| Organization, Plan of Business Operations | Note 1 - Organization, Plan of Business Operations Origo Acquisition Corporation,
formerly known as 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 Companys effort to identify a prospective target business is not limited to a particular industry or geographic region
of the world. All activity through May
31, 2016 relates to the Companys 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 Companys 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 million (Note 3). 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 million. 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 Companys
former executive officers and the holder of a majority of the Companys Ordinary Shares prior to the Initial Public Offering,
and 20,000 Private Placement Units were sold to EBC, generating an aggregate of $2.85 million 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, generating $10,000 in additional gross proceeds. On June 10, 2016, the
Company held an extraordinary general meeting of shareholders (the Meeting). At the Meeting, the shareholders approved
each of the following items: (i) an amendment to the Companys Amended and Restated Memorandum and Articles of Association
(the Charter) to extend the date by which the Company has to consummate a business combination (the Extension)
from June 12, 2016 to December 12, 2016, (ii) an amendment to the Charter to allow the holders of the Companys ordinary
shares issued in the Companys Initial Public Offering to elect to convert their public shares into their pro rata portion
of the funds held in the Trust Account, as defined below, if the Extension is approved, and (iii) to change the Companys
name from CB Pharma Acquisition Corp. to Origo Acquisition Corporation. Under Cayman Islands law, the
amendments to the Charter took effect upon their approval. Accordingly, the Company now has until December 12, 2016 to consummate
an initial Business Combination. Effective as of June 10,
2016, (i) each of Lindsay A. Rosenwald, Michael Weiss, George Avgerinos, Adam J. Chill, Arthur A. Kornbluth and Neil Herskowitz
resigned from his position as an officer and/or director of the Company and (ii) Edward J. Fred and Jose M. Aldeanueva were appointed
as Chief Executive Officer and President and Chief Financial Officer, Secretary and Treasurer, respectively, of the Company and
Edward J. Fred, Jose M. Aldeanueva, Stephen Pudles, Jeffrey J. Gutovich and Barry Rodgers became directors of the Company. The Companys
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. An aggregate amount of
approximately $42.85 million (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 $1.84 million associated with the Initial
Public Offering, inclusive of approximately $1.37 million of underwriting fees, was placed in a trust account (Trust Account)
immediately after the sales and invested in U.S. government treasury bills. At the Meeting, shareholders
holding 1,054,401 public shares exercised their right to convert such public shares into a pro rata portion of the Trust Account.
As a result, an aggregate of approximately $10.76 million (or approximately $10.20 per share) were removed from the Trust Account
to pay such holders. Because the Extension amendment was approved, as indicated in the Companys proxy statement relating
to the Meeting, the new management of the Company provided a loan to the Company of $0.20 for each public share that was not converted.
Accordingly, an aggregate of approximately $629,120 was provided to the Company as a loan and deposited in the Trust Account. As
a result, the Company currently has approximately $32.8 million in Trust Account, and the conversion amount per share in any subsequent
Business Combination or liquidation will be approximately $10.40 per share. The Companys new
Chief Executive Officer has agreed that he will be personally 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, such officer 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 Companys shareholders prior to the Initial Public Offering,
including their subsequent transferees (collectively the 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 Companys initial Business Combination, without interest, or, at the lenders discretion,
up to $500,000 of the notes may be converted upon consummation of the Companys 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 May 31, 2016, the Company has approximately $42,000 in cash and cash equivalents held outside Trust Account, which excludes
interest income available to the Company for working capital purpose of approximately $94,000 from the Companys 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 issued 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. If the Company has not
completed a Business Combination by December 12, 2016, pursuant to the amended Charter, 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. Liquidity As of May 31, 2016, the
Company had a balance of cash and cash equivalents of approximately $42,000. Through May 31, 2016, the Company's liquidity needs
were satisfied through receipt of approximately $407,000 from the sale of the Units held outside of the Trust Account and loans
in an aggregate of $325,000 from an Initial Shareholder, which were evidenced by convertible promissory notes. Of the $407,000
initially held outside of the Trust Account, $200,000 were used to repay other amounts previously loaned to the Company by such
Initial Shareholder prior to the Offering. In addition to these convertible notes, such Initial Shareholder paid for professional
services provided to the Company for $7,715 and had deferred payment of their administrative service fee of $175,000 through May
2016. On May 20, 2016, such Initial Shareholder agreed to forgive the deferred administrative service fee, which was recorded as
capital contribution in the accompanying unaudited condensed financial statements The Company intends to use
substantially all of the net proceeds of the Initial Public Offering, including the funds held in the Trust Account, to acquire
a target business or businesses and to pay for expenses relating thereto, upon consummation of the initial Business Combination.
To the extent that the Company's capital stock is used in whole or in part as consideration to affect the initial Business Combination,
the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital
to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing
or expanding the target business' operations, for strategic acquisitions and for marketing, research and development of existing
or new products. Such funds could also be used to repay any operating expenses or finders' fees which the Company had incurred
prior to the completion of the initial Business Combination if the funds available to us outside of the Trust Account were insufficient
to cover such expenses. In June 2016, the new management
loaned the Company $1 million, of which $370,880 was provided for the Companys working capital needs (see Note 8). Based
on the foregoing, management believes that the Company will have sufficient working capital to meet the Company's needs through
the earlier of consummation of a Business Combination or December 12, 2016. Over this time period, the Company will be using these
funds for paying existing accounts payable, identifying and evaluating prospective acquisition candidates, performing business
due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target
businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business
to acquire and structuring, negotiating and consummating the Business Combination. |
