Document And Entity Information
Document And Entity Information - shares | 2 Months Ended | |
Jun. 30, 2015 | Sep. 11, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | EASTERLY ACQUISITION CORP. | |
Entity Central Index Key | 1,641,197 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | EACQU | |
Entity Common Stock, Shares Outstanding | 25,175,000 |
Condensed Balance Sheet
Condensed Balance Sheet | Jun. 30, 2015USD ($) | |
Assets | ||
Current assets: Cash and cash equivalents | $ 73,581 | |
Deferred offering costs | 367,886 | |
Total assets | 441,467 | |
Current liabilities: | ||
Accrued offering costs | 291,256 | |
Accrued expenses | 2,910 | |
Advance from related party | 25,211 | |
Promissory note - related party | 100,000 | |
Total current liabilities | 419,377 | |
Stockholder's equity: | ||
Preferred stock, $.0001 par value; 1,000,000 shares authorized; none issued and outstanding | 0 | |
Common stock, $.0001 par value; 100,000,000 shares authorized; 5,175,000 shares issued and outstanding | 517 | [1],[2] |
Additional paid-in capital | 24,483 | |
Accumulated deficit | (2,910) | |
Total stockholder's equity | 22,090 | |
Total liabilities and stockholder's equity | $ 441,467 | |
[1] | Includes an aggregate of 175,000 shares held by the initial stockholder that were forfeited subsequent to the expiration of the underwriters’ remaining over-allotment option (Note 6). | |
[2] | Share amounts have been retroactively restated to reflect a stock dividend of 0.2 shares for each outstanding share of common stock on July 29, 2015 (Note 4). |
Condensed Balance Sheet (Parent
Condensed Balance Sheet (Parenthetical) | Jun. 30, 2015$ / sharesshares |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 |
Preferred Stock, Shares Authorized | 1,000,000 |
Preferred Stock, Shares Issued | 0 |
Preferred Stock, Shares Outstanding | 0 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 |
Common Stock, Shares, Issued | 5,175,000 |
Common Stock, Other Shares, Outstanding | 5,175,000 |
Shares Forfeited Subsequent To Expiration Of Underwriters Remaining Over Allotment Option | 175,000 |
Condensed Statement of Operatio
Condensed Statement of Operations | 2 Months Ended | |
Jun. 30, 2015USD ($)$ / sharesshares | ||
Formation, general and administrative expenses | $ 2,910 | |
Net loss | $ (2,910) | |
Weighted average number of common shares outstanding basic and diluted | shares | 4,500,000 | [1],[2] |
Basic and diluted net loss per share | $ / shares | $ 0 | |
[1] | Excludes an aggregate of 675,000 shares held by the initial stockholder that were subject to forfeiture, of which only 175,000 were forfeited subsequent to the expiration of the underwriters’ remaining over-allotment option (Note 6). | |
[2] | Share amounts have been retroactively restated to reflect a stock dividend of 0.2 shares for each outstanding share of common stock on July 29, 2015 (Note 4). |
Condensed Statement of Operati5
Condensed Statement of Operations (Parenthetical) - shares | Jul. 29, 2015 | Jun. 30, 2015 |
Common Stock Dividend Shares Per Common Stock Outstanding | 0.2 | |
Shares Forfeited Subsequent To Expiration Of Underwriters Remaining Over Allotment Option | 175,000 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholder's Equity - 2 months ended Jun. 30, 2015 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | |
Balance Beginning at Apr. 29, 2015 | $ 0 | $ 0 | $ 0 | $ 0 | |
Balance Beginning (In Shares) at Apr. 29, 2015 | [1],[2] | 0 | |||
Sale of common stock to sponsor | 25,000 | $ 517 | 24,483 | 0 | |
Sale of common stock to sponsor (In Shares) | [1],[2] | 5,175,000 | |||
Net Income (Loss) | (2,910) | $ 0 | 0 | (2,910) | |
Balance Ending at Jun. 30, 2015 | $ 22,090 | $ 517 | $ 24,483 | $ (2,910) | |
Balance Ending (In Shares) at Jun. 30, 2015 | [1],[2] | 5,175,000 | |||
[1] | Includes an aggregate of 175,000 shares held by the initial stockholder that were forfeited subsequent to the expiration of the underwriters’ remaining over-allotment option (Note 6). | ||||
[2] | Share amounts have been retroactively restated to reflect a stock dividend of 0.2 shares for each outstanding share of common stock on July 29, 2015 (Note 4). |
Condensed Statement of Changes7
Condensed Statement of Changes in Shareholder's Equity (Parenthetical) - shares | Jul. 29, 2015 | Jun. 30, 2015 |
Common Stock Dividend Shares Per Common Stock Outstanding | 0.2 | |
Shares Forfeited Subsequent To Expiration Of Underwriters Remaining Over Allotment Option | 175,000 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows | 2 Months Ended |
Jun. 30, 2015USD ($) | |
Cash flows from operating activities: | |
Net loss | $ (2,910) |
Changes in operating assets and liabilities: | |
Accrued expenses | 2,910 |
Net cash used in operating activities | 0 |
Cash flows from financing activities: | |
Proceeds from issuance of common stock to initial stockholder | 25,000 |
Proceeds from promissory note - related parties | 100,000 |
Payment of deferred offering costs | (51,419) |
Net cash provided by financing activities | 73,581 |
Increase in cash and cash equivalents | 73,581 |
Cash and cash equivalents at beginning of period | 0 |
Cash and cash equivalents at end of period | 73,581 |
Supplemental disclosure of noncash financing activities: | |
Offering costs included in accrued offering costs | 291,256 |
Payment of offering costs through advance from related party | $ 25,211 |
Organization and Business Opera
Organization and Business Operations | 2 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | 1. Organization and Business Operations Incorporation Easterly Acquisition Corp. (the “Company”) was incorporated in Delaware on April 29, 2015. Sponsor The Company’s sponsor is Easterly Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”). Fiscal Year End At June 30, 2015, the Company had not yet commenced any operations. All activity through June 30, 2015 relates to the Company’s formation and initial public offering. The Company has selected December 31 as its fiscal year end. Business Purpose The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses that it has not yet identified (“Business Combination”). The Company has neither commenced operations nor generated any revenues to date. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its initial public offering of Units (as defined in Note 3 below) (the “Public Offering”), although substantially all of the net proceeds of the Public Offering and the private placement of warrants (as described in Note 4 below, the “Private Placement” and such warrants issued in connection with the Private Placement, the “Private Placement Warrants”) are intended to be generally applied toward completing a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination. Financing The registration statement for the Company’s Public Offering was declared effective on July 29, 2015. On July 29, 2015, the Company filed a new registration statement to increase the size of the Public Offering by 20 195,000,000 6,750,000 6,750,000 Trust Account $ 200,000,000 The Company amended and restated its certificate of incorporation on July 28, 2015 to provide that, except for the withdrawal of interest to pay franchise and income taxes, if any, that none of the funds held in trust (including the interest on such funds) will be released from the Trust Account until the earlier of (i) the completion of the initial Business Combination, (ii) the redemption of the Public Shares (as defined in Note 3) if the Company is unable to complete a Business Combination within 24 months from the closing of the Public Offering (subject to the requirements of applicable law) and (iii) the redemption of shares in connection with a vote seeking to amend Section 9.2(d) of the amended and restated certificate of incorporation in a manner that would affect the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete an initial business combination within 24 months from the closing of the Public Offering. In order to protect the amounts held in the Trust Account, three managing directors of Easterly Capital, LLC, an affiliate of the Company and the Sponsor (the “Managing Directors”) agreed pursuant to a written agreement executed on July 29, 2015, jointly and severally, that they will be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $ 10.00 Business Combination The Company, prior to the consummation of a Business Combination, will either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of an initial Business Combination, including interest earned on the funds and not previously released to the Company to pay franchise and income taxes, or (ii) provide public stockholders with the opportunity to tender their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay franchise and income taxes, less franchise and income taxes payable from such interest. The decision as to whether the Company will seek stockholder approval of the Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval. If the Company seeks stockholder approval, it will complete its Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Business Combination. However, in no event will the Company redeem its Public Shares (as defined in Note 3) in an amount that would cause its net tangible assets to be less than $ 5,000,001 The Company will only have 24 months from the closing of the Public Offering to complete its initial Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (less up to $ 100,000 The Company’s Units are listed on the Nasdaq Capital Markets (“Nasdaq”). If the Company is able to maintain the listing of the securities on Nasdaq, the Nasdaq rules will require that the initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80 Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in the Company’s periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, 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 registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (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. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used. |
Significant Accounting Policies
Significant Accounting Policies | 2 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company's final prospectus as filed with the SEC on July 31, 2015 and declared effective on July 29, 2015, as well as the Company's Form 8-K, as filed with the SEC on August 10, 2015. The interim results for the period ended June 30, 2015 are not necessarily indicative of the results to be expected for the period from April 29, 2015 (Inception) through December 31, 2015 or for any future interim periods. The Company complies with accounting and disclosure requirements of Accounting Standards Codification (“ASC”) Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Weighted average shares were retroactively restated to reflect a stock dividend of 0.2 675,000 175,000 presented. The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. 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 considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2015. The Company complies with the requirements of ASC 340-10-S99-1. At June 30, 2015, deferred offering costs consisted of printing costs, professional fees and travel expenses incurred through the balance sheet date that are related to the Public Offering and were charged to capital at the time of closing of the Public Offering. The preparation of the financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company complies with the accounting and reporting requirements of FASB ASC 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts and are based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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. There were no uncertain tax benefits as of June 30, 2015. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2015. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The income tax provision was deemed to be immaterial as of June 30, 2015. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company will adopt the methodologies prescribed by ASU 2014-15 by the date required, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. 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 Company’s financial statements. |
Public Offering
Public Offering | 2 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Public Offering | Public Offering Public Units Pursuant to the Public Offering on August 4, 2015, the Company sold 20,000,000 10.00 2,000,000 200,000,000 0.0001 11.50 16,750,000 6,750,000 10,000,000 The Public Warrants are issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and the Company. The Company did not register the shares of common stock issuable upon exercise of the Public Warrants under the Securities Act or any state securities law. The Company will use its best efforts to file a new registration statement for the shares of common stock issuable upon exercise of the Public Warrants under the Securities Act, following the completion of its initial Business Combination. Notwithstanding the above, if the common stock is at the time of any exercise of a Public Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement or register or qualify the shares under applicable state securities laws. The Company will not redeem the Public Warrants unless an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants is effective and a current prospectus relating to those shares of common stock is available throughout the 30-day redemption period, except if the Public Warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the Public Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities law. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering their Public Warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the Public Warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Public Warrants. In no event will the Company be required to net cash settle any Public Warrant, or issue securities or other compensation in exchange for the Public Warrants in the event that the Company is unable to register or qualify the shares underlying the Public Warrants under applicable state securities laws. |
Related Party Transactions
Related Party Transactions | 2 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions Founder Shares On May 4, 2015, the Sponsor purchased 4,312,500 shares of the Company’s common stock (the “Founder Shares”) for $ 25,000 0.2 5,175,000 The Founder Shares are identical to the common stock included in the Units sold in the Public Offering except that 1) the Founder Shares are subject to certain restrictions, as described in more detail below, and 2) the initial stockholders have agreed (i) to waive their redemption rights with respect to their Founder Shares in connection with the completion of the initial Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete its initial Business Combination within 24 months from the closing of the Public Offering (although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete its Business Combination within the prescribed time frame). If the Company submits its initial Business Combination to the public stockholders for a vote, the initial stockholders have agreed to vote their Founder Shares and any Public Shares purchased during or after the Public Offering in favor of the initial Business Combination. The initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until one year after the date of the consummation of the initial Business Combination or earlier if subsequent to the initial Business Combination, (i) the last sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Warrants The Sponsor purchased from the Company an aggregate of 6,750,000 6,750,000 The holders of the Founder Shares, Private Placement Warrants and Warrants that may be issued upon conversion of working capital loans, discussed below, will have registration rights to require the Company to register a sale of any of the securities held by them pursuant to a registration rights agreement executed on July 29, 2015. The holders of the majority of these securities are entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will have “piggy-back” registration rights to include such securities in other registration statements filed by the Company and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. Administrative Service Agreement The Company entered into an agreement to pay Easterly Capital, LLC, a total of $ 10,000 Related Party Advances As of June 30, 2015, an affiliate of the Sponsor had advanced an aggregate of $ 25,211 Sponsor Loans Prior to June 30, 2015, the Sponsor had loaned the Company $ 100,000 In addition, in order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the officers and directors may, but are not obligated to, loan the Company funds as may be required. If the Company completes the initial Business Combination, the Company would repay such loaned amounts out of the proceeds of the Trust Account released. Otherwise, such loans would be repaid only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay such loaned amounts. Up to $1,000,000 of such loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants issued to the Sponsor. The terms of such loans by the Sponsor, officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. The Company does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in the Trust Account. |
Commitments and Contingencies
Commitments and Contingencies | 2 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | 5. Commitments and Contingencies The underwriters are entitled to underwriting commissions of 6.0 2.5 5,000,000 3.5 7,000,000 |
Equity
Equity | 2 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | 6. Equity The Company is authorized to issue up to 100,000,000 0.0001 5,175,000 675,000 2,000,000 500,000 175,000 The Company is authorized to issue up to 1,000,000 0.0001 |
Subsequent Events
Subsequent Events | 2 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events Management of the Company evaluated events that have occurred after the balance sheet date of June 30, 2015 but before the condensed financial statements were available to be issued. Except as disclosed in the notes above, management did not identify any recognized or non-recognized subsequent event that would have required adjustment or disclosure in the financial statements. |
Significant Accounting Polici16
Significant Accounting Policies (Policies) | 2 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company's final prospectus as filed with the SEC on July 31, 2015 and declared effective on July 29, 2015, as well as the Company's Form 8-K, as filed with the SEC on August 10, 2015. The interim results for the period ended June 30, 2015 are not necessarily indicative of the results to be expected for the period from April 29, 2015 (Inception) through December 31, 2015 or for any future interim periods. |
Earnings Per Share, Policy [Policy Text Block] | The Company complies with accounting and disclosure requirements of Accounting Standards Codification (“ASC”) Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Weighted average shares were retroactively restated to reflect a stock dividend of 0.2 675,000 175,000 presented. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 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 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2015. |
Accrued Offering Costs [Policy Text Block] | Deferred Offering Costs The Company complies with the requirements of ASC 340-10-S99-1. At June 30, 2015, deferred offering costs consisted of printing costs, professional fees and travel expenses incurred through the balance sheet date that are related to the Public Offering and were charged to capital at the time of closing of the Public Offering. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company complies with the accounting and reporting requirements of FASB ASC 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts and are based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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. There were no uncertain tax benefits as of June 30, 2015. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2015. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The income tax provision was deemed to be immaterial as of June 30, 2015. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company will adopt the methodologies prescribed by ASU 2014-15 by the date required, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. 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 Company’s financial statements. |
Organization and Business Ope17
Organization and Business Operations (Details Textual) | Aug. 04, 2015USD ($)$ / sharesshares |
Proceeds from Issuance of Private Placement | $ 6,750,000 |
Amount held in trust account upon closing of offering | $ 200,000,000 |
Description Of Redemption Obligation | the Public Offering (subject to the requirements of applicable law) and (iii) the redemption of shares in connection with a vote seeking to amend Section 9.2(d) of the amended and restated certificate of incorporation in a manner that would affect the substance or timing of the Companys obligation to redeem 100% of the public shares if the Company does not complete an initial business combination within 24 months from the closing of the Public Offering. |
Interest To Pay Dissolution Expenses | $ 100,000 |
Minimum Fair Value of Target Business as a Percentage of Trust Account Balance | 80.00% |
Share Price | $ / shares | $ 10 |
Minimum net tangible asset required for business combination | $ 5,000,001 |
Proceeds From Initial Public Offering Net Of Underwriters Discount | $ 195,000,000 |
Number of warrants issued in private placement | shares | 6,750,000 |
Significant Accounting Polici18
Significant Accounting Policies (Details Textual) - USD ($) | 2 Months Ended | |
Jun. 30, 2015 | Jul. 29, 2015 | |
Common Stock Dividend Shares Per Common Stock Outstanding | 0.2 | |
Common Shares Held By The Initial Stockholder Subject To Forfeiture | 675,000 | |
Federal Depository Insurance Coverage | $ 250,000 | |
Common Shares Forfeited Subsequent to the Expiration of the Underwriters' Remaining Over-allotment Option | 175,000 |
Public Offering (Details Textua
Public Offering (Details Textual) - USD ($) | Aug. 04, 2015 | Jun. 30, 2015 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | |
IPO [Member] | ||
Number of units sold in connection with initial public offering | 20,000,000 | |
Proceeds from Issuance Initial Public Offering | $ 200,000,000 | |
Unit Description | Each Unit consists of one share of the Company’s common stock (“Public Shares”), $0.0001 par value, and one-half of one redeemable warrant (“Public Warrant”). | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.50 | |
Class of Warrant or Right, Outstanding | 10,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | |
Class of Warrants and Rights Exercisable, Description | Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants (except as described herein with respect to the Private Placement Warrants discussed in Note 4) i. in whole and not in part, ii. at a price of $0.01 per warrant; iii. upon a minimum of 30 days prior written notice of redemption; and if, and only if, the last sale price of the common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company send the notice of redemption to the Public Warrant holders. | |
Price per unit in initial public offering | $ 10 | |
Over-Allotment Option [Member] | ||
Number of units sold in connection with initial public offering | 2,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | Aug. 04, 2015 | Jun. 30, 2015 |
Related Party Transaction [Line Items] | ||
Shares Issued, Price Per Share | $ 0.006 | |
Common Stock, Shares, Outstanding | 5,175,000 | |
Shares Forfeited Subsequent To Expiration Of Underwriters Remaining Over Allotment Option | 175,000 | |
Due to Related Parties, Total | $ 25,211 | |
Note issued to Sponsor | 100,000 | |
Sale Of Common Stock To Sponsor | $ 25,000 | |
Subsequent Event [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Dividend | 0.2 | |
Administrative Fees Expense Per Month | $ 10,000 | |
Private Placement [Member] | Subsequent Event [Member] | ||
Related Party Transaction [Line Items] | ||
Warrants Issued | 6,750,000 | |
Warrants Issued Value | $ 6,750,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - Subsequent Event [Member] | Aug. 04, 2015USD ($) |
Other Commitments [Line Items] | |
Underwriting Commission | 6.00% |
Underwriting Commitments, Paid Percentage | 2.50% |
Underwriting Commitments, Deferred Percentage | 3.50% |
Underwriting Commitments, Paid Amount | $ 5,000,000 |
Underwriting Commitments, Deferred Amount | $ 7,000,000 |
Equity (Details Textual)
Equity (Details Textual) - $ / shares | Aug. 04, 2015 | Jun. 30, 2015 |
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | |
Common Stock, Shares, Issued | 5,175,000 | |
Common Stock, Shares, Outstanding | 5,175,000 | |
Preferred Stock, Shares Authorized | 1,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | |
Common Shares Held By The Initial Stockholder Subject To Forfeiture | 675,000 | |
Subsequent Event [Member] | ||
Class of Stock [Line Items] | ||
Common Shares Forfeited Subsequent to Underwriters' Remaining Over-allotment Option | 175,000 | |
Common Shares Sold As A Result Of The Underwriters Election To Exercise Part Of Their Over Allotment Option | 2,000,000 | |
Founder Shares No Longer Subject To Forfeiture | 500,000 |