Purple Innovation (PRPL) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 07, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Global Partner Acquisition Corp.
Entity Central Index Key	1,643,953
Trading Symbol	GPAC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,989,770

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current assets -
Cash	$ 374,000	$ 237,000
Prepaid expenses	19,000	41,000
Total current assets	393,000	278,000
Non-current assets -
Cash and investments held in Trust Account	121,749,000	155,543,000
Total assets	122,142,000	155,821,000
Current liabilities -
Accounts payable	522,000	199,000
Accrued liabilities	289,000	1,614,000
Accrued taxes	204,000	62,000
Total current liabilities	1,015,000	1,875,000
Other liabilities -
Deferred underwriting commission	4,000,000	4,658,000
Total liabilities	5,015,000	6,533,000
Common stock subject to possible redemption; 11,212,713 shares and 14,428,805 shares, respectively, at September 30, 2017 and December 31, 2016 (at redemption value of approximately $10.00 per share)	112,127,000	144,288,000
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, none issued or outstanding
Common stock, $0.0001 par value, 35,000,000 shares authorized, 4,777,057 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 11,212,713 and 14,428,805 shares, respectively, subject to possible redemption) at September 30, 2017 and December 31, 2016
Additional paid-in-capital	6,179,000	7,630,000
Accumulated deficit	(1,179,000)	(2,630,000)
Total stockholders' equity	5,000,000	5,000,000
Total liabilities and stockholders' equity	$ 122,142,000	$ 155,821,000

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, possible redemption, shares	11,212,713	14,428,805
Common stock, possible redemption, per share	$ 10.04	$ 10
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	4,777,057	4,977,445
Common stock, shares outstanding	4,777,057	4,977,445
Common stock excluding possible redemption, shares	11,212,713	14,428,805

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenues
General and administrative expenses	937,000	227,000	1,421,000	486,000
Loss from operations	(937,000)	(227,000)	(1,421,000)	(486,000)
Other income (expense)
Transaction fee income	2,500,000		2,500,000
Interest income on Trust Account	294,000	93,000	735,000	258,000
Interest expense on Notes payable - related party	(17,000)		(57,000)
Total other income	2,777,000		3,178,000
Income (loss) before income tax	1,840,000	(134,000)	1,757,000	(228,000)
Provision for income tax	(130,000)		(306,000)
Net income (loss) attributable to common stock	$ 1,710,000	$ (134,000)	$ 1,451,000	$ (228,000)
Weighted average common shares outstanding:
Basic and diluted	4,988,000	4,763,000	4,995,000	4,754,000
Diluted	15,990,000	4,763,000	18,263,000	4,754,000
Net Income (loss) per common share:
Basic	$ 0.34	$ (0.03)	$ 0.29	$ (0.05)
Diluted	$ 0.11	$ (0.03)	$ 0.08	$ (0.05)

Condensed Statement of Stockhol

Condensed Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($)		Total	Common Stock	Paid-in Capital	Additional Accumulated Deficit
Balance at Dec. 31, 2016		$ 5,000,000		$ 7,630,000	$ (2,630,000)
Balance, shares at Dec. 31, 2016			4,977,445
Reduction of deferred underwriting commissions		658,000		658,000
Change in proceeds subject to possible redemption	[1]	(2,109,000)		(2,109,000)
Change in proceeds subject to possible redemption, shares	[1]		(200,388)
Net income		1,451,000			1,451,000
Balance at Sep. 30, 2017		$ 5,000,000		$ 6,179,000	$ (1,179,000)
Balance, shares at Sep. 30, 2017			4,777,057
[1]	Includes the effect of the redemption of 3,416,480 public shares into a pro rata portion of the Trust Account on August 3, 2017 (see Notes 5 and 6).

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ 1,451,000	$ (228,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Decrease in prepaid expenses	22,000	59,000
Increase (decrease) in accounts payable, accrued liabilities and accrued taxes, net	(860,000)	(47,000)
Trust income retained in Trust Account	(476,000)	(187,000)
Net cash provided by (used) in operating activities	137,000	(403,000)
Cash flows from investing activities:
Withdrawal from Trust Account upon redemption of 3,416,480 public shares	34,165,000
Cash flows from financing activities:
Proceeds from notes payable - related party	1,200,000
Payment of notes payable - related party	(1,200,000)
Redemption of common stock	(34,165,000)
Net cash used in financing activities	(34,165,000)
Net increase (decrease) in cash	137,000	(403,000)
Cash at beginning of period	237,000	1,048,000
Cash at end of period	374,000	645,000
Supplemental disclosure of noncash investing and financing activities:
Reduction of deferred underwriting commissions	$ 658,000

Condensed Statements of Cash F7

Condensed Statements of Cash Flows (Parenthetical) (Unaudited)	9 Months Ended
	Sep. 30, 2017shares
Statement of Cash Flows [Abstract]
Redemption of public shares	3,416,480

Description of Organization and

Description of Organization and Business Operations	9 Months Ended
	Sep. 30, 2017
Description of Organization and Business Operations [Abstract]
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	NOTE 1 – DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Organization and General: Global Partner Acquisition Corp. (the “Company”) was incorporated in Delaware on May 19, 2015. 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 (the “Initial Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the “Securities Act,” as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). At September 30, 2017, the Company had not commenced any operations. All activity for the period from May 19, 2015 (inception) through September 30, 2017 relates to the Company’s formation and the initial public offering (“Public Offering”) described below and, subsequent to the Public Offering, locating and completing a suitable Business Combination. The Company has not and will not generate any operating revenues until after completion of the Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on cash from the proceeds of the Public Offering and a concurrent private placement. Sponsor and Financing: The Company’s sponsor is Global Partner Sponsor I LLC, a Delaware limited liability corporation (the “Sponsor” or the “initial stockholder”). The registration statement for the Public Offering (as described in Note 3) was declared effective by the United States Securities and Exchange Commission (the “SEC”) on July 29, 2015. The Company intends to finance an Initial Business Combination with proceeds from $155,250,000 of gross proceeds from the Public Offering, including the underwriters’ exercise of the over-allotment option in full (as described in Note 3) and approximately $6,408,000 of gross proceeds from a concurrent private placement (Note 3). Upon the closing of the Public Offering and the private placement, $155,250,000 was deposited in a trust account with Continental Stock Transfer and Trust Company acting as trustee (the “Trust Account”) as discussed below. See below as well as Notes 4, 5 and6 regarding redemptions of common stock and the release of a portion of the funds from the Trust Account in connection with stockholder approval, in August 2017, to amend the Company’s amended and restated certificate of incorporation to extend the date by which the Company must complete its Initial Business Combination. The Trust Account: The funds in the Trust Account may be invested only in U.S. government treasury bills with a maturity of one hundred and eighty (180) days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940 which invest only in direct U.S. government obligations. Funds will remain in the Trust Account until the earlier of (i) the consummation of the Initial Business Combination or (ii) the distribution of the Trust Account as described below. The remaining proceeds of the Public Offering outside the Trust Account may be used to pay for business, legal and accounting due diligence expenses for prospective acquisition targets and continuing general and administrative expenses. The Company’s amended and restated certificate of incorporation originally provided that, other than the withdrawal of interest to pay taxes, if any, none of the funds held in the Trust Account will be released until the earlier of: (i) the completion of the Initial Business Combination; or (ii) the redemption of 100% of the shares of common stock included in the Units (as defined below) sold in the Public Offering if the Company is unable to complete an Initial Business Combination within 24 months from the closing of the Public Offering (subject to the requirements of law). However, on August 3, 2017, the stockholders of the Company approved an amendment to the Company’s amended and restated certificate of incorporation to extend the date on which the Company must liquidate the Trust Account if the Company has not completed an initial business combination, from August 4, 2017 to November 6, 2017 (or February 5, 2018 if the Company has executed a definitive agreement for an initial business combination by November 6, 2017), and to permit the withdrawal of funds from the Trust Account to pay stockholders who properly exercise their redemption rights in connection with the extension. Stockholders representing 3,416,480 shares elected to redeem their shares as further discussed in Notes 5 and 6. As discussed further in Note 8, on November 2, 2017, the Company entered into a definitive agreement for an Initial Business Combination, thereby extending the date to complete an Initial Business Combination to February 5, 2018. Initial 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 an Initial Business Combination with a Target Business. As used herein, a “Target Business” is one or more businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned) at the time of the Company signing a definitive agreement in connection with the Initial Business Combination. There is no assurance that the Company will be able to successfully effect an Initial Business Combination. The Company, after signing a definitive agreement for an Initial Business Combination, will either (i) seek stockholder approval of the Initial 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 Initial Business Combination, for cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest but less taxes payable, or (ii) provide stockholders with the opportunity to have their shares redeemed by the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in 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 commencement of the tender offer, including interest but less taxes payable. The decision as to whether the Company will seek stockholder approval of the Initial Business Combination or will allow stockholders to redeem their shares in 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 unless a vote is required by NASDAQ rules. If the Company seeks stockholder approval, it will complete its Initial Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Initial Business Combination. However, in no event will the Company redeem its Public Shares (as defined below) in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its Public Shares and the related Initial Business Combination. If the Company holds a stockholder vote or there is a tender offer for shares in connection with an Initial Business Combination, a public stockholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination, including interest but less taxes payable. As a result, such shares of common stock are recorded at redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with Financial Accounting Standards, Board (“FASB”) Accounting Standards Update (“ASC”) 480, “Distinguishing Liabilities from Equity.” On August 3, 2017, the Company’s stockholders agreed to amend the Company’s amended and restated certificate of incorporation to extend the date by which the Company must consummate an Initial Business Combination from August 4, 2017 to February 5, 2018 or such earlier date as determined by the Board of Directors of the Company. Under the Extension Amendment, public stockholders had the right to redeem their pro rata portion of the funds in the Trust Account and stockholders representing 3,416,480 shares elected to redeem their shares as further discussed in Notes 4 and 5. See Liquidation and Going Concern Liquidation and Going Concern: As noted in Initial Business Combination This mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern at September 30, 2017. No adjustments have been made to the carrying amounts of assets or liabilities as of such date should the Company be required to liquidate after February 5, 2018. In the event of liquidation, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per unit in the Public Offering. At September 30, 2017, the Company had current liabilities of approximately $1,015,000 and negative working capital of approximately $622,000. Of these amounts, approximately $204,000 represents accrued taxes (which can be paid with interest earned from the Trust Account), approximately $20,000 represents unpaid administrative fees payable to our Sponsor and approximately $791,000 largely represents amounts owed to professionals, consultants, advisors and others for their services. Funds in the Trust Account are not generally available to pay professionals, consultants, advisors and others absent an Initial Business Combination and the majority of such parties have agreed to waive any claims against the Trust Account. The Company believes that such professionals, consultants, advisors and others will continue assisting the Company with completing the Initial Business Combination and, excluding our independent registered public accounting firm, defer a portion of their fees until such completion or on a contingency basis. Subsequent to September 30, 2017, on November 2, 2017, the Company drew $600,000 under a Sponsor note executed on November 1, 2017. Further, the Company continues to generate interest income that is available to pay taxes. As such, the Company believes that it has sufficient working capital at September 30, 2017 (assuming the subsequent receipt of the additional funding from the Sponsor which is not currently in place) to fund its operations until completion of its Initial Business Combination or, if necessary, through February 5, 2018.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The accompanying interim unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of September 30, 2017 and December 31, 2016, and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year. The accompanying unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC. All dollar amounts are rounded to the nearest thousand dollars. Emerging Growth Company: Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when an accounting 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 accounting standard at the time private companies adopt the new or revised standard. Net Income (Loss) Per Common Share: The Company complies with the accounting and disclosure requirements in ASC Topic 260, “Earnings Per Share.” Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Shares of common stock subject to possible redemption at September 30, 2017 have been excluded from the calculation of basic income per share for the three and nine months ended September 30, 2017 since such shares, if redeemed, only participate in their pro rata share of the Trust Account. The Company has not considered the effect of warrants sold in the Public Offering and the concurrent private placement to purchase 14,170,000 shares of common stock in the calculation of diluted income (loss) per share, since the exercise of the warrants into shares of common stock is contingent upon the occurrence of future events. Concentration of Credit Risk: Financial instruments that potentially subject the Company to concentrations 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. 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 financial statements. Use of Estimates: The preparation of financial statements in conformity with GAAP requires the Company’s 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. Actual results could differ from those estimates. Income Taxes: The Company follows the asset and liability method of accounting for income taxes under FASB ASC, 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. At September 30, 2017 and December 31, 2016, the Company has a deferred tax asset of approximately $450,000 and $225,000, respectively, primarily related to start-up costs. Management has determined that a full valuation allowance of the deferred tax asset is appropriate at this time. 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 unrecognized tax benefits as of September 30, 2017 or December 31, 2016. 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 September 30, 2017 or December 31, 2016. 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. Redeemable Common Stock: All of the 15,525,000 common shares sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of common shares under the Company’s liquidation or tender offer/stockholder approval provisions. In accordance with FASB 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 an entity’s equity instruments, are excluded from the provisions of FASB 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 (stockholders’ equity) to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital. On August 3, 2017, in connection with stockholder approval of an amendment to the Company’s amended and restated certificate of incorporation, stockholders representing 3,416,480 shares elected to redeem their shares as discussed further in Notes 5 and 6. Accordingly, at September 30, 2017 and December 31, 2016, 11,212,713 and 14,428,805, respectively, of the 15,525,000 Public Shares were classified outside of permanent equity at their redemption value. Recent Accounting Pronouncements: 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	9 Months Ended
	Sep. 30, 2017
Public Offering [Abstract]
PUBLIC OFFERING	NOTE 3 – PUBLIC OFFERING On August 4, 2015, the Company closed the Public Offering for the sale of 15,525,000 Units at a price of $10.00 per unit (the “Units”), including the full exercise of the underwriters’ over-allotment option yielding gross proceeds of $155,250,000. Each Unit consists of one share of the Company’s common stock, $0.0001 par value and one redeemable common stock purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one-half of one share of common stock at a price of $5.75. No fractional shares will be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Warrant will become exercisable on the later of 30 days after the completion of the Initial Business Combination or 12 months from the closing of the Public Offering and will expire five years after the completion of the Initial Business Combination or earlier upon redemption or liquidation. However, if the Company does not complete the Initial Business Combination on or prior to February 5, 2018, the Warrants will expire. The Company has agreed to use its best efforts following the completion of the Initial Business Combination to file a new registration statement under the Securities Act, to cover the shares of common stock issuable upon the exercise of the warrants. If the Company is unable to deliver registered shares of common stock to the holder upon exercise of the Warrants issued as part of the 15,525,000 Units during the exercise period, there will be no net cash settlement of these Warrants and the Warrants will expire worthless, unless they are exercised on a cashless basis in the circumstances described in the warrant agreement. Once the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole and not in part at a price of $0.01 per Warrant upon a minimum of 30 days’ prior written notice of redemption, only in the event that the last sale price of the Company’s shares of common stock equals or exceeds $24.00 per share for any 20 trading days within the 30-trading day period ending on the third trading day before the Company sends the notice of redemption to the Warrant holders. The Company paid an underwriting discount of 3% of the gross proceeds of the Public Offering to the underwriters at the closing of the Public Offering (approximately $4,658,000), with an additional fee (the “Deferred Discount”) of 3% of the gross proceeds payable upon the Company’s completion of the Initial Business Combination. In July 2017, the Company reached an agreement with the underwriters to reduce the Deferred Discount from $4,657,500 to $4,000,000. The reduction was recorded as an addition to additional paid in capital in the three and nine months ended September 30, 2017. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes the Initial Business Combination. In addition, on August 4, 2015, the Sponsor paid the Company approximately $6,408,000 in a private placement for the purchase of 12,815,000 warrants at a price of $0.50 per warrant (the “Private Placement Warrants”) - see also Note 4.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS Founder Shares: In May 2015, the Sponsor purchased 3,881,250 shares of common stock (the “Founder Shares”) for $25,000, or approximately $0.006 per share. The Founder Shares are identical to the common stock included in the Units sold in the Public Offering except that the Founder Shares are subject to certain transfer restrictions as described in more detail below. The Sponsor agreed to forfeit up to 506,250 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters so that the initial stockholder would own 20.0% of the Company’s issued and outstanding shares after the Public Offering. As described above, the underwriters exercised their over-allotment option in full and therefore none of the Founder Shares were forfeited. The Company’s initial stockholder has agreed not to transfer, assign or sell any of its Founder Shares until the earlier of (A) one year after the completion of the Initial Business Combination, or earlier if, subsequent to the Initial Business Combination, the last sale price of the Company’s 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 the Initial Business Combination or (B) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction after the Initial Business Combination that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Warrants; Upon the closing of the Public Offering on August 4, 2015, the Sponsor paid the Company approximately $6,408,000 in a private placement for the purchase of 12,815,000 warrants (including warrants in connection with the exercise of the over-allotment option) at a price of $0.50 per warrant (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one-half of one share of common stock at $5.75 per share. The purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering held in the Trust Account pending completion of the Initial Business Combination. The Private Placement Warrants (including the common stock issuable upon exercise of the Private Placement Warrants) are not transferable, assignable or salable until 30 days after the completion of the Initial Business Combination and they are non-redeemable so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the warrants included in the Units sold in the Public Offering. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Warrants sold as part of the Units in the Public Offering and have no net cash settlement provisions. If the Company does not complete an Initial Business Combination, then the proceeds from the Private Placement Warrants will be part of the liquidating distribution to the public stockholders and the Private Placement Warrants will expire worthless. Registration Rights: The Company’s initial stockholder and holders of the Private Placement Warrants are entitled to registration rights pursuant to a registration rights agreement entered into in connection with the Public Offering in July 2015. The Company’s initial stockholder and holders of the Private Placement Warrants 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 have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Related Party Loans: On January 12, 2017, the Company issued a promissory note to the Sponsor. The note permitted the Company to borrow money from time to time from the Sponsor in an aggregate principal amount of up to $1,200,000 with an interest rate of 7.5% per annum. During January 2017, the Company borrowed $1,200,000 under the note. The Company used the proceeds from such borrowings for ongoing operational expenses and certain other expenses in connection with the Company’s Initial Business Combination. The note was repaid, together with approximately $57,000 of accrued interest, on September 5, 2017 (see Note 7). Administrative Services Agreement: The Company has agreed to pay $10,000 a month for office space, utilities and administrative support to the Sponsor. Services commenced on July 29, 2015, the date the securities were first listed on the NASDAQ Capital Market, and will terminate upon the earlier of the consummation by the Company of the Initial Business Combination or the liquidation of the Company. Administrative services charges earned but not paid under the agreement aggregating $20,000 are included in accrued liabilities at September 30, 2017.

Trust Account and Fair Value Me

Trust Account and Fair Value Measurement	9 Months Ended
	Sep. 30, 2017
Trust Account and Fair Value Measurement [Abstract]
TRUST ACCOUNT AND FAIR VALUE MEASUREMENT	NOTE 5 - TRUST ACCOUNT AND FAIR VALUE MEASUREMENT The Company complies with FASB ASC 820, Fair Value Measurements, for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. Upon the closing of the Public Offering and the private placement, a total of $155,250,000 was deposited into the Trust Account. All proceeds in the Trust Account may be invested in either U.S. government treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, and that invest solely in U.S. government treasury obligations. At September 30, 2017 and December 31, 2016, the proceeds of the Trust Account were invested primarily in U.S. government treasury bills. The U.S. government treasury bills held at December 31, 2016 matured in March 2017 and the U. S. government treasury bills held at September 30, 2017 matured in October 2017. The Company classifies its U.S. government treasury bills and equivalent securities as held-to-maturity in accordance with FASB ASC 320 “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheet at September 30, 2017 and December 31, 2016 and adjusted for the amortization or accretion of premiums or discounts. Approximately $66,000 and $1,000, respectively, of the balance in the Trust Account was held in cash at September 30, 2017 and December 31, 2016. During the nine months ended September 30, 2017 and 2016, approximately $260,000 and $70,000, respectively, was released from the Trust Account to the Company to pay taxes. The following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In addition, the table presents the carrying value under FASB ASC 320. Since all of the Company’s permitted investments consist of U.S. government treasury bills and cash, fair values of its investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities as follows: Carrying Gross Quoted Value at Unrealized Active Description September 30, Holding Markets Assets: U.S. Government Treasury Bills $ 121,683,000 $ 10,000 $ 121,693,000 Cash 66,000 - 66,000 Total $ 121,749,000 $ 10,000 $ 121,759,000 Carrying Gross Quoted Prices in Value at Unrealized Active Description December 31, Holding Markets Assets U.S. Government Treasury Bills $ 155,542,000 $ (15,000 ) $ 155,527,000 Cash 1,000 - 1,000 Total $ 155,543,000 $ (15,000 ) $ 155,528,000 On August 3, 2017, in connection with stockholder approval of the Company’s Amended and Restated Certificate of Incorporation, stockholders representing 3,416,480 shares elected to redeem their shares for a pro rata share of the amount in the Trust Account resulting in approximately $34,269,000 removed from the Trust Account in connection with such redemptions at a redemption value of approximately $10.03 per share. At September 30, 2017, such redemption amount per share was approximately $10.04.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 6 – STOCKHOLDERS’ EQUITY Common Stock: The Company is authorized to issue 35,000,000 shares of common stock. The Company will likely (depending on the terms of the Initial Business Combination) be required to increase the number of shares of common stock which it is authorized to issue at the same time as its stockholders vote on the Initial Business Combination to the extent the Company seeks stockholder approval in connection with the Initial Business Combination. Holders of the Company’s common stock are entitled to one vote for each share of common stock they own. At September 30, 2017 and December 31, 2016, there were 15,989,770 and 19,406,250, respectively, shares of common stock issued and outstanding. At September 30, 2017 and December 31, 2016, 11,212,713 and 14,428,805, respectively, of the outstanding shares were subject to redemption. As discussed further in Note 5, on August 3, 2017, shareholders representing 3,416,480 shares elected to redeem their shares which reduced the number of outstanding shares from 19,406,250 to 15,989,770. Preferred Stock: The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. At September 30, 2017 and December 31, 2016, there were no shares of preferred stock issued and outstanding.

Termination of Proposed Busines

Termination of Proposed Business Combination with Sequel and Related Transaction Fee Income	9 Months Ended
	Sep. 30, 2017
Termination of Proposed Business Combination with Sequel and Related Transaction Fee Income [Abstract]
TERMINATION OF PROPOSED BUSINESS COMBINATION WITH SEQUEL AND RELATED TRANSACTION FEE INCOME	NOTE 7 – TERMINATION OF PROPOSED BUSINESS COMBINATION WITH SEQUEL AND RELATED TRANSACTION FEE INCOME On January 11, 2017, the Company entered into an Agreement and Plan of Merger (the “Sequel Merger Agreement”), by and among the Company, Sequel Acquisition, LLC (the “MergerSub”), a wholly-owned subsidiary of the Company, Sequel Youth and Family Services, LLC (“Sequel”) and other parties named thereto. Pursuant to the Sequel Merger Agreement, the Company agreed to acquire the Sequel business through an equity purchase and a merger of MergerSub with and into Sequel, with Sequel being the survivor in the merger (the “Sequel Business Combination”). On May 19, 2017, the Company received notice from Sequel that Sequel terminated the Sequel Merger Agreement since the transactions contemplated by the Sequel Merger Agreement were not completed on or prior to May 15, 2017 as required. On September 1, 2017, the Company received a $2,500,000 fee for releasing a third party from a non-circumvention agreement with the Company relating to the Sequel Business Combination. In connection with the receipt of this payment by the Company, the Company paid down approximately $2,250,000 of accrued liabilities relating to the Sequel Business Combination, including the principal amount of the Sponsor Note of $1,200,000 together with approximately $57,000 of accrued interest.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS Entry into Merger Agreement for Business Combination On November 2, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, PRPL Acquisition, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“Merger Sub”), Purple Innovation, LLC, a Delaware limited liability company (“Purple”), InnoHold, LLC, a Delaware limited liability company and the sole equity holder of Purple (“InnoHold”), and the Sponsor, solely in its capacity thereunder as the representative of the Company after the consummation of the transactions contemplated by the Merger Agreement. Pursuant to the Merger Agreement, the Company agreed to acquire Purple’s business through a merger of Merger Sub with and into Purple, with Purple being the survivor in the merger (the “Business Combination,” and together with the other transactions contemplated by the Merger Agreement and the agreements attached thereto, the “Transactions”). The Merger Agreement and the Transactions were unanimously approved by the board of directors of the Company. Purple is a comfort technology company with products aimed at improving how people sleep, sit and stand. Purple currently offers mattress, bedding and cushioning products through direct-to-consumer and retail channels. Purple is based in Alpine, UT, was organized as a Delaware limited liability company in 2010 and changed its name to Purple Innovation, LLC in January 2017. Additional information regarding Purple, the Business Combination and the Transactions is available in the Form 8-K filed by the Company on November 3, 2017 and the preliminary proxy statement filed by the Company on November 6, 2017. Second Sponsor Note Subsequent to September 30, 2017, on November 1, 2017, the Company executed the Second Sponsor Note for up to $1,000,000 to cover certain Business Combination fees and expenses. The Second Sponsor Note does not bear interest and can be drawn down in any amount upon five business days' notice to the Sponsor. On November 2, 2017, the Company drew $600,000 under the Second Sponsor Note. Under the Second Sponsor Note, the Company has the option to convert any unpaid balance into shares of common stock based on a share price of $10.00 per share. The Sponsor is also entitled to receive a capital commitment fee in the amount of $50,000 in consideration of its agreement to commit to make the loan to the Company. The Second Sponsor Note is repayable in full upon the earliest to occur of: (i) the consummation of the Business Combination, (ii) February 28, 2018 and (iii) the date that the winding up of the Company is effective.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation:	Basis of Presentation: The accompanying interim unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of September 30, 2017 and December 31, 2016, and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year. The accompanying unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the Company with the SEC. All dollar amounts are rounded to the nearest thousand dollars.
Emerging Growth Company:	Emerging Growth Company: Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when an accounting 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 accounting standard at the time private companies adopt the new or revised standard.
Net Income (Loss) Per Common Share:	Net Income (Loss) Per Common Share: The Company complies with the accounting and disclosure requirements in ASC Topic 260, “Earnings Per Share.” Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Shares of common stock subject to possible redemption at September 30, 2017 have been excluded from the calculation of basic income per share for the three and nine months ended September 30, 2017 since such shares, if redeemed, only participate in their pro rata share of the Trust Account. The Company has not considered the effect of warrants sold in the Public Offering and the concurrent private placement to purchase 14,170,000 shares of common stock in the calculation of diluted income (loss) per share, since the exercise of the warrants into shares of common stock is contingent upon the occurrence of future events.
Concentration of Credit Risk:	Concentration of Credit Risk: Financial instruments that potentially subject the Company to concentrations 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.
Financial Instruments:	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 financial statements.
Use of Estimates:	Use of Estimates: The preparation of financial statements in conformity with GAAP requires the Company’s 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. Actual results could differ from those estimates.
Income Taxes:	Income Taxes: The Company follows the asset and liability method of accounting for income taxes under FASB ASC, 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. At September 30, 2017 and December 31, 2016, the Company has a deferred tax asset of approximately $450,000 and $225,000, respectively, primarily related to start-up costs. Management has determined that a full valuation allowance of the deferred tax asset is appropriate at this time. 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 unrecognized tax benefits as of September 30, 2017 or December 31, 2016. 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 September 30, 2017 or December 31, 2016. 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.
Redeemable Common Stock:	Redeemable Common Stock: All of the 15,525,000 common shares sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of common shares under the Company’s liquidation or tender offer/stockholder approval provisions. In accordance with FASB 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 an entity’s equity instruments, are excluded from the provisions of FASB 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 (stockholders’ equity) to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital. On August 3, 2017, in connection with stockholder approval of an amendment to the Company’s amended and restated certificate of incorporation, stockholders representing 3,416,480 shares elected to redeem their shares as discussed further in Notes 5 and 6. Accordingly, at September 30, 2017 and December 31, 2016, 11,212,713 and 14,428,805, respectively, of the 15,525,000 Public Shares were classified outside of permanent equity at their redemption value.
Recent Accounting Pronouncements:	Recent Accounting Pronouncements: 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.

Trust Account and Fair Value 17

Trust Account and Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2017
Trust Account and Fair Value Measurement [Abstract]
Schedule of identical assets or liabilities	Carrying Gross Quoted Value at Unrealized Active Description September 30, Holding Markets Assets: U.S. Government Treasury Bills $ 121,683,000 $ 10,000 $ 121,693,000 Cash 66,000 - 66,000 Total $ 121,749,000 $ 10,000 $ 121,759,000 Carrying Gross Quoted Prices in Value at Unrealized Active Description December 31, Holding Markets Assets U.S. Government Treasury Bills $ 155,542,000 $ (15,000 ) $ 155,527,000 Cash 1,000 - 1,000 Total $ 155,543,000 $ (15,000 ) $ 155,528,000

Description of Organization a18

Description of Organization and Business Operations (Details) - USD ($)	Aug. 03, 2017	Sep. 30, 2017	Nov. 30, 2017	Nov. 02, 2017	Dec. 31, 2016
Description of Organization and Business Operations (Textual)
Gross proceeds from public offering		$ 155,250,000
Gross proceeds from issuance of private placement		6,408,000
Cash deposited in trust account		$ 155,250,000
Business combination, description		(i) The consummation of the Initial Business Combination or (ii) the distribution of the Trust Account as described below. The remaining proceeds of the Public Offering outside the Trust Account may be used to pay for business, legal and accounting due diligence expenses for prospective acquisition targets and continuing general and administrative expenses.
Business combination fair market value, percentage		80.00%
Net tangible assets		$ 5,000,001
Interest paid, net		50,000
Current liabilities		1,015,000			$ 1,875,000
Negative working capital		622,000
Accrued taxes		204,000			$ 62,000
Professionals and services expense		$ 791,000
Common stock, redemption terms		(ii) the redemption of 100% of the shares of common stock included in the Units (as defined below) sold in the Public Offering if the Company is unable to complete an Initial Business Combination within 24 months from the closing of the Public Offering (subject to the requirements of law).
Administrative fees payable		$ 20,000
Stock Redeemed or Called During Period, Shares	3,416,480
Subsequent Event [Member] | Second Sponsor Note [Member]
Description of Organization and Business Operations (Textual)
Sponsor note			$ 1,000,000	$ 600,000

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details) - USD ($)	Aug. 03, 2017	Aug. 04, 2015	Sep. 30, 2017	Dec. 31, 2016
Summary of Significant Accounting Policies (Textual)
Purchase of common stock			14,170,000
Federal depository insurance coverage			$ 250,000
Deferred tax assets related to net loss carryforwards			450,000	$ 225,000
Unrecognized tax benefits
Accrued interest and penalties related to unrecognized tax benefits
Net tangible assets			$ 5,000,001
Common stock excluding possible redemption, shares			11,212,713	14,428,805
Stock redeemed or called during period shares	3,416,480
Public Offering [Member]
Summary of Significant Accounting Policies (Textual)
Common stock excluding possible redemption, shares				15,525,000
Number of units sold in proposed offering		15,525,000	15,525,000

Public Offering (Details)

Public Offering (Details) - USD ($)	Aug. 04, 2015	Sep. 30, 2017	Jul. 31, 2017	Dec. 31, 2016
Public Offering (Textual)
Gross proceeds from public offering		$ 155,250,000
Deferred underwriting commission		4,000,000		$ 4,658,000
Private placement value		$ 6,408,000
Purchase of warrants			4,657,500
Underwriters to reduce the Deferred Discount			$ 4,000,000
Public Offering [Member]
Public Offering (Textual)
Number of units sold in proposed offering	15,525,000	15,525,000
Gross proceeds from public offering	$ 155,250,000
Sale of common stock, price per share	$ 10
Description of unit	Each Unit consists of one share of the Company's common stock, $0.0001 par value and one redeemable common stock purchase warrant (the "Warrants").
Warrant, description	Each Warrant entitles the holder to purchase one-half of one share of common stock at a price of $5.75.
Description of warrant exercisable	Each Unit consists of one share of the Company’s common stock, $0.0001 par value and one redeemable common stock purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one-half of one share of common stock at a price of $5.75. No fractional shares will be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the warrant holder. Each Warrant will become exercisable on the later of 30 days after the completion of the Initial Business Combination or 12 months from the closing of the Public Offering and will expire five years after the completion of the Initial Business Combination or earlier upon redemption or liquidation. However, if the Company does not complete the Initial Business Combination on or prior to February 5, 2018, the Warrants will expire. The Company has agreed to use its best efforts following the completion of the Initial Business Combination to file a new registration statement under the Securities Act, to cover the shares of common stock issuable upon the exercise of the warrants. If the Company is unable to deliver registered shares of common stock to the holder upon exercise of the Warrants issued as part of the 15,525,000 Units during the exercise period, there will be no net cash settlement of these Warrants and the Warrants will expire worthless, unless they are exercised on a cashless basis in the circumstances described in the warrant agreement. Once the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole and not in part at a price of $0.01 per Warrant upon a minimum of 30 days’ prior written notice of redemption, only in the event that the last sale price of the Company’s shares of common stock equals or exceeds $24.00 per share for any 20 trading days within the 30-trading day period ending on the third trading day before the Company sends the notice of redemption to the Warrant holders.
Underwriters discount, description	The Company paid an underwriting discount of 3% of the gross proceeds of the Public Offering to the underwriters at the closing of the Public Offering (approximately $4,658,000), with an additional fee (the "Deferred Discount") of 3% of the gross proceeds payable upon the Company's completion of the Initial Business Combination. In July 2017, the Company reached an agreement with the underwriters to reduce the Deferred Discount from $4,657,500 to $4,000,000. The reduction was recorded as an addition to additional paid in capital in the three and nine months ended September 30, 2017. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes the Initial Business Combination.
Percentage of deferred discount	3.00%
Exercise price of warrants	$ 0.01
Underwriting discount	3.00%
Private Placement [Member]
Public Offering (Textual)
Exercise price of warrants	$ 0.50
Private placement value	$ 6,408,000
Purchase of warrants	12,815,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Sep. 05, 2017	Jan. 12, 2017	Aug. 04, 2015	May 31, 2015	Sep. 30, 2017	Jul. 31, 2017	Jan. 31, 2017
Related Party Transactions (Textual)
Administrative services					$ 20,000
Aggregate principal amount		$ 1,200,000
Borrowed debt amount							$ 1,200,000
Interest rate per annum		7.50%
Private placement value					6,408,000
Purchase of warrants						4,657,500
Unpaid administrative services charges					20,000
Repaid amount of accrued interest	$ 57,000
Private Placement [Member]
Related Party Transactions (Textual)
Exercise price of warrants			$ 0.50
Private placement value			$ 6,408,000
Purchase of warrants			12,815,000
Private Placement Warrants [Member]
Related Party Transactions (Textual)
Business combination, description			The Private Placement Warrants (including the common stock issuable upon exercise of the Private Placement Warrants) are not transferable, assignable or salable until 30 days after the completion of the Initial Business Combination and they are non-redeemable so long as they are held by the Sponsor or its permitted transferees.
Warrant description			Each Private Placement Warrant entitles the holder to purchase one-half of one share of common stock at $5.75 per share.
Founder Shares [Member]
Related Party Transactions (Textual)
Purchase of common stock shares				3,881,250
Purchase of common stock shares, value				$ 25,000
Sale of common stock, price per share				$ 0.006
Shares forfeited				506,250
Ownership percentage				20.00%
Business combination, description				(A) one year after the completion of the Initial Business Combination, or earlier if, subsequent to the Initial Business Combination, the last sale price of the Company's 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 the Initial Business Combination or (B) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction after the Initial Business Combination that results in all of the Company's stockholders having the right to exchange their shares of common stock for cash, securities or other property.
Sponsor [Member]
Related Party Transactions (Textual)
Administrative services					$ 10,000

Trust Account and Fair Value 22

Trust Account and Fair Value Measurement (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Government Treasury Bills	$ 121,683,000	$ 155,542,000
U.S. Government Treasury Bills, Gross Unrealized Holding Gain	10,000	(15,000)
Cash	66,000	1,000
Cash, Gross Unrealized Holding Gain
Total	121,749,000	155,543,000
Total, Gross Unrealized Holding Gain	10,000	(15,000)
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Government Treasury Bills	121,693,000	155,527,000
Cash	66,000	1,000
Total	$ 121,759,000	$ 155,528,000

Trust Account and Fair Value 23

Trust Account and Fair Value Measurement (Details Textual) - USD ($)	Aug. 03, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Trust Account and Fair Value Measurement (Textual)
Cash deposited in trust account		$ 155,250,000
U.S. government treasury bills maturity, description		The U.S. government treasury bills held at December 31, 2016 matured in March 2017 and the U. S. government treasury bills held at September 30, 2017 matured in October 2017.
Cash		$ 66,000		$ 1,000
Tax payable to trust account		$ 260,000	$ 70,000
Stock Redeemed or Called During Period, Shares	3,416,480
Stock redeemed during period value	$ 34,269,000
Stock redemption, per share	$ 10.03	$ 10.04		$ 10

Stockholders' Equity (Details)

Stockholders' Equity (Details) - shares	Aug. 03, 2017	Sep. 30, 2017	Dec. 31, 2016
Stockholders' Equity (Textual)
Common stock, shares authorized		35,000,000	35,000,000
Common stock, shares issued		4,777,057	4,977,445
Common stock, shares outstanding		4,777,057	4,977,445
Common stock, voting rights, Description		Holders of the Company's common stock are entitled to one vote for each share of common stock they own.
Preferred stock, shares authorized		1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Stock Redeemed or Called During Period, Shares	3,416,480
Common stock, possible redemption, shares		11,212,713	14,428,805
Common Stock [Member]
Stockholders' Equity (Textual)
Common stock, shares issued		15,989,770	19,406,250
Common stock, shares outstanding		15,989,770	19,406,250
Maximum [Member]
Stockholders' Equity (Textual)
Common stock, shares outstanding	19,406,250
Minimum [Member]
Stockholders' Equity (Textual)
Common stock, shares outstanding	15,989,770

Termination of Proposed Busin25

Termination of Proposed Business Combination with Sequel and Related Transaction Fee Income (Details)	Sep. 01, 2017USD ($)
Termination of Proposed Business Combination with Sequel and Related Transaction Fee Income (Textual)
Received fee relating to sequel business combination	$ 2,500,000
Sequel Merger Agreement [Member]
Termination of Proposed Business Combination with Sequel and Related Transaction Fee Income (Textual)
Accrued liabilities relating to sequel business combination	2,250,000
Principal amount of sponsor note	1,200,000
Accrued interest	$ 57,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - Second Sponsor Note [Member] - USD ($)	1 Months Ended
	Nov. 30, 2017	Nov. 02, 2017
Subsequent Events (Textual)
Issuance date of note	Nov. 1, 2017
Second sponsor note	$ 1,000,000	$ 600,000
Share price per share	$ 10
Sponsor capital commitment fee amount	$ 50,000
Sponsor capital commitment fee amount, description	The Second Sponsor Note is repayable in full upon the earliest to occur of: (i) the consummation of the Business Combination, (ii) February 28, 2018 and (iii) the date that the winding up of the Company is effective.