GD Culture Group Limited (GDC) 10-Q 8 Sep 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Sep. 08, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	JM GLOBAL HOLDING COMPANY
Entity Central Index Key	1,641,398
Amendment Flag	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		6,562,500

Condensed Interim Balance Sheet

Condensed Interim Balance Sheet (Unaudited) - USD ($)	Jun. 30, 2015
ASSETS
Cash	$ 4,877
Deferred offering costs	160,807
Total assets	165,684
LIABILITIES AND STOCKHOLDER'S EQUITY
Accrued expenses	4,000
Due to affiliates	142,388
Total current liabilities	$ 146,388
STOCKHOLDER'S EQUITY:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding
Common stock, $0.0001 par value, 15,000,000 shares authorized; 1,504,688 shares issued and outstanding	$ 150
Additional paid-in capital	24,850
Accumulated deficit	(5,704)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 165,684

Condensed Interim Balance Shee3

Condensed Interim Balance Sheet (Parenthetical) (Unaudited) - Jun. 30, 2015 - $ / shares	Total
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001
Preferred stock, shares authorized	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001
Common stock, shares authorized	15,000,000
Common stock, shares issued	1,504,688
Common stock, shares outstanding	1,504,688

Condensed Interim Statements of

Condensed Interim Statements of Operations (Unaudited) - 3 months ended Jun. 30, 2015 - USD ($)	Total
Income Statement [Abstract]
Revenue
Formation, general and administrative expenses	$ (5,704)
Net loss attributable to common stock	$ (5,704)
Weighted average number of common stock outstanding	1,504,688
Basic and diluted net loss per share	$ 0

Condensed Interim Statement of

Condensed Interim Statement of Stockholders' Equity (Unaudited) - 3 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Mar. 31, 2015
Sale of common stock to initial stockholder	$ 25,000	$ 150	$ 24,850
Sale of common stock to initial stockholder, Shares		1,504,688
Net loss	$ (5,704)			$ (5,704)
Ending Balance at Jun. 30, 2015		$ 150	$ 24,850	$ (5,704)
Ending Balance, Shares at Jun. 30, 2015		1,504,688

Condensed Interim Statement of6

Condensed Interim Statement of Stockholders' Equity (Parenthetical) (Unaudited)	Jun. 30, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Sale of stock, per share	$ 0.01662

Condensed Interim Statement of7

Condensed Interim Statement of Cash Flows (Unaudited)	3 Months Ended
	Jun. 30, 2015USD ($)
Cash flows from operating activities:
Net loss	$ (5,704)
Changes in operating assets and liabilities
Increase in accrued expenses	4,000
Net cash used in operating activities	(1,704)
Cash flows from financing activities:
Proceeds from issuance of common stock to initial stockholder	25,000
Payments for deferred offering costs	(160,807)
Proceeds from due to affiliates	142,388
Net cash provided by financing activities	6,581
Net increase in cash	$ 4,877
Cash, beginning of period
Cash, end of period	$ 4,877

Description of Organization and

Description of Organization and Business Operations	3 Months Ended
	Jun. 30, 2015
Description of Organization and Business Operations [Abstract]
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Organization and General JM Global Holding Company (the “Company,” “we” or “us”), is a newly organized blank check company incorporated in Delaware on April 10, 2015. The Company was formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, exchangeable share transaction or other similar business transaction, one or more operating businesses or assets (“Business Combination”). The Company has neither engaged in any operations nor generated any operating revenue to date. The Company’s sponsor is Zhong Hui Holding Limited, a Seychelles limited company (the “Sponsor”). The Company has selected December 31 as its fiscal year end. Financing The registration statement for the Company’s initial public offering (the “Public Offering”) (as described in Note 3) was declared effective by the United States Securities and Exchange Commission (“SEC”) on July 23, 2015. The Sponsor purchased, simultaneously with the closing of the Public Offering, 250,000 units at $10.00 per unit in a private placement for an aggregate price of $2,500,000. Each unit purchased is substantially identical to the units sold in the Public Offering, except that the Sponsor has agreed that it will not seek redemption of the stock contained within such units. In addition, the Sponsor purchased an aggregate of 3,000,000 units in the Public Offering. The Sponsor has agreed that it will not seek redemption of 1,000,000 shares of the 3,000,000 shares purchased in the Public Offering. In the event that the Company is unable to complete its initial Business Combination within 24 months from the closing of the Public Offering, the non-redeemable 1,000,000 Sponsor shares will be entitled to the liquidation rights described in the “Business Combination” section. Upon the closing of the Public Offering and the private placement, $50,000,000 was placed in a trust account (the “Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee. Trust Account An amount equal to 100% of the gross proceeds of the Public Offering received on July 29, 2015 is being held in a trust account (“Trust Account”) and will be invested in permitted United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 180 days or less or any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 of the 1940 Act, as determined by the Company until the earlier of (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account. Other than the withdrawal of interest to pay taxes or for working capital, if any, none of the funds held in trust will be released until the earlier of: (i) the completion of the Business Combination; or (ii) the redemption of 100% of the outstanding public shares included in the units sold in the Public Offering if the Company is unable to complete the Business Combination within 24 months from the closing of the Public Offering. Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination. The Company, after signing a definitive agreement for the acquisition of one or more target businesses or assets, may decide to not submit the transaction for stockholder approval, unless otherwise required by law. The Company will proceed with a Business Combination if it is approved by the board of directors. In the event that the Company is required to seek stockholder approval in connection with its initial Business Combination, the Company will proceed with a Business Combination only if a majority of the aggregate outstanding shares that are voted in favor of the Business Combination. In connection with such a vote, the Company will provide its stockholders with the opportunity to redeem their shares of its common stock upon the consummation of its initial Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including any amounts representing interest earned on the Trust Account, less any interest released to the Company for working capital purposes or the payment of taxes, divided by the number of then outstanding shares of common stock that were sold as part of the Units in the Public Offering, which the Company refers to as its public shares, subject to the limitations described within the registration statement and any limitations (including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed Business Combination. These shares of common stock are recorded at a redemption value and classified as temporary equity upon the completion of the Public Offering, in accordance with ASC Topic 480 “Distinguishing Liabilities from Equity”. However, in no event will the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company has until 24 months from the closing of the Public Offering (the “Combination Period”) to consummate its initial Business Combination. If the Company is unable to complete its initial Business Combination within 24 months from the closing of the Public Offering the Company will (i) cease all operations except for the purposes of winding up of its affairs; (ii) distribute the aggregate amount then on deposit in the trust account, including a portion of the interest earned thereon which was not previously used for working capital, but net of any taxes, pro rata Section 102(b)(1) of the Jumpstart Its Business Startups Act of 2012 (the “JOBS Act”) permits emerging growth companies to delay complying with new or revised financial accounting standards that do not yet apply to 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 Exchange Act). 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 election to opt out is irrevocable. The Company 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 its 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 accounting standards used.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited interim financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (‘‘GAAP’’) for interim information and in accordance with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for a complete financial statement presentation. In the opinion of management, the interim financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year. and pursuant to the rules and regulations of the SEC. The accompanying unaudited interim financial statements recognize April 10, 2015 as our date of inception. Development stage company The Company complies with the reporting requirements of Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce date maintenance and, for those entities subject to audit, audit costs by eliminating the requirements for development stage entities to present inception-to-date information in the statements of income, cash flows, and stockholders’ equity. Early application of each of the amendments is permitted for any annual reporting periods or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Net loss per common share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. At June 30, 2015, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted loss per common share is the same as basic loss per common share for the periods presented. 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. Fair value of financial instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. Use of estimates The preparation of 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Income taxes The Company complies with the accounting and reporting requirements of FASB ASC Topic 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, 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 Topic 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of July 29, 2015. No amounts were accrued for the payment of interest and penalties at July 29, 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 is subject to income tax examinations by major taxing authorities since inception. 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. Deferred offering costs Deferred offering costs consist of legal, underwriter and accounting fees incurred through the balance sheet date that are directly related to the Public Offering and that were charged to stockholders’ equity upon the completion of the Public Offering on July 29, 2015. Accrued expenses and due to affiliate Accrued expenses represents amounts the Company owes to its vendors, for which service has been provided but the Company has not paid for. Due to affiliate represents entity costs and offering costs paid by an affiliate on behalf of the Company. These advances are non-interest bearing, unsecured and payable on demand. Going concern 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 has adopted the methodologies prescribed by ASU 2014-15, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. Redeemable Common Stock 4,000,000 of the 5,000,000 common stock sold as part of the units in the Public Offering contain a redemption feature which allows for the redemption of common stock under the Company’s liquidation or tender offer/shareholder approval provisions. In accordance with ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that in no event will it redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. Accordingly, at July 29, 2015, 4,000,000 of the 5,000,000 Public Shares were classified outside of permanent equity at its redemption value. As of June 30, 2015, there was no redeemable common stock issued. Recently issued accounting standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Public Offering

Public Offering	3 Months Ended
	Jun. 30, 2015
Public Offering [Abstract]
PUBLIC OFFERING	3. PUBLIC OFFERING On July 29, 2015, the Company sold 5,000,000 units (additionally, within 45 days of the Public Offering, 750,000 units may be purchased if the underwriter's overallotment option is exercised in full) at a purchase price of $10.00 per unit (“Public Units”) in the Public Offering. Each Public Unit consists of one share of the Company’s common stock, $0.0001 par value, and one common stock purchase warrant. The Company did not register the shares of common stock issuable upon exercise of the warrants at this time. However, the Company has agreed to use its best efforts to file and have an effective registration statement covering the shares of common stock issuable upon exercise of the warrants, to maintain a current prospectus relating to those shares of common stock until the earlier of the date the warrants expire or are redeemed and, the date on which all of the warrants have been exercised and to qualify the resale of such shares under state blue sky laws, to the extent an exemption is not available. Each warrant will entitle the holder to purchase one-half a share of common stock at an exercise price of $5.75 ($11.50 per whole share). Warrants may be exercised only for a whole number of shares of common stock. No fractional shares will be issued upon exercise of the warrants. The warrants will become exercisable on the later of (a) 30 days after the consummation of its initial Business Combination, or (b) 12 months from the closing of the Public Offering. The warrants will expire at 5:00 p.m., New York time, five years after the consummation of its initial Business Combination or earlier upon redemption or liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not placed in the Trust Account. The warrants will be redeemable by the Company at a price of $0.01 per warrant upon 30 days prior written notice after the warrants become exercisable, only in the event that the last sale price of the common stock equals or exceeds $24.00 per share for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which notice of redemption is given. The Company paid an upfront underwriting discount of $1,250,000 (approximately 2.5% of the gross proceeds of the Public Offering) of the per unit offering price to the underwriters at the closing of the Public Offering. The amount was charged to the additional paid in capital account. The Company has agreed to sell to the underwriter (and/or its designees), for $100, as additional compensation, an option to purchase up to a total of 400,000 units exercisable at $10.00 per unit (or an aggregate exercise price of $4,000,000) upon the closing of the Public Offering. Since the option is not exercisable until the earliest on the closing of our initial business combination, the option will effectively represent the right to purchase up to 400,000 shares of common stock and 400,000 warrants to purchase 200,000 shares at $11.50 per full share for an aggregate maximum amount of $6,300,000. The units issuable upon exercise of this option are identical to those issued in the Public Offering. (See Note 5). As of the date of this filing, the $100 was not received by the Company.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	4. RELATED PARTY TRANSACTIONS Founder shares In April 2015, the Sponsor purchased 1,504,688 shares of the Company’s common stock (the “Founder Shares”) for $25,000, or $0.01662 per share which included an aggregate of 192,188 founder shares that were subject to forfeiture by the Sponsor. On September 5, 2015, the underwriter's overallotment option expired unexercised, resulting in the Sponsor's forfeiture of 192,188 founder shares. In June 2015, our Sponsor transferred 164,063 Founder Shares to each of Tim Richerson, our Chief Executive Officer, and Peter Nathanial, our President, as well as 3,000 Founder Shares to each of Messrs. Jetta and Qu, our independent directors. These 334,126 Founder Shares will not be subject to forfeiture in the event the underwriter’s overallotment option is not exercised in full. The Founder Shares are identical to the shares of common stock included in the Units sold in the Public Offering, except that (1) the founder shares are subject to certain transfer restrictions, as described in more detail below, and (2) our initial stockholders have agreed: (i) to waive their redemption rights with respect to their founder shares in connection with the consummation of a Business Combination and (ii) to waive their redemption rights with respect to their founder shares if we fail to complete our Business Combination within 24 months from the closing of this offering. However, our initial stockholders will be entitled to redemption rights with respect to any public shares they hold by way of public market purchase if we fail to consummate a Business Combination within such time period. If we submit our initial Business Combination to our public stockholders for a vote, our initial stockholders have agreed to vote its founder shares and any public shares held in favor of our initial Business Combination. The initial stockholders will own founder shares equal to 20.0% of the Company’s issued and outstanding shares after the Public Offering and private placement regardless of the extent that the over-allotment option is exercised. Our initial stockholders have agreed not to transfer, assign or sell any of their founder shares until one year after our initial Business Combination (the “lock up”). Notwithstanding the foregoing, if the last sale price of our common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial Business Combination, or if we consummate a transaction after our initial Business Combination which results in our stockholders having the right to exchange their shares for cash or property, the founder shares will be released from the lock-up. The Sponsor purchased an aggregate of 3,000,000 units in the Public Offering. The Sponsor has agreed that it will not seek redemption of 1,000,000 shares included in such units. Private Placement In July 2015, the sponsor purchased 250,000 placement units, each consisting of one share of common stock and one warrant to purchase one-half of one share of common stock at a price of $5.75 per half share, at a price of $10.00 per unit ($2,500,000 in the aggregate,) in a private placement that occurred simultaneously with the completion of the Public Offering. In addition, possible working capital loans by our sponsor, management team, their affiliates and other third parties may be converted into warrants of the post-business combination entity at a price of $0.50 per warrant (a maximum of 1,000,000 warrants if up to $500,000 is loaned and that amount is converted into warrants). The placement warrants, and the loan warrants, if any, are (or will be) identical to the warrants sold in the Public Offering, except that, if held by our sponsor or their permitted assigns, they (a) may be exercised for cash or on a cashless basis; (b) are not subject to being called for redemption and (c) they (including the common stock issuable upon exercise of these warrants) may not, subject to certain limited exceptions), be transferred, assigned or sold by the holders until 30 days after the consummation of our initial business combination. The Sponsors have agreed that the warrants purchased will not be sold or transferred until 30 days following consummation of a Business Combination, subject to certain limited exceptions. If the Company does not complete a Business Combination, then the proceeds will be part of the liquidating distribution to the public stockholders and the warrants issued to the initial stockholders will expire worthless. The private placement warrants and the common shares issuable upon exercise of the private placement warrants will not be transferable, assignable or salable until 30 days after the consummation of our initial Business Combination and the placement warrants will be non-redeemable so long as they are held by our Sponsor or its affiliates or designees. If the private placement warrants are held by someone other than the Sponsors, or their respective permitted transferees, the private placement warrants will be redeemable by us and exercisable by such holders on the same basis as the warrants included in the Units sold in the Public Offering. Due to Affiliates In order to finance transaction costs in connection with an intended initial Business Combination, our sponsor or an affiliate of our Sponsors or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we consummate an initial Business Combination, we would repay such loaned amounts. In the event that the initial Business Combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment, other than the interest income earned thereon. Up to $1,000,000 of such loans may be convertible into warrants of the post Business Combination entity at a price of $0.50 per warrant at the option of the lender. The warrants would be identical to the placement warrants. The terms of such loans by our Sponsors, officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. For the period from April 10, 2015 (inception) through June 30, 2015, the Company’s sponsor advanced to us a total of $140,500 and one of our officers advanced us a total of $1,888, a portion of which has been used for the payment of costs associated with the Public Offering. These advances are non-interest bearing and unsecured. As of the date of this filing, the Company’s sponsor advanced amount was not repaid by the Company.

Commitments & Contingencies

Commitments & Contingencies	3 Months Ended
	Jun. 30, 2015
Commitments & Contingencies [Abstract]
COMMITMENTS & CONTINGENCIES	5. COMMITMENTS & CONTINGENCIES The underwriter was entitled to an underwriting discount of two and a half percent (2.5%) which was paid in cash. In the event the underwriters exercise the overallotment option within 45 days of the Public Offering, the maximum number of additional units that may be sold is 750,000 at $10.00 per unit. The Company has agreed to sell the underwriter (and/or its designees), for $100, as additional compensation, an option to purchase up to a total of 400,000 units exercisable at $10.00 per unit (or an aggregate exercise price of $4,000,000) upon the closing of the Public Offering. Since the option is not exercisable until the earliest on the closing of our initial business combination, the option will effectively represent the right to purchase up to 400,000 shares of common stock and 400,000 warrants to purchase 200,000 shares at $11.50 per full share for an aggregate maximum amount of $6,300,000. The units issuable upon exercise of this option are identical to those offered in the Public Offering. This option may be exercised during the five-year period from the date of the Public Offering commencing on the later of the consummation of an initial business transaction and the one-year anniversary of the date of the Public Offering. The Company intends to account for the fair value of the unit purchase option, net of the receipt of the $100 cash payment, as an expense of the Public Offering resulting in a charge directly to stockholders’ equity. As of the date of this filing, the $100 was not received by the Company. The Company estimates the fair value of this unit purchase option is approximately $2.02 per unit (for a total fair value of approximately $669,114) using a Black-Scholes option-pricing model. The fair value of the unit purchase option granted to the underwriter is estimated as of the date of grant using the following assumptions: (1) expected volatility of 11.15%, (2) risk-free interest rate of 1.36% and (3) expected life of 5 years. Because the Company’s units do not have a trading history, the volatility assumption is based on information currently available to management. The volatility assumption was calculated using the average volatility of exchange-traded funds tracking various indices, which are representative of the sectors on which the company intends to focus for the initial business transaction, including: Fidelity Select Consumer Staples Portfolio, Rydex Consumer Products Fund, Icon Consumer Staples, Putnam Global Consumer Fund, and Vanguard Consumer Staples ETF. The Company believes that the volatility estimate is a reasonable benchmark to use in estimating the expected volatility of the units. Although an expected life of five years was used in the calculation, if the Company does not consummate a business transaction within the prescribed time period and it liquidates, the option will become worthless. The unit purchase option may be exercised for cash or on a “cashless” basis, at the holder’s option, 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 cash.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jun. 30, 2015
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY Common stock The Company is authorized to issue 15,000,000 shares of common stock with a par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share of common stock. At June 30, 2015, there were 1,504,688 shares of common stock issued and outstanding. The shares included an aggregate of 192,188 shares that were subject to forfeiture by our sponsor to the extent that the underwriter did not exercise its overallotment option so that holders of founder shares will own in the aggregate a number of founder shares equal to 20% of the aggregate of our founder shares, our private placement shares and our issued and outstanding public shares after the Public Offering. Preferred stock The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. At June 30, 2015, there were no shares of preferred stock issued and outstanding. The rights privileges, restrictions and conditions of the preferred shares have not been determined.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	7. SUBSEQUENT EVENTS On July 29, 2015, The sponsor purchased 250,000 placement units, each consisting of one share of common stock and one warrant to purchase one-half of one share of common stock at a price of $5.75 per half share, at a price of $10.00 per unit ($2,500,000 in the aggregate,) in a private placement that occurred simultaneously with the completion of the Public Offering The private placement warrants and the common shares issuable upon exercise of the private placement warrants will not be transferable, assignable or salable until 30 days after the consummation of our initial Business Combination and the placement warrants will be non-redeemable so long as they are held by our Sponsor or its affiliates or designees. If the private placement warrants are held by someone other than the Sponsors, or their respective permitted transferees, the private placement warrants will be redeemable by us and exercisable by such holders on the same basis as the warrants included in the Units sold in the Public Offering. On July 29, 2015, the Company sold 5,000,000 units (additionally, within 45 days of the Public Offering, 750,000 units may be purchased if the underwriter's overallotment option is exercised in full) at a purchase price of $10.00 per unit (“Public Units”) in the Public Offering. Each Public Unit consists of one share of the Company’s common stock, $0.0001 par value, and one common stock purchase warrant. The Sponsor purchased an aggregate of 3,000,000 units in the Public Offering. The Sponsor has agreed that it will not seek redemption of 1,000,000 shares included in such units. On September 5, 2015, the underwriter's overallotment option expired unexercised, resulting in the Sponsor's forfeiture of 192,188 founder shares.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited interim financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (‘‘GAAP’’) for interim information and in accordance with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for a complete financial statement presentation. In the opinion of management, the interim financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year. and pursuant to the rules and regulations of the SEC. The accompanying unaudited interim financial statements recognize April 10, 2015 as our date of inception.
Development stage company	Development stage company The Company complies with the reporting requirements of Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce date maintenance and, for those entities subject to audit, audit costs by eliminating the requirements for development stage entities to present inception-to-date information in the statements of income, cash flows, and stockholders’ equity. Early application of each of the amendments is permitted for any annual reporting periods or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein.
Net loss per common share	Net loss per common share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. At June 30, 2015, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted loss per common share is the same as basic loss per common share for the periods presented.
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.
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 FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature.
Use of estimates	Use of estimates The preparation of 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income taxes	Income taxes The Company complies with the accounting and reporting requirements of FASB ASC Topic 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, 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 Topic 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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits as of July 29, 2015. No amounts were accrued for the payment of interest and penalties at July 29, 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 is subject to income tax examinations by major taxing authorities since inception. 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.
Deferred offering costs	Deferred offering costs Deferred offering costs consist of legal, underwriter and accounting fees incurred through the balance sheet date that are directly related to the Public Offering and that were charged to stockholders’ equity upon the completion of the Public Offering on July 29, 2015.
Accrued expenses and due to affiliate	Accrued expenses and due to affiliate Accrued expenses represents amounts the Company owes to its vendors, for which service has been provided but the Company has not paid for. Due to affiliate represents entity costs and offering costs paid by an affiliate on behalf of the Company. These advances are non-interest bearing, unsecured and payable on demand.
Going concern	Going concern 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 has adopted the methodologies prescribed by ASU 2014-15, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations.
Redeemable Common Stock	Redeemable Common Stock 4,000,000 of the 5,000,000 common stock sold as part of the units in the Public Offering contain a redemption feature which allows for the redemption of common stock under the Company’s liquidation or tender offer/shareholder approval provisions. In accordance with ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that in no event will it redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001. Accordingly, at July 29, 2015, 4,000,000 of the 5,000,000 Public Shares were classified outside of permanent equity at its redemption value. As of June 30, 2015, there was no redeemable common stock issued.
Recently issued accounting standards	Recently issued accounting standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Description of Organization a16

Description of Organization and Business Operations (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jul. 29, 2015	Jul. 23, 2015	Jun. 30, 2015
Description of Organization and Business Operations (Textual)
Common stock sale price			$ 0.01662
Sale of stock to Sponsor			$ 25,000
Shares held in trust account			50,000,000
Net tangible assets			$ 5,000,001
Trust account description			(i) The completion of the Business Combination; or (ii) the redemption of 100% of the outstanding public shares included in the units sold in the Public Offering if the Company is unable to complete the Business Combination within 24 months from the closing of the Public Offering.
Subsequent Event [Member]
Description of Organization and Business Operations (Textual)
Sale of stock to Sponsor, shares	4,000,000
Public Offering [Member] | Subsequent Event [Member]
Description of Organization and Business Operations (Textual)
Common stock sale price		$ 10
Sale of stock to Sponsor		$ 2,500,000
Sale of stock to Sponsor, shares	3,000,000	250,000	3,000,000
Non-redeemable shares			1,000,000
Maturity date	180 days
Percentage of gross proceeds of proposed offering	100.00%

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Details) - USD ($)	1 Months Ended
	Jul. 29, 2015	Jun. 30, 2015
Summary of Significant Accounting Policies (Textual)
Federal depository insurance		$ 250,000
Net tangible assets		$ 5,000,001
Subsequent Event [Member]
Summary of Significant Accounting Policies (Textual)
Sale of common stock shares	4,000,000
Redemable permanent equity, shares	5,000,000

Public Offering (Details)

Public Offering (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jul. 29, 2015	Jul. 23, 2015	Jun. 30, 2015
Public Offering (Textual)
Common stock, par value			$ 0.0001
Common stock description			Common stock at an exercise price of $5.75 ($11.50 per whole share).
Common stock sale price			$ 0.01662
Underwriting discount percentage			2.50%
Stock option exercise price, shares			400,000
Additional compensation			$ 100
Underwriting commitments, description			Since the option is not exercisable until the earliest on the closing of our initial business combination, the option will effectively represent the right to purchase up to 400,000 shares of common stock and 400,000 warrants to purchase 200,000 shares at $11.50 per full share for an aggregate maximum amount of $6,300,000. The units issuable upon exercise of this option are identical to those offered in the Public Offering. This option may be exercised during the five-year period from the date of the Public Offering commencing on the later of the consummation of an initial business transaction and the one-year anniversary of the date of the Public Offering.
Stock Option [Member]
Public Offering (Textual)
Sale of common stock shares			400,000
Number of additional units issued			400,000
Warrant [Member]
Public Offering (Textual)
Sale of common stock shares			200,000
Common Stock [Member]
Public Offering (Textual)
Sale of common stock shares			1,504,688
Number of additional units issued			400,000
Subsequent Event [Member]
Public Offering (Textual)
Sale of common stock shares	4,000,000
Subsequent Event [Member] | Warrant [Member]
Public Offering (Textual)
Sale of common stock shares	250,000
Number of additional units issued	250,000
Warrant description			The warrants will be redeemable by the Company at a price of $0.01 per warrant upon 30 days prior written notice after the warrants become exercisable, only in the event that the last sale price of the common stock equals or exceeds $24.00 per share for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which notice of redemption is given.
Subsequent Event [Member] | Common Stock [Member]
Public Offering (Textual)
Sale of common stock shares	250,000
Number of additional units issued	250,000
Over-allotment option [Member]
Public Offering (Textual)
Sale of common stock shares			750,000
Number of additional units issued			750,000
Additional price per unit			$ 10
Over-allotment option [Member] | Subsequent Event [Member]
Public Offering (Textual)
Sale of common stock shares	750,000
Number of additional units issued	750,000
Common stock sale price	$ 10
Public Offering [Member]
Public Offering (Textual)
Public offering period			Within 45 days of the Public Offering
Underwriting discount			$ 1,250,000
Public Offering [Member] | Subsequent Event [Member]
Public Offering (Textual)
Sale of common stock shares	3,000,000	250,000	3,000,000
Common stock, par value	$ 0.0001
Public offering period	Within 45 days
Warrant description	(a) 30 days after the consummation of its initial Business Combination, or (b) 12 months from the closing of the Public Offering. The warrants will expire at 5:00 p.m., New York time, five years after the consummation of its initial Business Combination or earlier upon redemption or liquidation.
Common stock sale price		$ 10

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Sep. 05, 2015	Jul. 31, 2015	Jul. 29, 2015	Jul. 23, 2015	Apr. 30, 2015	Jun. 30, 2015
Related Party Transactions (Textual)
Common stock share price						$ 2.02
Percentage of shares issued and outstanding						20.00%
Business combination, description						Our initial stockholders have agreed not to transfer, assign or sell any of their founder shares until one year after our initial Business Combination (the "lock up"). Notwithstanding the foregoing, if the last sale price of our common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial Business Combination, or if we consummate a transaction after our initial Business Combination which results in our stockholders having the right to exchange their shares for cash or property, the founder shares will be released from the lock-up.
Common stock sale price						$ 0.01662
Due to affiliates						$ 142,388
Sale of stock to Sponsor						$ 25,000
Business combination share price						$ 0.50
Loans convertible into warrants						$ 1,000,000
Subsequent Event [Member]
Related Party Transactions (Textual)
Forfeiture of common stock by Sponsor	192,188
Sale of stock to Sponsor, shares			4,000,000
Over-Allotment Option [Member]
Related Party Transactions (Textual)
Forfeiture of common stock by Sponsor						334,126
Additional shares issued to Sponsor, Shares						750,000
Sale of stock to Sponsor, shares						750,000
Over-Allotment Option [Member] | Subsequent Event [Member]
Related Party Transactions (Textual)
Additional shares issued to Sponsor, Shares			750,000
Common stock sale price			$ 10
Sale of stock to Sponsor, shares			750,000
Public Offering [Member] | Subsequent Event [Member]
Related Party Transactions (Textual)
Non-redeemable shares						1,000,000
Common stock sale price				$ 10
Sale of stock to Sponsor				$ 2,500,000
Sale of stock to Sponsor, shares			3,000,000	250,000		3,000,000
Private Placement [Member] | Subsequent Event [Member]
Related Party Transactions (Textual)
Common stock share price		$ 5.75
Common stock sale price		$ 10	$ 10
Business combination warrant purchase, shares		1,000,000
Business combination warrant purchase, value		$ 500,000
Sale of stock, description		The placement warrants, and the loan warrants, if any, are (or will be) identical to the warrants sold in the Public Offering, except that, if held by our sponsor or their permitted assigns, they (a) may be exercised for cash or on a cashless basis; (b) are not subject to being called for redemption and (c) they (including the common stock issuable upon exercise of these warrants) may not, subject to certain limited exceptions), be transferred, assigned or sold by the holders until 30 days after the consummation of our initial business combination. The Sponsors have agreed that the warrants purchased will not be sold or transferred until 30 days following consummation of a Business Combination, subject to certain limited exceptions.
Sale of stock to Sponsor		$ 2,500,000
Business combination share price		$ 0.50
Officer [Member]
Related Party Transactions (Textual)
Due to affiliates						$ 1,888
Sponsor [Member]
Related Party Transactions (Textual)
Due to affiliates						$ 140,500
Founder [Member]
Related Party Transactions (Textual)
Common stock share price					$ 0.01662
Forfeiture of common stock by Sponsor					192,188
Sale of stock to Sponsor					$ 25,000
Sale of stock to Sponsor, shares					1,504,688
Founder [Member] | Subsequent Event [Member]
Related Party Transactions (Textual)
Forfeiture of common stock by Sponsor	192,188
Tim Richerson [Member]
Related Party Transactions (Textual)
Sale of stock to Sponsor, shares						164,063
Peter Nathanial [Member]
Related Party Transactions (Textual)
Sale of stock to Sponsor, shares						164,063
Mr. Jetta [Member]
Related Party Transactions (Textual)
Sale of stock to Sponsor, shares						3,000
Mr. Qu [Member]
Related Party Transactions (Textual)
Sale of stock to Sponsor, shares						3,000

Commitments & Contingencies (De

Commitments & Contingencies (Details) - Jun. 30, 2015 - USD ($)	Total
Commitments & Contingencies (Textual)
Underwriting discount	2.50%
Additional compensation	$ 100
Stock option exercise price	$ 4,000,000
Stock option exercise price, shares	400,000
Exercise price per share	$ 10
Underwriting commitments, description	Since the option is not exercisable until the earliest on the closing of our initial business combination, the option will effectively represent the right to purchase up to 400,000 shares of common stock and 400,000 warrants to purchase 200,000 shares at $11.50 per full share for an aggregate maximum amount of $6,300,000. The units issuable upon exercise of this option are identical to those offered in the Public Offering. This option may be exercised during the five-year period from the date of the Public Offering commencing on the later of the consummation of an initial business transaction and the one-year anniversary of the date of the Public Offering.
Share price	$ 2.02
Stock option fair value	$ 669,114
Expected volatility	11.15%
Risk-free interest rate	1.36%
Expected life	5 years
Over-Allotment Option [Member]
Commitments & Contingencies (Textual)
Number of additional units issued	750,000
Additional price per unit	$ 10
Public Offering [Member]
Commitments & Contingencies (Textual)
Public offering period	Within 45 days of the Public Offering

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Jun. 30, 2015 - $ / shares	Total
Stockholders' Equity [Abstract]
Common stock, shares authorized	15,000,000
Common stock, par value	$ 0.0001
Common stock, shares issued	1,504,688
Common stock, shares outstanding	1,504,688
Preferred stock, shares authorized	1,000,000
Preferred stock, par value	$ 0.0001
Preferred stock, shares issued
Preferred stock, shares outstanding

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Sep. 05, 2015	Jul. 29, 2015	Jul. 23, 2015	Jun. 30, 2015	Jul. 31, 2015
Subsequent Events (Textual)
Purchase price				$ 0.01662
Common stock, par value				$ 0.0001
Common Stock [Member]
Subsequent Events (Textual)
Sale of common stock shares				1,504,688
Warrant [Member]
Subsequent Events (Textual)
Sale of common stock shares				200,000
Public Offering [Member]
Subsequent Events (Textual)
Public offering period				Within 45 days of the Public Offering
Over-allotment option [Member]
Subsequent Events (Textual)
Sale of common stock shares				750,000
Sponsor's forfeiture				334,126
Subsequent Event [Member]
Subsequent Events (Textual)
Sale of common stock shares		4,000,000
Sponsor's forfeiture	192,188
Subsequent Event [Member] | Common Stock [Member]
Subsequent Events (Textual)
Sale of common stock shares		250,000
Subsequent Event [Member] | Warrant [Member]
Subsequent Events (Textual)
Sale of common stock shares		250,000
Subsequent Event [Member] | Private Placement [Member]
Subsequent Events (Textual)
Purchase price		$ 10			$ 10
Private placement aggregate value		$ 2,500,000
Subsequent Event [Member] | Public Offering [Member]
Subsequent Events (Textual)
Sale of common stock shares		3,000,000	250,000	3,000,000
Purchase price			$ 10
Public offering period		Within 45 days
Common stock, par value		$ 0.0001
Non-redeemable shares				1,000,000
Subsequent Event [Member] | Over-allotment option [Member]
Subsequent Events (Textual)
Sale of common stock shares		750,000
Purchase price		$ 10