Origo Acquisition (OACCF) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Nov. 30, 2015	Feb. 29, 2016	May. 31, 2015
Document And Entity Information
Entity Registrant Name	CB Pharma Acquisition Corp.
Entity Central Index Key	1,619,551
Document Type	10-K
Trading Symbol	CNLM
Document Period End Date	Nov. 30, 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 Public Float			$ 41,619,060
Entity Common Stock, Shares Outstanding		5,536,000
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Nov. 30, 2015	Nov. 30, 2014
Current assets
Cash and cash equivalents	$ 26,192	$ 100,170
Prepaid expenses and other assets	37,328
Total current assets	63,520	$ 100,170
Cash and marketable securities held in Trust Account	$ 42,873,844
Deferred offering costs associated with initial public offering		$ 136,837
Total assets	$ 42,937,364	237,007
Current Liabilities:
Accounts payable and accrued expenses	16,780	$ 20,567
Accounts payable - related party	122,715
Note payable to related party	150,000	$ 200,000
Total current liabilities	$ 289,495	$ 220,567
Commitments
Ordinary shares subject to possible conversion, $.0001 par value; 3,688,039 and -0- shares at conversion value at November 30, 2015 and 2014	$ 37,647,868
Shareholders' Equity:
Preferred shares, $.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding at November 30, 2015 and 2014
Ordinary shares, $.0001 par value; 100,000,000 shares authorized; 1,847,961 and 1,150,000 shares issued and outstanding at November 30, 2015 and 2014, respectively (excluding 3,688,039 shares subject to conversion at November 30, 2015)	$ 185	$ 115
Additional paid-in capital	5,392,341	24,885
Accumulated deficit	(392,525)	(8,560)
Total Shareholders' Equity	5,000,001	16,440
Total Liabilities and Shareholders' Equity	$ 42,937,364	$ 237,007

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 30, 2015	Nov. 30, 2014
Statement of Financial Position [Abstract]
Ordinary shares subject to conversion, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares subject to conversion	3,688,039	0
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, authorized	1,000,000	1,000,000
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	100,000,000	100,000,000
Ordinary shares, issued	1,847,961	1,150,000
Ordinary shares, outstanding	1,847,961	1,150,000

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)		3 Months Ended	12 Months Ended
		Nov. 30, 2014	Nov. 30, 2015
Income Statement [Abstract]
Formation and operating costs		$ 8,560	$ 289,009
Operating cost - related parties			123,800
Loss from operations		$ (8,560)	(412,809)
Interest income			28,844
Net loss		$ (8,560)	$ (383,965)
Basic and diluted net loss per ordinary share (in dollars per share)		$ (0.01)	$ (0.21)
Weighted average shares outstanding, basic and diluted (in shares)	[1]	1,000,000	1,786,682
[1]	(1) This number excludes an aggregate of up to 3,688,039 ordinary shares subject to possible conversion for the year ended November 30, 2015 and 150,000 ordinary shares subject to compulsory repurchase if the over-allotment was not exercised by the underwriters for the period from August 26, 2014 (inception) to November 30, 2014. (See Note 5)

STATEMENTS OF OPERATIONS (Paren

STATEMENTS OF OPERATIONS (Parenthetical) - shares	3 Months Ended	12 Months Ended
	Nov. 30, 2014	Nov. 30, 2015
Income Statement [Abstract]
Weighted average ordinary shares, subject to possible conversion	150,000	3,688,039

STATEMENT OF CHANGES IN SHAREHO

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Ordinary Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance, at beginning at Aug. 26, 2014
Balance, at beginning (in shares) at Aug. 26, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares issued to initial shareholders	$ 115	$ 24,885		$ 25,000
Ordinary shares issued to initial shareholders (in shares)	1,150,000
Net loss			$ (8,560)	(8,560)
Balance, at the ending at Nov. 30, 2014	$ 115	$ 24,885	$ (8,560)	16,440
Balance, at the ending (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	$ (369)	$ (37,647,499)		$ (37,647,868)
Ordinary shares subject to possible conversion (in shares)	(3,688,039)			3,688,039
Net loss			$ (383,965)	$ (383,965)
Balance, at the ending at Nov. 30, 2015	$ 185	$ 5,392,341	$ (392,525)	$ 5,000,001
Balance, at the ending (in shares) at Nov. 30, 2015	1,847,961

STATEMENT OF CASH FLOWS

STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended	12 Months Ended
	Nov. 30, 2014	Nov. 30, 2015
Cash Flows from Operating Activities
Net loss	$ (8,560)	$ (383,965)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest income in restricted cash and cash equivalents held in trust		(28,844)
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(37,328)
Accounts payable and accrued expenses		(3,787)
Accounts payable - related party		122,715
Net cash used in operating activities	$ (8,560)	(331,209)
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
Proceeds from note payable to related party	$ 200,000	$ 150,000
Proceeds from issuance of ordinary shares to initial shareholders	25,000
Payment of deferred offering costs	$ (116,270)
Repayment of note payable to related party		$ (200,000)
Proceeds from underwriters unit purchase option		100
Proceeds from initial public offering, net of offering costs		40,292,131
Proceeds from private placement		2,860,000
Net cash provided by financing activities	$ 108,730	43,102,231
Net increase (decrease) in cash and cash equivalents	$ 100,170	(73,978)
Cash and cash equivalents - beginning		100,170
Cash and cash equivalents - ending	$ 100,170	$ 26,192
Supplemental disclosure of noncash investing and financing activities:
Deferred offering costs included in accounts payable	$ 20,567
Value of ordinary shares subject to possible conversion		$ 37,647,868
Reclassification of deferred offering cost to additional paid-in capital		$ 136,837

Organization, Plan of Business

Organization, Plan of Business Operations	12 Months Ended
	Nov. 30, 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 is currently focusing on target businesses in North America, Europe, South America and Asia operating in the specialty pharma and generic drug industries. All activity through November 30, 2015 relates to the Company’s formation, the initial public offering (“Initial Public Offering”) as defined 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 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, generated gross proceeds of $40,000,000 (Note 3), with each Unit consisting of one ordinary share, par value $.0001 per share (“Ordinary Share”), one right (“Right”) to receive one-tenth of one Ordinary Share upon consummation of an initial Business Combination and one redeemable warrant (“Warrant”) entitling the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full share commencing on the later of the completion of an initial Business Combination or December 12, 2015. On December 24, 2014, the Company consummated the closing of the sale of 200,000 additional Units upon receiving notice of EarlyBirdCapital, Inc.’s (“EBC”), the representative of the underwriters in the Initial Public Offering election to exercise its over-allotment option, generated an additional gross proceeds of $2,000,000. 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 EBC, generating an aggregate of $2,850,000 in gross proceeds (Note 4). Following the exercise of the over-allotment, 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 on December 24, 2014, generated $10,000 in additional gross proceeds. An aggregate amount of $42,845,000 (approximately $10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering, the over-allotment, and the Private Placement Units, net of fees of approximately $1,845,000 associated with the Initial Public Offering, inclusive of $1,365,000 of underwriting fees, was placed in a trust account (“Trust Account”) and is invested in U.S. government treasury bills, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account as described below. 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 November 30, 2015, proceeds not held in Trust were approximately $26,000, which excludes interest income of approximately $29,000 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 holders of the outstanding Ordinary Shares sold in the Initial Public Offering (“Public Shareholders”) may seek to convert such shares (“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 June 12, 2016. 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, 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. As previously reported, in November 2015, the Company submitted to the board of directors of National Holdings Corporation (“National”) a non-binding proposal to acquire all the outstanding shares of common stock of National. National’s board of directors acknowledged receipt of the non-binding proposal and the parties entered into discussions with each other regarding such a transaction. The parties have since terminated these discussions due to National’s reluctance to enter into a transaction with the Company as a result of some of the restrictions and risks inherent in dealing with a publicly-traded special purpose acquisition company like the Company. As a result, we will not be proceeding with this potential transaction and will instead resume its search for other target businesses as described above .

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Nov. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 - Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). 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 November 30, 2015, cash and cash equivalents held in the Trust Account consisted of $42,873,571 in United States Treasury Bills and $273 in cash. At November 30, 2015, there was approximately $29,000 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 November 30, 2015, 3,688,039 Ordinary Shares subject to possible conversion with a conversion value of $37,647,868 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 closing of the Initial Public Offering that are directly related to the offering. Offering costs amounting to approximately $1,845,000 (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 November 30, 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 3,688,039 Ordinary Shares subject to possible conversion at November 30, 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. In addition, the potentially dilutive Ordinary Shares issuable under the convertible notes (as described in Note 5) were not considered in the computation of diluted net loss per share because they would be anti-dilutive. 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 was registered as an exempted company in the Cayman Islands, and therefore, is not subject to Cayman Islands income taxes for 20 years from the date of inception. While the Company has no intention of conducting any business activities in the United States, the Company would be subject to United States income taxes based on such activities that would occur in the United States. 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. 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 November 30, 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” In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation 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	12 Months Ended
	Nov. 30, 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, including an additional of 200,000 Units upon the exercise of the over-allotment. Each Unit consists of one Ordinary Share, $.0001 par value per share, one 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. 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	12 Months Ended
	Nov. 30, 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	12 Months Ended
	Nov. 30, 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 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. In March and October 2015, the Company issued an aggregate of $150,000 convertible promissory notes to Fortress to evidence loans made by Fortress to the Company. These loans are unsecured, non-interest bearing and payable at the consummation of a merger, share exchange, asset acquisition, or other similar Business Combination by the Company. 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 15,000 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. In February 2016, the Company issued an additional $100,000 convertible promissory note with similar terms to Fortress. 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 November 30, 2015, accounts payable to Fortress was $122,715; of which $115,000 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	12 Months Ended
	Nov. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 - Commitments and Contingencies Underwriting Agreement On December 12, 2014, the Company entered into an agreement with EBC (“Underwriting Agreement”). Pursuant to the Underwriting Agreement, the Company paid an underwriting discount of 3.25% of the gross proceeds of the Initial Public Offering ($1,365,000) upon the closing of the Initial Public Offering. 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 and the purchasers of the Private Placement Units are entitled to registration rights with respect to the Initial Shares, the Private Placement Units (and underlying securities) and any securities that may be issued to them upon conversion of working capital loans, 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) and any securities issued upon conversion of working capital loans 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	12 Months Ended
	Nov. 30, 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 November 30, 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. As of November 30, 2015, the Company has issued an aggregate of 5,536,000 Ordinary Shares. Of the 5,536,000 Ordinary Shares, an aggregate of 3,688,039 Ordinary Shares subject to possible conversion classified as temporary equity in the accompanying Balance Sheet.

Income Taxes

Income Taxes	12 Months Ended
	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes The Company’s net deferred tax assets are as follows: As of November 30, 2015 2014 Deferred tax assets: Net operating loss carryovers $ 153,057 $ 3,338 Total deferred tax assets 153,057 3,338 Valuation allowance (153,057 ) (3,338 ) Deferred tax assets, net of allowance $ - $ - The income tax provision (benefit) consists of the following: As of November 30, 2015 2014 Federal Current $ - $ - Deferred (133,434 ) (2,910 ) State Current - - Deferred (19,623 ) (428 ) Valuation allowance (153,057 ) (3,338 ) Income tax provision (benefit) $ - $ - As of November 30, 2015, the Company had U.S. federal and state net operating loss carryovers (“NOLs”) of approximately $384,000 available to offset future taxable income. These NOLs expire beginning in 2035. In accordance with Section 382 of the Internal Revenue Code, deductibility of the Company’s NOLs may be subject to an annual limitation in the event of a change of control as defined under the regulations. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, Management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the period ended November 30, 2015 the valuation allowance was $153,057. A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: As of November 30, 2015 2014 Statutory federal income tax rate (34.0 )% (34.0 )% State taxes, net of federal benefit (5.0 )% (5.0 )% Change in valuation allowance 39.0 % 39.0 % Income tax provision (benefit) 0.0 % 0.0 % The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions and is subject to examination by the various taxing authorities. The Company considers New York to be a significant state tax jurisdiction. The Company's federal, state and local income taxes for the years beginning in 2014 remain subject to examination.

Subsequent Event

Subsequent Event	12 Months Ended
	Nov. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Note 9 – Subsequent Event In February 2016, the Company issued a $100,000 convertible promissory note to Fortress, a related party. 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 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 established in connection with the Initial Public Offering.

Significant Accounting Polici17

Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
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.
Cash and Marketable Securities Held in Trust Account	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 November 30, 2015, cash and cash equivalents held in the Trust Account consisted of $42,873,571 in United States Treasury Bills and $273 in cash. At November 30, 2015, there was approximately $29,000 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 November 30, 2015, 3,688,039 Ordinary Shares subject to possible conversion with a conversion value of $37,647,868 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 closing of the Initial Public Offering that are directly related to the offering. Offering costs amounting to approximately $1,845,000 (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 November 30, 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 3,688,039 Ordinary Shares subject to possible conversion at November 30, 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. In addition, the potentially dilutive Ordinary Shares issuable under the convertible notes (as described in Note 5) were not considered in the computation of diluted net loss per share because they would be anti-dilutive.
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 was registered as an exempted company in the Cayman Islands, and therefore, is not subject to Cayman Islands income taxes for 20 years from the date of inception. While the Company has no intention of conducting any business activities in the United States, the Company would be subject to United States income taxes based on such activities that would occur in the United States. 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. 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 November 30, 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” In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation 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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Schdule of deferred tax assets	The Company’s net deferred tax assets are as follows: As of November 30, 2015 2014 Deferred tax assets: Net operating loss carryovers $ 153,057 $ 3,338 Total deferred tax assets 153,057 3,338 Valuation allowance (153,057 ) (3,338 ) Deferred tax assets, net of allowance $ - $ -
Schedule of income tax provision (benefit)	The income tax provision (benefit) consists of the following: As of November 30, 2015 2014 Federal Current $ - $ - Deferred (133,434 ) (2,910 ) State Current - - Deferred (19,623 ) (428 ) Valuation allowance (153,057 ) (3,338 ) Income tax provision (benefit) $ - $ -
Schedule of reconciliation of the statutory federal income tax rate to effective tax rate	A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: As of November 30, 2015 2014 Statutory federal income tax rate (34.0 )% (34.0 )% State taxes, net of federal benefit (5.0 )% (5.0 )% Change in valuation allowance 39.0 % 39.0 % Income tax provision (benefit) 0.0 % 0.0 %

Organization, Plan of Busines19

Organization, Plan of Business Operations (Details Narrative) - USD ($)	Dec. 12, 2015	Dec. 31, 2014	Dec. 24, 2014	Dec. 17, 2014	Nov. 30, 2014	Nov. 30, 2015
Net proceeds from issuance initial public offering						$ 40,292,131
Proceeds from issuance of private placement						2,860,000
Net proceeds from sale of units held in trust, amount						$ 42,845,000
Net proceeds from sale of units held in trust, price per unit (in dollars per share)						$ 10.20
Proceeds not held in trust						$ 26,000
Interest income						28,844
Offering costs						1,845,000
Underwriting fees						1,365,000
Fortress Biotech [Member]
Debt instrument, convertible, maximum amount						$ 500,000
Conversion price (in dollars per share)						$ 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 (in shares)						1,050,000
Early Bird Capital [Member]
Number of additional shares issued (in shares)			200,000
Proceeds from issuance of additional private placement			$ 2,000,000
Initial Public Offering [Member]
Number of shares issued if converted (in shares)		4,200,000		4,000,000
Number of shares issued price per unit (in dollars per share)		$ 10		$ 10
Net proceeds from issuance initial public offering		$ 42,000,000		$ 40,000,000
Description of conversion feature	Each Unit consisting of one ordinary share, par value $.0001 per share (“Ordinary Share”), one right (“Right”) to receive one-tenth of one Ordinary Share upon consummation of an initial Business Combination and one redeemable warrant (“Warrant”) entitling the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full share.
Investment warrants, exercise price (in dollars per share)	$ 11.50	$ 11.50
Private Placement [Member]
Number of shares issued if converted (in shares)						285,000
Number of shares issued price per unit (in dollars per share)						$ 10
Proceeds from issuance of private placement						$ 2,850,000
Private Placement [Member] | Fortress Biotech [Member]
Number of shares issued if converted (in shares)						265,000
Number of shares issued price per unit (in dollars per share)						$ 10
Private Placement [Member] | Early Bird Capital [Member]
Number of shares issued if converted (in shares)						20,000
Number of shares issued price per unit (in dollars per share)			$ 10			$ 10
Proceeds from issuance of private placement						$ 2,850,000
Number of additional shares issued (in shares)			1,000			1,000
Proceeds from issuance of additional private placement			$ 10,000			$ 10,000

Significant Accounting Polici20

Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Nov. 30, 2014	Nov. 30, 2015
Accounting Policies [Abstract]
Cash and cash equivalents held in the trust account		$ 42,873,571
Cash		273
Interest income		$ 28,844
Ordinary shares subject to possible conversion (in shares)		3,688,039
Ordinary shares subject to possible conversion, value		$ 37,647,868
Offering costs		1,845,000
Underwriting fees		1,365,000
Cash, FDIC insured amount		$ 250,000
Antidilutive securities excluded from computation of earnings per share, amount		3,688,039
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
Number of years for exempted income taxes		20 years
Description of income tax holiday		Cayman Islands income taxes for 20 years from the date of inception.

Initial Public Offering (Detail

Initial Public Offering (Details Narrative) - USD ($)	Dec. 12, 2015	Dec. 31, 2014	Dec. 17, 2014	Nov. 30, 2014	Nov. 30, 2015
Initial Public Offering [Line Items]
Net proceeds from issuance initial public offering					$ 40,292,131
Initial Public Offering [Member]
Initial Public Offering [Line Items]
Number of shares issued if converted (in shares)		4,200,000	4,000,000
Ordinary share par value (in dollars per share)		$ 0.0001
Number of shares issued price per unit (in dollars per share)		$ 10	$ 10
Net proceeds from issuance initial public offering		$ 42,000,000	$ 40,000,000
Description of unit issued		Each Unit consists of one Ordinary Share, $.0001 par value per share, one 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. 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 (in dollars per share)	$ 11.50	$ 11.50
Redemption price of warrants		0.01
Warrants, redeemable, threshold of stock price (in dollars per share)		$ 24
Warrants, redeemable, threshold trading days		20 days

Private Placement (Details Narr

Private Placement (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 24, 2014	Nov. 30, 2014	Nov. 30, 2015
Proceeds from issuance of private placement			$ 2,860,000
Early Bird Capital [Member]
Number of additional shares issued (in shares)	200,000
Proceeds from issuance of additional private placement	$ 2,000,000
Private Placement [Member]
Number of shares issued if converted (in shares)			285,000
Number of shares issued price per unit (in dollars per share)			$ 10
Proceeds from issuance of private placement			$ 2,850,000
Private Placement [Member] | Fortress Biotech [Member]
Number of shares issued if converted (in shares)			265,000
Number of shares issued price per unit (in dollars per share)			$ 10
Private Placement [Member] | Early Bird Capital [Member]
Number of shares issued if converted (in shares)			20,000
Number of shares issued price per unit (in dollars per share)	$ 10		$ 10
Proceeds from issuance of private placement			$ 2,850,000
Number of additional shares issued (in 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 ($)	Jan. 05, 2015	Dec. 12, 2014	Feb. 29, 2016	Oct. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 18, 2014	Aug. 31, 2014	Nov. 30, 2014	Nov. 30, 2015
Convertible promisssory note									$ 25,000
Ordinary shares, subject to possible conversion (in shares)									150,000	3,688,039
Fortress Biotech [Member]
Unsecured promissory note							$ 200,000
General and administrative services		$ 10,000
Accrued service fee										$ 115,000
Payment made to related party										122,715
Repaid to related party invoices						$ 502				$ 7,715
Fortress Biotech [Member] | Convertible Promissory Note [Member]
Number of shares issued if converted (in shares)				15,000	15,000
Convertible promisssory note				$ 150,000	$ 150,000
Stock issued if converted price per unit (in dollars per share)				$ 10	$ 10
Fortress Biotech [Member] | Convertible Promissory Note [Member] | Subsequent Event [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
Convertible promisssory note							$ 2,000,000
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 dollars per share)								$ 0.01
Percentage of ordinary shares, issued and outstanding								20.00%
Description of initial shares								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	Nov. 30, 2015
Underwriting fees		$ 1,365,000
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
Underwriting Agreement [Member]
Underwriting discount	3.25%
Cash fee related to business combination	4.00%
Underwriting fees	$ 1,365,000
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) - $ / shares	Nov. 30, 2015	Nov. 30, 2014
Stockholders' Equity Note [Abstract]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Agreegate share of ordinary and temporary equity, issued	5,536,000
Ordinary shares subject to conversion	3,688,039	0
Ordinary shares, issued	1,847,961	1,150,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Nov. 30, 2015	Nov. 30, 2014
Deferred tax assets:
Net operating loss carryovers	$ 153,057	$ 3,338
Total deferred tax assets	153,057	3,338
Valuation allowance	$ (153,057)	$ (3,338)
Deferred tax assets, net of allowance

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Federal
Current
Deferred	$ (133,434)	$ (2,910)
State
Current
Deferred	$ (19,623)	$ (428)
Valuation allowance	$ (153,057)	$ (3,338)
Income tax provision (benefit)

Income Taxes (Details 2)

Income Taxes (Details 2)	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	(34.00%)	(34.00%)
State taxes, net of federal benefit	(5.00%)	(5.00%)
Change in valuation allowance	39.00%	39.00%
Income tax provision (benefit)	0.00%	0.00%

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 384,000
Operating loss carryforwards expiration date	Dec. 1, 2035
Valuation allowance amount	$ (153,057)	$ (3,338)

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) - USD ($)	1 Months Ended			3 Months Ended
	Feb. 29, 2016	Oct. 31, 2015	Mar. 31, 2015	Nov. 30, 2014
Subsequent Event [Line Items]
Convertible promisssory note				$ 25,000
Fortress Biotech [Member] | Convertible Promissory Note [Member]
Subsequent Event [Line Items]
Number of shares issued if converted (in shares)		15,000	15,000
Convertible promisssory note		$ 150,000	$ 150,000
Stock issued if converted price per unit (in dollars per share)		$ 10	$ 10
Subsequent Event [Member] | Fortress Biotech [Member] | Convertible Promissory Note [Member]
Subsequent Event [Line Items]
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