issues			200,000
Unit issued during period, price per unit			$ 10
Proceeds from issuance			$ 2,000,000
Net proceeds from sale of units, amount			$ 1,945,000
Fortress Biotech [Member]
Debt instrument, convertible, terms of conversion feature			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 $500,000 of the notes may be converted upon consummation of the Company’s Business Combination into additional Private Placement Units at a price of $10.00 per unit.
Debt instrument, convertible, maximum amount			$ 500,000
Debt instrument, convertible, conversion price			$ 10
Minimum amount of net tangible assets for business combination			$ 5,000,001
Restricted percentage of shares for conversion of initial public offering to cash			30.00%
Ordinary shares sold to the initial shareholders, shares			1,050,000
Fortress Biotech [Member] | Private Placement [Member]
Unit issued during period, shares, new issues						265,000
Unit issued during period, price per unit						$ 10
Proceeds from issuance of private placement						$ 2,650,000
Early Bird Capital [Member] | Private Placement [Member]
Unit issued during period, shares, new issues						20,000
Unit issued during period, price per unit		$ 10				$ 10
Proceeds from issuance of private placement						$ 200,000
Unit issued during period, additional ,shares		1,000				1,000
Proceeds from issuance of additional private placement		$ 10,000				$ 10,000

Significant Accounting Polici18

Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Aug. 31, 2015	Aug. 31, 2015	Nov. 30, 2014
Accounting Policies [Abstract]
Cash and cash equivalents held in the trust account	$ 42,868,426	$ 42,868,426
Cash	273	273
Interest income	$ 4,204	$ 23,699
Weighted average ordinary shares, subject to possible conversion	3,698,656	3,698,656
Ordinary shares subject to possible conversion		3,698,656
Ordinary shares subject to possible conversion, value	$ 37,751,440	$ 37,751,440
Offering costs		1,844,706
Underwriters fees included in offering costs		1,365,000
Cash, FDIC insured amount	$ 250,000	$ 250,000
Ordinary Shares subject to possible conversion		3,698,656
Warrants sold in the public offering and private placement to purchase ordinary shares		2,243,000
Right to acquire of ordinary shares		448,600
Ordinary shares, included in the purchase option sold to the underwriter		400,000
Ordinary shares, warrants to purchase, included in the purchase option sold to the underwriter		200,000
Right to acquire ordinary shares, included in the purchase option sold to the underwriter		40,000

Initial Public Offering (Detail

Initial Public Offering (Details Narrative) - USD ($)	1 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 17, 2014	Aug. 31, 2015
Initial Public Offering [Line Items]
Proceeds from issuance initial public offering			$ 40,292,131
IPO [Member]
Initial Public Offering [Line Items]
Unit issued during period, shares, new issues	4,200,000	4,000,000	4,200,000
Ordinary share par value per share	$ 0.0001
Unit issued during period, price per unit	$ 10	$ 10	$ 10
Proceeds from issuance initial public offering	$ 42,000,000	$ 40,000,000	$ 42,000,000
Description of unit issued	Each Unit consists of one ordinary share, $.0001 par value per share (“Ordinary Share”), one right (“Right”) to receive one-tenth of one Ordinary Share upon consummation of the Company’s initial Business Combination and one warrant entitling the holder to purchase one-half of one Ordinary Share (“Warrant”). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $42,000,000. Each Warrant entitles the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full Ordinary Share commencing on the later of the Company’s completion of its initial Business Combination or December 12, 2015, and expiring five years from the completion of the Company’s initial Business Combination.
Investment warrants, exercise price	$ 11.50
Redemption price of warrants	0.01
Warrants, redeemable, threshold of stock price	$ 24
Warrants, redeemable, threshold trading days	20 days

Private Placement (Details Narr

Private Placement (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Dec. 24, 2014	Aug. 31, 2015
Proceeds from issuance of private placement		$ 2,860,000
Private Placement [Member]
Unit issued during period, shares, new issues		286,000
Unit issued during period, price per unit		$ 10
Proceeds from issuance of private placement		$ 2,860,000
Private Placement [Member] | Fortress Biotech [Member]
Unit issued during period, shares, new issues		265,000
Unit issued during period, price per unit		$ 10
Proceeds from issuance of private placement		$ 2,650,000
Private Placement [Member] | Early Bird Capital [Member]
Unit issued during period, shares, new issues		20,000
Unit issued during period, price per unit	$ 10	$ 10
Proceeds from issuance of private placement		$ 200,000
Unit issued during period, additional ,shares	1,000	1,000
Proceeds from issuance of additional private placement	$ 10,000	$ 10,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Mar. 19, 2015	Jan. 05, 2015	Dec. 12, 2014	Dec. 31, 2014	Dec. 18, 2014	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2015
Ordinary shares, subject to possible conversion (in shares)							3,698,656	3,698,656
Proceeds from issuance of private placement								$ 2,860,000
Fortress Biotech [Member]
Unsecured promissory note					$ 200,000
General and administrative services			$ 10,000
Accrued service fee								85,000
Payment made to related party								$ 7,715
Repaid to related party invoices				$ 502
Fortress Biotech [Member] | Convertible Promissory Note [Member]
Number of shares issued if converted (in shares)	10,000
Convertible promisssory note	$ 100,000
Stock issued if converted price per unit (in dollars per share)	$ 10
Over-Allotment Option [Member]
Number of shares issued if converted (in shares)					200,000
Stock issued if converted price per unit (in dollars per share)					$ 10
Initial Shares [Member]
Number of shares issued if converted (in shares)						1,150,000
Convertible promisssory note						$ 25,000
Ordinary shares, subject to possible conversion (in shares)		50,000				150,000
Ordinary shares being compulsory repurchased, total (in shares)		100,000
Ordinary shares subject to repurchase, purchase price per share (in dollare per share)						$ 0.01
Ordinary shares, issued and outstanding, percentage						20.00%
Initial shares description						The Initial Shareholders have agreed not to transfer, assign or sell any of the Initial Shares (except to certain permitted transferees) until (1) with respect to 50% of the Initial Shares, the earlier of one year after the date of the consummation of initial Business Combination and the date on which the closing price of Ordinary Shares 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 initial Business Combination and (2) with respect to the remaining 50% of the Initial Shares, one year after the date of the consummation of initial Business Combination, or earlier, in either case, if, subsequent to initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	Dec. 12, 2014	Aug. 31, 2015
Underwriting discount	3.25%
Cash fee related to business combination	4.00%
Right to acquire of ordinary shares (in shares)		448,600
Ordinary Shares Options to Purchase (in shares)		400,000
Ordinary shares warrants to purchase (in shares)		200,000
Fair value of the unit purchase option cash receipt		$ 100
Ordinary shares right issued (in shares)		40,000
Expense of the Initial Public Offering		$ 100
Estimated fair value of unit purchase option		$ 2,920,000
Estimated fair value of unit purchase option (in dollars per share)		$ 7.30
Expected volatility		99.10%
Risk-free interest rate		1.53%
Expected life		5 years
Early Bird Capital [Member]
Unit purchase option issued during period, shares,new issue	400,000
Unit purchase option exercise price per unit	$ 11
Aggregate exercise price	$ 4,400,000
Expiration date	Dec. 12, 2019
Right to acquire of ordinary shares (in shares)	40,000
Ordinary Shares Options to Purchase (in shares)	400,000
Ordinary shares warrants to purchase (in shares)	200,000

Shareholder Equity (Details Nar

Shareholder Equity (Details Narrative) - USD ($)	Jan. 05, 2015	Dec. 31, 2014	Dec. 18, 2014	Dec. 17, 2014	Aug. 31, 2015	Nov. 30, 2014	Aug. 26, 2014
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					1,000,000	1,000,000
Preferred stock, par or stated value per share (in dollars per share)					$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)					0	0
Preferred stock, shares outstanding (in shares)					0	0
Ordinary shares, shares authorized (in shares)					100,000,000	100,000,000
Ordinary shares, par or stated value per share (in dollars per share)					$ 0.0001	$ 0.0001
Ordinary shares sold to the initial shareholders, shares (in shares)							1,150,000
Ordinary shares sold to the initial shareholders, price per share (in dollars per share)							$ 0.01
Ordinary shares sold to the initial shareholders, amount							$ 25,000
Aggregate shares subject to repurchase (in shares)							150,000
Reduction of ordinary shares (in shares)	50,000
Compulsory repurchase of ordinary shares (in shares)	100,000
Escrow agent description					Escrow agent, until (1) with respect to 50% of the Initial shares, the earlier of one year after the date of the consummation of an initial Business Combination and the date on which the closing price of the Company’s Ordinary Shares 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 initial Business Combination and (2) with respect to the remaining 50% of the Initial Shares, one year 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 shareholders having the right to exchange their shares for cash, securities or other property.
Proceeds from issuance initial public offering					$ 40,292,131
Proceeds from issuance of private placement					$ 2,860,000
Over-Allotment Option [Member]
Class of Stock [Line Items]
Unit issued during period, shares, new issues			200,000
Unit issued during period, price per unit			$ 10
Proceeds from issuance initial public offering			$ 2,000,000
IPO [Member]
Class of Stock [Line Items]
Unit issued during period, shares, new issues		4,200,000		4,000,000	4,200,000
Unit issued during period, price per unit		$ 10		$ 10	$ 10
Proceeds from issuance initial public offering		$ 42,000,000		$ 40,000,000	$ 42,000,000
Private Placement [Member]
Class of Stock [Line Items]
Unit issued during period, shares, new issues					286,000
Unit issued during period, price per unit					$ 10
Proceeds from issuance of private placement					$ 2,860,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - Convertible Promissory Note [Member] - Lender Member]	1 Months Ended
	Oct. 31, 2015USD ($)$ / sharesshares
Number of shares issued if converted (in shares) | shares	5,000
Convertible promisssory note	$ 50,000
Stock issued if converted price per unit (in dollars per share) | $ / shares	$ 10