Arowana (ARWA) 10-Q 19 Jan 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Nov. 30, 2015	Jan. 19, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Arowana Inc.
Entity Central Index Key	1,622,577
Amendment Flag	false
Current Fiscal Year End Date	--02-28
Document Type	10-Q
Document Period End Date	Nov. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		10,859,000

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Nov. 30, 2015	Feb. 28, 2015
Current Assets:
Cash and cash equivalents	$ 44,171	$ 29,319
Prepaid expenses	52,688
Total Current Assets	$ 96,859	$ 29,319
Deferred offering costs associated with public offering		$ 127,876
Marketable securities held in trust	$ 84,438,202
Total Assets	84,535,061	$ 157,195
Current Liabilities:
Accounts payable and accrued expenses	$ 44,964
Note payable - related party		$ 171,306
Total Current Liabilities	$ 44,964	$ 171,306
Commitments
Ordinary shares, subject to possible conversion (7,794,789 shares at conversion value)	$ 79,490,092
Shareholders' Equity (Deficit):
Preferred shares, $0.0001 par value; 1,000,000 authorized none issued and outstanding
Ordinary shares, $0.0001 par value; 100,000,000 shares authorized; 3,064,211 issued and outstanding at November 30, 2015 (excluding 7,794,789 shares subject to possible conversion) and 2,070,000 shares issued and outstanding at February 28, 2015	$ 306	$ 207
Additional paid in capital	5,372,739	24,793
Accumulated deficit	(373,040)	(39,111)
Total Shareholders' Equity (Deficit)	5,000,005	(14,111)
Total Liabilities and Shareholders' Equity (Deficit)	$ 84,535,061	$ 157,195

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Nov. 30, 2015	Feb. 28, 2015
Statement of Financial Position [Abstract]
Common stock, shares conversion	$ 7,794,789
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock issued, shares	3,064,211	2,070,000
Common stock outstanding, shares	3,064,211	2,070,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	2 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2015
EXPENSES
Operating costs	$ 5,673	$ 115,725	$ 345,203
TOTAL EXPENSES	$ (5,673)	(115,725)	(345,203)
Unrealized loss on securities held in Trust Account		(17,798)	(17,798)
Interest income		845	29,072
Net loss	$ (5,673)	$ (132,678)	$ (333,929)
Net loss per ordinary share - basic and diluted	$ 0	$ (0.04)	$ (0.12)
Weighted average ordinary shares outstanding - basic and diluted	1,800,000	3,055,454	2,754,596

Condensed Statement of Changes

Condensed Statement of Changes in Shareholders' Equity (Unaudited) - 9 months ended Nov. 30, 2015 - USD ($)	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Deficit
Balance at Feb. 28, 2015	$ (14,111)	$ 207	$ 24,793	$ (39,111)
Balance, Shares at Feb. 28, 2015		2,070,000
Sale of 8,280,000 units	82,800,000	$ 828	82,799,172
Sale of 8,280,000 units, Shares		8,280,000
Underwriters discount and offering expenses	(3,051,863)		(3,051,863)
Sale of 509,000 private units	5,090,000	$ 51	5,089,949
Sale of 509,000 private units, Shares		509,000
Ordinary shares subject to possible conversion	(79,490,092)	$ (780)	(79,489,312)
Ordinary shares subject to possible conversion, Shares		(7,794,789)
Net loss	(333,929)			(333,929)
Balance at Nov. 30, 2015	$ 5,000,005	$ 306	$ 5,372,739	$ (373,040)
Balance, Shares at Nov. 30, 2015		3,064,211

Condensed Statement of Changes6

Condensed Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical)	9 Months Ended
	Nov. 30, 2015shares
Statement of Stockholders' Equity [Abstract]
Sale of units	8,280,000
Sale of private units	509,000

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($)	2 Months Ended	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2015
Cash Flows From Operating Activities:
Net loss	$ (5,673)	$ (333,929)
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized loss on securities held in Trust Account		17,798
Interest earned on cash and securities held in Trust Account		$ (29,072)
Formation and organization costs paid by related party	$ 5,000
Changes in operating assets and liabilities:
Prepaid expenses		$ (52,688)
Accounts payable and accrued expenses	$ 478	44,965
Net cash used in operating activities	$ (195)	(352,926)
Cash Flows From Investing Activities:
Proceeds from maturity of securities held in Trust Account		84,485,000
Purchases of securities held in Trust Account		(168,911,928)
Net cash used in investing activities		(84,426,928)
Cash Flows From Financing Activities:
Proceeds from public offering, net of offering costs		80,021,186
Proceeds from insider units		$ 5,090,000
Proceeds from issuance of ordinary shares to initial shareholder	$ 25,000
Proceeds from related party advances		$ 139,190
Repayment of related party advances		$ (139,190)
Proceeds from note payable - related party	$ 5,000
Repayment of related party note payable		$ (171,306)
Payments of deferred offering costs		(145,174)
Net cash provided by financing activities	$ 30,000	84,794,706
Net Change in Cash and Cash Equivalents	$ 29,805	14,852
Cash and Cash Equivalents - Beginning		29,319
Cash and Cash Equivalents - Ending	$ 29,805	44,171
Supplemental disclosure of non-cash investing and financing activities:
Ordinary shares subject to possible conversion		$ 79,490,092
Payments of deferred offering costs by related party	$ 125,465
Reclassification of deferred offering costs to share issuance costs		$ 273,050

Organization and Plan of Busine

Organization and Plan of Business Operations, Liquidity and Going Concern	9 Months Ended
	Nov. 30, 2015
Organization and Plan of Business Operations, Liquidity and Going Concern [Abstract]
Organization and Plan of Business Operations, Liquidity and Going Concern	Note 1 - Organization and Plan of Business Operations, Liquidity and Going Concern Arowana Inc. (the “Company”) was incorporated in the Cayman Islands on October 1, 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”). At November 30, 2015, the Company had not yet commenced any operations. All activity for three and nine months ended November 30, 2015 relates to the Company’s formation, public offering (as described below), search for a business combination target and general and administrative expenses. The registration statement for the Company’s initial public offering was declared effective on April 30, 2015. The Company consummated a public offering of 7,200,000 units (“Units”) on May 6, 2015 (the “Offering”), received gross proceeds of $72,000,000 and net proceeds of $69,545,186 after deducting $2,454,814 of transaction costs. Each Unit consists of one ordinary share (“Public Share”) in the Company, one right (“Right”) and one redeemable warrant (“Warrant”). In addition, the Company generated proceeds of $4,550,000 from the private placement of 455,000 Units (the “Private Placement”) to certain initial shareholders of the Company. The Units sold pursuant to the Offering and the Private Placement were sold at an offering price of $10.00 per Unit. The Company also granted EarlyBirdCapital, Inc. (“EarlyBird”), the representative of the underwriters in the Offering, an over-allotment option to purchase an additional 1,080,000 Units. On May 12, 2015, the Company consummated the closing of the full over-allotment option to purchase the additional 1,080,000 Units. The Units sold pursuant to the over-allotment option were sold at an offering price of $10.00 per Unit, generating gross proceeds of $10,800,000 and net proceeds of $10,476,000. In a private sale that took place simultaneously with the consummation of the exercise of the over-allotment option, the Company’s initial shareholders prior to the Offering and their affiliates purchased an additional 54,000 Private Placement Units at $10.00 per Private Placement Unit generating gross proceeds of $540,000. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Offering and Private Placement, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination. The Company’s Units are listed on the Nasdaq Capital Market (“NASDAQ”). Pursuant to the NASDAQ listing rules, the Company’s initial Business Combination must be with a target business or businesses whose collective fair market value is at least equal to 80% of the balance in the trust account at the time of the execution of a definitive agreement for such Business Combination, although this may entail simultaneous acquisitions of several target businesses. There is no assurance that the Company will be able to effect a Business Combination successfully. Following the closing of the Offering, the Private Placement and the exercise of the over-allotment options, an amount of $84,456,000 or $10.20 per share sold in the Offering including shares sold in the overallotment is being held in a trust account (“Trust Account”) and may be invested in money market funds meeting the applicable conditions of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries or United States bonds, treasuries or notes having a maturity of 180 days or less. The funds placed into the Trust Account may not be released until the earlier of (i) the consummation of the Company’s initial Business Combination and (ii) the Company’s failure to consummate a Business Combination within the prescribed time. 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. However, the interest earned on the Trust Account balance may be released to the Company (i) to pay any tax obligations and (ii) any remaining interest earned on the funds in the Trust Account that the Company needs for its working capital requirements. Placing funds in the Trust Account may not protect those funds from third party claims against the Company. Although the Company will seek to have all vendors, service providers, prospective target businesses or other entities it engages, execute agreements with the Company waiving any claim of any kind in or to any monies held in the Trust Account, there is no guarantee that such persons will execute such agreements. The Company will either seek shareholder approval of any Business Combination at a meeting called for such purpose at which the holders of shares included in Units sold in the Offering (“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 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 20% or more of the ordinary shares sold in the Offering. Accordingly, all shares purchased by a holder in excess of 20% of the shares sold in the Offering will not be converted to cash. In connection with any shareholder vote required to approve any Business Combination, the holders of the founders shares and shares purchased in the Private Placement (collectively, the “Initial Shareholders”) have agreed (i) to vote any of their respective shares, including the 2,070,000 ordinary shares sold to the Initial Shareholders in connection with the organization of the Company (the “Initial Shares”), 509,000 units sold in the Private Placement (“Private Units”), and any ordinary shares which were initially issued in connection with the Offering, whether acquired in or after the effective date of the Offering, in favor of the initial Business Combination and (ii) not to convert such 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. Pursuant to the Company’s Memorandum and Articles of Association, if the Company is unable to complete its initial Business Combination within 18 months from the closing of the Offering, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding Public Shares and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining holders of ordinary shares and the Company’s board of directors, dissolve and liquidate. If the Company is unable to consummate an initial Business Combination and is forced to redeem 100% of the outstanding Public Shares for a pro rata portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account and not released to the Company to pay any of its taxes and working capital requirements. Holders of Rights (see Note 3) and Warrants (see Note 3) will receive no proceeds in connection with the liquidation. The Initial Shareholders will not participate in any redemption distribution with respect to their Initial Shares and Private Units, including the ordinary shares included in the Private Units. If the Company is unable to complete its initial Business Combination and expends all of the net proceeds of the Offering not deposited in the Trust Account, without taking into account any interest earned on the Trust Account, the Company expects that the initial per-share redemption price for ordinary shares will be $10.20. The proceeds deposited in the Trust Account could, however, become subject to claims of the Company’s creditors that are in preference to the claims of the Company’s shareholders. In addition, if the Company is forced to file a bankruptcy case or an involuntary bankruptcy case is filed against it that is not dismissed, the proceeds held in the Trust Account could be subject to applicable bankruptcy law, and may be included in its bankruptcy estate and subject to the claims of third parties with priority over the claims of the Company’s ordinary shareholders. Therefore, the actual per-share redemption price may be less than $10.20. Kevin Chin, the Chairman and Chief Executive Officer of the Company, has contractually agreed pursuant to a written agreement with the Company that, if the Company liquidates the Trust Account prior to the consummation of a business combination, he will be personally liable to ensure that the proceeds in the Liquidity and Going Concern As of November 30, 2015, the Company had working capital of $51,895, cash of $44,171 in its operating bank accounts and $84,438,202 in marketable securities held in the Trust Account to be used for an initial Business Combination or to convert its ordinary shares. As of November 30, 2015, none of the amount on deposit in the Trust Account was available to be withdrawn as described above. Until consummation of its initial Business Combination, the Company will be using the funds not held in the Trust Account, plus the interest earned on the Trust Account balance (net of income, and other tax obligations) that may be released to the Company to fund its working capital requirements, for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination. The Company will need to raise additional capital through loans or additional investments from its shareholders, officers, directors, or third parties. None of the shareholders, officers or directors are under any obligation to advance funds to, or to invest in, the Company. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of its business plan, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Nov. 30, 2015
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 - Significant Accounting Policies Basis of presentation The Company’s unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and the instructions to Form 10-Q. 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. The Company has evaluated subsequent events through the issuance of this Form 10-Q. Operating results for the quarter ended November 30, 2015 are not necessarily indicative of the results that may be expected for the year ending February 29, 2016 or any other period. The accompanying unaudited condensed interim financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s prospectus filed with the Securities and Exchange Commission on May 1, 2015. 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. Marketable securities held in Trust Account The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public Offering of $84,456,000 which were invested in United States Treasury Bills (“U.S. treasury bills”) with original maturities of six months or less 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. On November 19, 2015, upon maturity of these U.S. treasury bills, the Company received proceeds of $84,485,000 yielding interest of $29,072 which was released to the Company’s operating account. On November 19, 2015, the Company purchased $84,560,000 face value of U.S. treasury bills, maturing on May 12, 2016, for $84,455,928. As of November 30, 2015, marketable securities held in the Trust Account had a fair value of $84,438,202. At November 30, 2015, there was no interest income held in the Trust Account available to be released to the Company. Fair value of financial instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. Net loss per ordinary share The Company complies with accounting and disclosure requirements of ASC 260, “Earnings Per Share.” Net loss per ordinary share is computed by dividing net loss applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period. There were 7,794,789 ordinary shares subject to possible conversion at November 30, 2015, which were excluded from the calculation of basic loss per ordinary share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of (i) warrants sold in the Initial Public Offering to purchase 4,140,000 ordinary shares of the Company, (ii) warrants sold in the Private Units to purchase 254,500 ordinary shares of the Company, and (iii) rights to acquire 878,900 shares of the Company resulting from the Offering and Private Placement, in the calculation of diluted loss per share, since the exercise of the warrants and conversion of the rights is contingent on the occurrence of future events. In addition, the Company has not considered the effect of the unit purchase option to purchase up to a total of 720,000 units consisting of 792,000 ordinary shares (which include 72,000 ordinary shares to be issued for the rights included in the units) and 720,000 Warrants to purchase 360,000 ordinary shares, 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. For the period from October 1, 2014 through November 30, 2014, weighted average shares was reduced for the effect of an aggregate of 270,000 ordinary shares that are subject to compulsory repurchase by the Company if the over-allotment option is not exercised by the underwriters. Ordinary shares subject to possible conversion The Company accounts for its ordinary shares subject to possible conversion in accordance with the guidance enumerated in ASC 480 “Distinguishing Liabilities from Equity”. Ordinary shares subject to mandatory conversion are classified as a liability instrument and are measured at fair value. Conditionally convertible ordinary shares (including common shares that feature conversion rights that are either within the control of the holder or subject to conversion upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain conversion rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly at November 30, 2015, the ordinary shares subject to possible conversion are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. 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. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Income Taxes The Company accounts for income taxes under ASC Topic 740 “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryovers. 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. The income tax provision was deemed to be immaterial as of November 30, 2015. 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 de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company determined that the Cayman Islands and Australia are its only major tax jurisdictions. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements as of November 30, 2015. Since the Company was incorporated on October 1, 2014, the evaluation was performed for the 2014 tax year, which will be the only period subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in 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 or during the period from March 1, 2015 through 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. Related Parties The Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, the related parties include: (a.) affiliates of the Company (“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act); (b.) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c.) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d.) principal owners of the Company; (e.) management of the Company; (f.) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g.) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a.) the nature of the relationship(s) involved; (b.) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c.) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d.) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. Subsequent Events The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued for potential recognition or disclosure. Any material events that occur between the balance sheet date and the date that the financial statements were issued are disclosed as subsequent events, while the financial statements are adjusted to reflect any conditions that existed at the balance sheet date. Recent Accounting Pronouncements Management does not believe that any 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
	Nov. 30, 2015
Initial Public Offering [Abstract]
Initial Public Offering	Note 3 - Initial Public Offering In May 2015, the Company sold a total of 8,280,000 Units at a price of $10.00 per Unit in the Offering and over-allotment. Each Unit consists of one ordinary share in the Company, one Right and one Warrant. Each Right will entitle the holder to receive one-tenth (1/10) of an ordinary share on the consummation of an initial Business Combination. The Company will not issue fractional shares. Each Warrant entitles the holder to purchase one-half of one ordinary share at a price of $12.50 per full ordinary share commencing on the later of the Company’s completion of its initial Business Combination or April 30, 2016 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, at a price of $12.50 per full share, subject to adjustment, to validly exercise the Warrants. The Company may redeem the Warrants, in whole and not in part, 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 $17.50 per share for any 20 trading days within a 30-trading day period (“30-Day Trading Period”) ending on the third day prior to the date on which notice of redemption is given, provided there is a current registration statement in effect with respect to the 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 to be sold and issued in the Offering the Company is only required to use its best efforts to maintain the effectiveness of the registration statement covering the Warrants. If a registration statement is not effective within 90 days following the consummation of a Business Combination, Warrant holders may, 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 Units

Private Units	9 Months Ended
	Nov. 30, 2015
Private Units [Abstract]
Private Units	Note 4 - Private Units Simultaneously with the Offering, certain of the Initial Shareholders of the Company purchased an aggregate of 509,000 Private Units at $10.00 per Private Unit (for an aggregate purchase price of $5,090,000) from the Company. All of the proceeds received from these purchases were placed in the Trust Account. The Private Units are identical to the units sold in the offering except the warrants included in the private units will be non-redeemable and may be exercised on a cashless basis, in each case so long as they continue to be held by the initial purchasers or their permitted transferees. Additionally, because the warrants underlying the private units were issued in a private transaction, the holders and their transferees will be allowed to exercise such warrants for cash even if a registration statement covering the ordinary shares issuable upon exercise of such warrants is not effective and receive unregistered ordinary shares. Furthermore, the purchasers have agreed (A) to vote their private shares 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 the 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 private shares into the right to receive cash from the Trust Account in connection with a shareholder vote to approve our proposed initial business combination (or sell any private 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 private shares shall not participate in any liquidating distribution upon winding up if a business combination is not consummated. The purchasers have also agreed not to transfer, assign or sell any of the private units or underlying securities (except to the same permitted transferees as the insider shares and provided the transferees agree to the same terms and restrictions as the permitted transferees of the insider shares must agree to, each as described above) until the completion of the Company’s initial business combination.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Nov. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 5 - Related Party Transactions Advances from Related Party During the period ended May 6, 2015, an affiliate of the Company’s executive officers advanced funds to the Company to pay administrative expenses and offering costs incurred. These advances were due on demand and were non-interest bearing. During the period ended November 30, 2015, the advances were repaid by the Company. Note Payable to Related Party The Company issued a $171,306 principal amount unsecured promissory note to an affiliate of the Company’s executive officers. The note was non-interest bearing and repaid by the Company during the period ended November 30, 2015.

Commitments

Commitments	9 Months Ended
	Nov. 30, 2015
Commitments [Abstract]
Commitments	Note 6 - Commitments Underwriting Agreement The Company entered into an agreement with the underwriters of the Offering (“Underwriting Agreement”). The Underwriting Agreement required the Company to pay an underwriting discount of 3% of the gross proceeds of the Offering as an underwriting discount. The Company has further engaged EarlyBird to assist the Company with its initial Business Combination. Pursuant to this arrangement, the Company anticipates that EarlyBird 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 the EarlyBird a cash fee of 4% of the gross proceeds of the Offering for such services upon the consummation of its initial Business Combination (exclusive of any applicable finders’ fees which might become payable). Registration Rights The Initial Shareholders of the Private Units will be entitled to registration rights with respect to their initial shares, the Private Units (and underlying securities) and any additional units (and underlying securities) issued upon conversion of working capital loans made by such parties to the Company (“Working Capital Units”). The holders of the majority of the initial shares are entitled to demand that the Company register these shares at any time commencing three months prior to the first anniversary of the consummation of a Business Combination. The holders of the Private Units (or underlying securities) or Working Capital 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. Purchase Option The Company sold to the Representative, for $100, a unit purchase option to purchase up to a total of 720,000 units exercisable at $10.00 per Unit (or an aggregate exercise price of $7,200,000) commencing on the later of the consummation of a Business Combination and one year from May 1, 2015. The unit purchase option expires five years from May 1, 2015. The Units issuable upon exercise of this option are identical to the Units sold in the Offering. Accordingly, after the Business Combination, the purchase option will be to purchase 792,000 ordinary shares (which include 72,000 ordinary shares to be issued for the rights included in the Units) and 720,000 Warrants to purchase 360,000 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 this 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 Offering resulting in a charge directly to shareholders’ equity. The Company estimated that the fair value of this unit purchase option on the grant date was approximately $4,872,306 (or $6.77 per unit) using a Black-Scholes option-pricing model. The fair value of the unit purchase option was estimated as of the date of grant using the following assumptions: (1) expected volatility of 86%, (2) risk-free interest rate of 1.58% 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. Administrative Service Fee The Company, commencing on the effective date of the registration statement relating to the Offering, has agreed to pay, an affiliate of the Company’s executive officers, a monthly fee of $10,000 for general and administrative services. This arrangement will terminate upon completion of a Business Combination or the Company's liquidation. During the three and nine months ended November 30, 2015, the Company paid its affiliate management fees of $30,000 and $68,387, respectively, which is included in operating costs in the condensed statement of operations. Amended and Restated Memorandum and Articles of Association The Company’s Memorandum and Articles of Association were amended in connection with the Offering to prohibit the Company, prior to a Business Combination, from issuing (i) any ordinary shares or any securities convertible into ordinary shares or (ii) any other securities (including preferred shares) which participate in or are otherwise entitled in any manner to any of the proceeds in the Trust Account or which vote as a class with the ordinary shares on a Business Combination.

Shareholder's Equity

Shareholder's Equity	9 Months Ended
	Nov. 30, 2015
Shareholder's Equity [Abstract]
Shareholder's Equity	Note 7 - Shareholder’s 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. In October 2014, 1,725,000 ordinary shares were sold to the Initial Shareholders at a price of approximately $0.01 per share for an aggregate of $25,000. On February 22, 2015, the Company issued an aggregate of 345,000 ordinary shares to the Initial Shareholders by way of capitalization under Cayman Islands law, resulting in the Initial Shareholders owning an aggregate of 2,070,000 ordinary shares. This number included an aggregate of up to 270,000 shares that were subject to compulsory repurchase by the Company; however, due to the full exercise of the over-allotment by the underwriters, no shares were repurchased. All of these shares were placed in escrow with Continental Stock Transfer & Trust Company, as escrow agent, until (1) with respect to 50% of the 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 our initial business combination and (2) with respect to the remaining 50% of the insider 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. As of November 30, 2015, 3,064,211 shares of ordinary shares were issued and outstanding which excludes 7,794,789 shares subject to possible conversion.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Nov. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 8 – Fair Value Measurements The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level November 30, 2015 February 28, 2015 Assets: Cash and securities held in Trust Account 1 $ 84,438,202 $ -

Significant Accounting Polici16

Significant Accounting Policies (Policies)	9 Months Ended
	Nov. 30, 2015
Significant Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company’s unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and the instructions to Form 10-Q. 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. The Company has evaluated subsequent events through the issuance of this Form 10-Q. Operating results for the quarter ended November 30, 2015 are not necessarily indicative of the results that may be expected for the year ending February 29, 2016 or any other period. The accompanying unaudited condensed interim financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s prospectus filed with the Securities and Exchange Commission on May 1, 2015.
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.
Marketable securities held in Trust Account	Marketable securities held in Trust Account The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public Offering of $84,456,000 which were invested in United States Treasury Bills (“U.S. treasury bills”) with original maturities of six months or less 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. On November 19, 2015, upon maturity of these U.S. treasury bills, the Company received proceeds of $84,485,000 yielding interest of $29,072 which was released to the Company’s operating account. On November 19, 2015, the Company purchased $84,560,000 face value of U.S. treasury bills, maturing on May 12, 2016, for $84,455,928. As of November 30, 2015, marketable securities held in the Trust Account had a fair value of $84,438,202. At November 30, 2015, there was no interest income held in the Trust Account available to be released to the Company.
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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.
Net loss per ordinary share	Net loss per ordinary share The Company complies with accounting and disclosure requirements of ASC 260, “Earnings Per Share.” Net loss per ordinary share is computed by dividing net loss applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period. There were 7,794,789 ordinary shares subject to possible conversion at November 30, 2015, which were excluded from the calculation of basic loss per ordinary share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of (i) warrants sold in the Initial Public Offering to purchase 4,140,000 ordinary shares of the Company, (ii) warrants sold in the Private Units to purchase 254,500 ordinary shares of the Company, and (iii) rights to acquire 878,900 shares of the Company resulting from the Offering and Private Placement, in the calculation of diluted loss per share, since the exercise of the warrants and conversion of the rights is contingent on the occurrence of future events. In addition, the Company has not considered the effect of the unit purchase option to purchase up to a total of 720,000 units consisting of 792,000 ordinary shares (which include 72,000 ordinary shares to be issued for the rights included in the units) and 720,000 Warrants to purchase 360,000 ordinary shares, 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. For the period from October 1, 2014 through November 30, 2014, weighted average shares was reduced for the effect of an aggregate of 270,000 ordinary shares that are subject to compulsory repurchase by the Company if the over-allotment option is not exercised by the underwriters.
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 enumerated in ASC 480 “Distinguishing Liabilities from Equity”. Ordinary shares subject to mandatory conversion are classified as a liability instrument and are measured at fair value. Conditionally convertible ordinary shares (including common shares that feature conversion rights that are either within the control of the holder or subject to conversion upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain conversion rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly at November 30, 2015, the ordinary shares subject to possible conversion are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
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. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Income Taxes	Income Taxes The Company accounts for income taxes under ASC Topic 740 “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryovers. 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. The income tax provision was deemed to be immaterial as of November 30, 2015. 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 de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company determined that the Cayman Islands and Australia are its only major tax jurisdictions. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements as of November 30, 2015. Since the Company was incorporated on October 1, 2014, the evaluation was performed for the 2014 tax year, which will be the only period subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in 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 or during the period from March 1, 2015 through 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.
Related Parties	Related Parties The Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20, the related parties include: (a.) affiliates of the Company (“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act); (b.) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c.) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d.) principal owners of the Company; (e.) management of the Company; (f.) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g.) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a.) the nature of the relationship(s) involved; (b.) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c.) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d.) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Subsequent Events	Subsequent Events The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued for potential recognition or disclosure. Any material events that occur between the balance sheet date and the date that the financial statements were issued are disclosed as subsequent events, while the financial statements are adjusted to reflect any conditions that existed at the balance sheet date.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 2015
Fair Value Measurements [Abstract]
Schedule of assets at fair value	Description Level November 30, 2015 February 28, 2015 Assets: Cash and securities held in Trust Account 1 $ 84,438,202 $ -

Organization and Plan of Busi18

Organization and Plan of Business Operations, Liquidity and Going Concern (Details) - USD ($)	May. 12, 2015	May. 06, 2015	Nov. 30, 2014	Nov. 30, 2015	May. 08, 2015	Feb. 28, 2015	Sep. 30, 2014
Organization and plan of business operations (Textual)
Shares issued in transaction public offering				8,280,000
Proceeds from public offering, net of offering costs				$ 80,021,186
Sale of unit, value				$ 82,800,000
Sale of stock per share				$ 10.20
Marketable securities held in trust				$ 84,438,202
Business combination forced to redeem percentage				100.00%
Private placement units in trust				$ 84,456,000
Working capital				51,895
Cash			$ 29,805	$ 44,171		$ 29,319
Deposit in trust account
Initial Public Offering [Member]
Organization and plan of business operations (Textual)
Shares issued in transaction public offering				7,200,000
Proceeds from public offering, net of offering costs		$ 69,545,186
Proceeds from public offering, gross		72,000,000
After deducting transaction costs		2,454,814
Sale of unit, value		$ 4,550,000
Sale of units, Share		455,000		8,280,000
Sale of stock per share				$ 10
Business combination of net tangible assets				$ 5,000,001
Shares purchased by holder				20.00%
Ordinary shares sold initial shareholders				2,070,000
Sale of 509,000 private units, Shares				509,000
Business combination , description				The Company is unable to complete its initial Business Combination within 18 months from the closing of the Offering, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining holders of ordinary shares and the Company's board of directors, dissolve and liquidate.
Share price				$ 17.50
Private Placement [Member]
Organization and plan of business operations (Textual)
Sale of stock per share	$ 10				$ 10
Purchase of additional units	54,000
Gross proceeds	$ 540,000
Share price					$ 10.20
Over-allotment option [Member]
Organization and plan of business operations (Textual)
Proceeds from public offering, net of offering costs	10,476,000
Proceeds from public offering, gross	$ 10,800,000
Sale of stock per share	$ 10	$ 10
Purchase of additional units	1,080,000	1,080,000

Significant Accounting Polici19

Significant Accounting Policies (Details)	May. 06, 2015USD ($)	Nov. 19, 2015USD ($)	Nov. 30, 2014USD ($)shares	Nov. 30, 2015USD ($)$ / pureshares	Feb. 28, 2015USD ($)
Subsidiary, Sale of Stock [Line Items]
Marketable securities held in trust | $				$ 84,438,202
Interest income | $				$ 29,072
Ordinary shares subject to possible conversion | shares				7,794,789
Warrant rights | shares				878,900
Federal depository | $				$ 250,000
Rights | shares				878,900
Units purchased				720,000
Units consisting of ordinary shares | shares				792,000
Unit consisting number of shares to be issued | shares				72,000
Weighted average number of shares common stock subject to repurchase | shares			270,000
Proceeds of Initial Public Offering | $				$ 80,021,186
US Treasury Bill Securities [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds of maturity amount of U.S. treasury bills | $		$ 84,485,000
Yielding interest on US treasury bills | $		29,072
Purchased face value of U.S. treasury bills | $		$ 84,560,000
Date of maturity of U.S. treasury bills		May 12, 2016
Matured amount of U.S. treasury bills | $		$ 84,455,928
Proceeds of Initial Public Offering | $				$ 84,456,000
Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Issuances of warrants to purchase of common stock | shares				720,000
Warrants to purchase of ordinary shares | shares				360,000
Initial Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Issuances of warrants to purchase of common stock | shares				4,140,000
Proceeds of Initial Public Offering | $	$ 69,545,186
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Issuances of warrants to purchase of common stock | shares				254,500

Initial Public Offering (Detail

Initial Public Offering (Details) - $ / shares	May. 06, 2015	Nov. 30, 2015
Initial Public Offering (Textual)
Sale of stock per share		$ 10.20
Initial Public Offering [Member]
Initial Public Offering (Textual)
Sale of units	455,000	8,280,000
Sale of stock per share		$ 10
Share price		17.50
Warrant exercise price		$ 12.50
Business combination description		The Company's completion of its initial Business Combination or April 30, 2016 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
Trading description		Warrant upon 30 days' notice, only in the event that the last sale price of the ordinary shares is at least $17.50 per share for any 20 trading days within a 30-trading day period ("30-Day Trading Period") ending on the third day prior to the date on which notice of redemption is given, provided there is a current registration statement in effect with respect to the 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 to be sold and issued in the Offering the Company is only required to use its best efforts to maintain the effectiveness of the registration statement covering the Warrants. If a registration statement is not effective within 90 days following the consummation of a Business Combination

Private Units (Details)

Private Units (Details)	9 Months Ended
	Nov. 30, 2015USD ($)$ / sharesshares
Private units (Textual)
Sale of private units, value | $	$ 5,090,000
Sale of stock per share | $ / shares	$ 10.20
Initial Public Offering [Member]
Private units (Textual)
Sale of private units, value | $	$ 5,090,000
Sale of 509,000 private units, Shares | shares	509,000
Sale of stock per share | $ / shares	$ 10

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Nov. 30, 2015	Feb. 28, 2015
Related Party Transaction [Line Items]
Note payable - related party		$ 171,306
Executive Officer [Member]
Related Party Transaction [Line Items]
Note payable - related party	$ 171,306

Commitments (Details)

Commitments (Details)	3 Months Ended	9 Months Ended
	Nov. 30, 2015USD ($)$ / shares	Nov. 30, 2015USD ($)$ / sharesshares
Commitments (Textual)
Underwriting discount		3.00%
Commitment cash fee percentage		4.00%
Sale of shares issued in transaction | shares		8,280,000
Sale of stock price per share | $ / shares	$ 10.20	$ 10.20
General and administrative services		$ 10,000
Management fees	$ 30,000	$ 68,387
Unit purchase option [Member]
Commitments (Textual)
Sale of shares issued in transaction | shares		720,000
Sale of stock price per share | $ / shares	$ 10	$ 10
Aggregate exercise price		$ 7,200,000
Description of business combination shares issuable		The Units issuable upon exercise of this option are identical to the Units sold in the Offering. Accordingly, after the Business Combination, the purchase option will be to purchase 792,000 ordinary shares (which include 72,000 ordinary shares to be issued for the rights included in the Units) and 720,000 Warrants to purchase 360,000 ordinary shares.
Purchase option registration rights, Description		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.
Cash payment		$ 100
Fair value of unit purchase option on grant date	$ 4,872,306	$ 4,872,306
Option price | $ / shares		$ 6.77
Expected volatility rate		86.00%
Risk free interest rate		1.58%
Expected term		5 years

Shareholder's Equity (Details)

Shareholder's Equity (Details) - USD ($)	1 Months Ended		9 Months Ended
	Feb. 22, 2015	Oct. 31, 2014	Nov. 30, 2015	Feb. 28, 2015
Preferred stock, shares authorized			1,000,000	1,000,000
Preferred stock, par value			$ 0.0001	$ 0.0001
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized			100,000,000	100,000,000
Common stock, par value			$ 0.0001	$ 0.0001
Aggregate purchase price, Shares			8,280,000
Sale of stock per share			$ 10.20
Common stock issued, shares			3,064,211	2,070,000
Common stock outstanding, shares			3,064,211	2,070,000
Common stock, shares conversion			$ 7,794,789
Initial Public Offering [Member]
Aggregate purchase price, Shares			7,200,000
Sale of stock per share			$ 10
Ordinary Shares [Member]
Aggregate purchase price, Shares	345,000	1,725,000
Aggregate purchase price value		$ 25,000
Sale of stock per share		$ 0.01
Repurchased of ordinary shares, Shares		270,000
Sale of stock, description		All of these shares were placed in escrow with Continental Stock Transfer & Trust Company, as escrow agent, until (1) with respect to 50% of the 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 our initial business combination and (2) with respect to the remaining 50% of the insider 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.
Ordinary Shares [Member] | Initial Public Offering [Member]
Aggregate purchase price, Shares	2,070,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Nov. 30, 2015	Feb. 28, 2015
Assets:
Cash and securities held in Trust Account	$ 84,438,202
Level 1 [Member]
Assets:
Cash and securities held in Trust Account	$ 84,438,202