GTY Technology (GTYH) 10-Q 11 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 11, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	GTY Technology Holdings Inc.
Entity Central Index Key	1,682,325
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	GTYHU
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		55,200,000
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,800,000

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 781,561	$ 1,219,822
Prepaid expenses	40,024	21,164
Total current assets	821,585	1,240,986
Cash and cash equivalents held in Trust Account	553,976,543	552,263,774
Total Assets	554,798,128	553,504,760
Liabilities and Shareholders' Equity
Accounts payable and accrued expenses	14,995	68,739
Accrued expenses - related party	80,000	20,000
Total current liabilities	94,995	88,739
Deferred underwriting fees	19,320,000	19,320,000
Total Liabilities	19,414,995	19,408,739
Commitments
Class A ordinary shares subject to possible redemption, $0.0001 par value; 53,038,313 and 52,909,602 shares at redemption value of $10.00 per share at June 30, 2017 and December 31, 2016, respectively	530,383,130	529,096,020
Shareholders' Equity:
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	3,647,351	4,934,449
Retained earnings	1,351,056	63,943
Total Shareholders' Equity	5,000,003	5,000,001
Total Liabilities and Shareholders' Equity	554,798,128	553,504,760
Common Class A [Member]
Shareholders' Equity:
Common Stock, Value	216	229
Common Class B [Member]
Shareholders' Equity:
Common Stock, Value	$ 1,380	$ 1,380

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Outstanding	53,038,313	52,909,602
Common Class A [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	2,161,687	2,290,398
Common Stock, Shares, Outstanding	2,161,687	2,290,398
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	13,800,000	13,800,000
Common Stock, Shares, Outstanding	13,800,000	13,800,000

CONDENSED INTERIM STATEMENTS OF

CONDENSED INTERIM STATEMENTS OF OPERATIONS - USD ($)		3 Months Ended	6 Months Ended
		Jun. 30, 2017	Jun. 30, 2017
General and administrative expenses		$ 144,346	$ 425,705
Loss from operations		(144,346)	(425,705)
Interest income		1,062,017	1,712,818
Net income		$ 917,671	$ 1,287,113
Weighted average shares outstanding
Basic	[1]	16,052,446	16,071,113
Diluted		69,000,000	69,000,000
Net earnings per share
Basic		$ 0.06	$ 0.08
Diluted		$ 0.01	$ 0.02
[1]	This number excludes an aggregate of up to 53,038,313 Class A ordinary shares subject to possible redemption at June 30, 2017

CONDENSED INTERIM STATEMENTS O5

CONDENSED INTERIM STATEMENTS OF OPERATIONS (Parenthetical) - shares	Jun. 30, 2017	Dec. 31, 2016
Temporary Equity, Shares Outstanding	53,038,313	52,909,602

CONDENSED INTERIM STATEMENT OF

CONDENSED INTERIM STATEMENT OF CASH FLOWS	6 Months Ended
	Jun. 30, 2017USD ($)
Cash Flows from Operating Activities
Net income	$ 1,287,113
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on cash and cash equivalents held in Trust Account	(1,712,770)
Changes in operating assets and liabilities:
Prepaid expenses	(18,860)
Accounts payable	(53,744)
Accrued expenses - related party	60,000
Net cash used in operating activities	(438,261)
Cash Flows from Financing Activities
Net change in cash and cash equivalents	(438,261)
Cash and cash equivalents- beginning of the period	1,219,822
Cash and cash equivalents - ending of the period	781,561
Supplemental disclosure of noncash investing and financing activities:
Change in value of Class A ordinary shares subject to possible redemption	$ 1,287,110

Organization and Business Opera

Organization and Business Operations	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Organization and Business Operations GTY Technology Holdings Inc. (the “Company”) is blank check company incorporated in the Cayman Islands on August 11, 2016. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“business combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a business combination, the Company intends to focus on the technology industry, including software and services. All activities through June 30, 2017 relates to the Company’s formation and the initial public offering (the “initial public offering”) and, since the closing of the initial public offering, a search for a business combination candidate described below. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. The registration statement for the Company’s initial public offering was declared effective on October 26, 2016. The Company consummated the initial public offering of 55,200,000 7,200,000 10.00 552 31 30.4 11.04 19.32 Simultaneously with the closing of the initial public offering, the Company consummated the private placement (“private placement”) of 8,693,334 1.50 13.04 Upon the closing of the initial public offering and private placement on November 1, 2016, $ 552 The Company’s management has broad discretion with respect to the specific application of the net proceeds of its initial public offering and private placement warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a business combination. There is no assurance that the Company will be able to complete a business combination successfully. The Company must complete one or more initial business combinations having an aggregate fair market value of at least 80 50 The Company will provide its holders of the outstanding Class A ordinary shares sold in the initial public offering (“public shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of a business combination either (i) in connection with a shareholder meeting called to approve the business combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a business combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their public shares for a pro rata portion of the amount then in the Trust Account (initially approximately $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to public shareholders who redeem their public shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These public shares will be recorded at a redemption value and classified as temporary equity upon the completion of the initial public offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “ Distinguishing Liabilities from Equity 5,000,001 Notwithstanding the foregoing, the Company’s second amended and restated memorandum and articles of association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20 The Company’s Sponsor, officers and directors (the “initial shareholders”) have agreed not to propose an amendment to the Company’s second amended and restated memorandum and articles of association that would affect the substance or timing of the Company’s obligation to redeem 100 If the Company is unable to complete a business combination within 24 months from the closing of the initial public offering (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding public shares which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. In connection with the redemption of 100% of the Company’s outstanding public shares for a portion of the funds held in the Trust Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned on the funds held in the Trust Account (less up to $ 100,000 The initial shareholders have agreed to waive their liquidation rights with respect to the founder shares if the Company fails to complete a business combination within the Combination Period. However, if the initial shareholders should acquire public shares in or after the initial public offering, they will be entitled to liquidating distributions from the Trust Account with respect to such public shares if the Company fails to complete a business combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a business combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Company’s public shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, our sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (other than the Company's independent public accountants) for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per public share due to reductions in the value of the trust assets, less taxes payable. On November 9, 2016, the Company announced that, commencing November 14, 2016, holders of the units sold in the Company’s initial public offering may elect to separately trade the Class A ordinary shares and warrants included in the units. The Class A ordinary shares and warrants that are separated trade on The NASDAQ Capital Market (“NASDAQ”) under the symbols “GTYH” and “GTYHW,” respectively. Units that are not separated continue to trade on NASDAQ under the symbol “GTYHU.” Liquidity As of June 30, 2017, the Company had a balance of cash and cash equivalents of approximately $ 782,000 2 The Company intends to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less taxes payable and deferred underwriting commissions) to complete its initial business combination. To the extent that the Company’s equity or debt is used, in whole or in part, as consideration to complete the initial business combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue its growth strategies. Based on the foregoing, management believes that the Company will have sufficient working capital to meet the Company's needs for the next twelve months. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the business combination.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2. Summary of Significant Accounting Policies The accompanying unaudited condensed interim financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017, or any future period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 24, 2017. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the 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 a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used. The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The amounts held in the Trust Account represent substantially all of the proceeds of the initial public offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of a business combination. As of June 30, 2017, cash and marketable securities, which classified as trading securities, held in the Trust Account consisted of approximately $ 554 350 2 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 preparation of the financial statements in conformity with U.S. 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 expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Offering costs consisting of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that were directly related to the initial public offering totaled approximately $ 31 19.32 The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “ Distinguishing Liabilities from Equity 53,038,313 52,909,602 Net income per share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. An aggregate of 53,038,313 Class A ordinary shares subject to possible redemption at June 30, 2017 have been excluded from the calculation of basic income per ordinary share since such shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of the warrants sold in the initial public offering (including the consummation of the over-allotment) and Private Placement to purchase an aggregate of 27,093,334 Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ⋅ Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ⋅ Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ⋅ Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. ASC 820, Fair Value Measurement and Disclosures 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. The Company evaluates events that have occurred after the balance sheet date through the date, the financial statements were issued.

Initial Public Offering

Initial Public Offering	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Initial Public Offering [Text Block]	Note 3. Initial Public Offering On November 1, 2016, the Company sold 55,200,000 10.00 7,200,000 11.50 The Company incurred offering costs of approximately $ 31 30.36 11.04 19.32

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 4. Related Party Transactions Founder Shares The Company initially issued 8,625,000 11,500,000 13,800,000 25,000 The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier to occur of (i) one year after the completion of a business combination, or earlier if, subsequent to a business combination, the closing price of the Class A ordinary shares equals or exceeds $ 12.00 Private Placement Warrants Concurrently with the closing of the initial public offering, the Sponsor purchased an aggregate of 8,693,334 1.50 13.04 Each private placement warrant is exercisable to purchase one Class A ordinary share at $ 11.50 Due to Related Party The Company’s Sponsor loaned the Company in the form of a promissory note up to $ 200,000 In addition, in order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a business combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that a business combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a business combination, without interest, or, at the lender’s discretion, up to $ 1.5 Administrative Service Fee The Company has agreed, commencing on the effective date of the initial public offering through the earlier of the Company’s consummation of a business combination and its liquidation, to reimburse the Sponsor in an amount not to exceed $ 10,000 30,000 60,000 80,000

Commitments

Commitments	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	Note 5. Commitments Registration Rights The holders of the founder shares and private placement warrants and warrants that maybe issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the initial public offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a business combination. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable Lock-Up Period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from October 26, 2016 to purchase up to 7,200,000 The Company paid an underwriting discount of $ 0.20 11.04 0.35 19.32

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 6. Shareholders’ Equity Class A Ordinary Shares 400,000,000 0.0001 55,200,000 53,038,313 52,909,602 Class B Ordinary Shares 50,000,000 0.0001 Prior to the initial business combination, only holders of Class B ordinary shares will have the right to vote on the election of directors. Holders of Class A ordinary shares will not be entitled to vote on the election of directors during such time. These provisions of the Company’s second amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of the Company’s ordinary shares voting in a general meeting. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders except as required by law. As of June 30, 2017 and December 31, 2016, the Company has 13,800,000 Preferred Shares 1,000,000 0.0001 Warrants th The private placement warrants are identical to the public warrants underlying the units sold in the initial public offering, except that the private placement warrants and the Class A ordinary shares issuable upon exercise of the private placement warrants will not be transferable, assignable or salable until 30 days after the completion of a business combination, subject to certain limited exceptions. Additionally, the private placement warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the private placement warrants are held by someone other than the initial shareholders or their permitted transferees, the private placement warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants. The Company may call the public warrants for redemption (except with respect to the private placement warrants): · in whole and not in part; · at a price of $ 0.01 · upon a minimum of 30 days prior written notice of redemption; and · if, and only if, the last reported closing price of the ordinary shares equals or exceeds $ 18.00 If the Company calls the public warrants for redemption, management will have the option to require all holders that wish to exercise the public warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants shares. If the Company is unable to complete a business combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 7. Fair Value Measurements June 30, 2017 Quoted Prices Significant Other Significant Other in Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Cash and cash equivalents held in Trust Account $ 553,976,543 $ - $ - December 31, 2016 Quoted Prices Significant Other Significant Other in Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Cash and cash equivalents held in Trust Account $ 552,263,774 $ - $ - Approximately $ 350 900

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed interim financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, the unaudited condensed interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017, or any future period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 24, 2017.
Start-up Activities, Cost Policy [Policy Text Block]	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the 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 a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Held in Trust Account The amounts held in the Trust Account represent substantially all of the proceeds of the initial public offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of a business combination. As of June 30, 2017, cash and marketable securities, which classified as trading securities, held in the Trust Account consisted of approximately $ 554 350 2
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $ 250,000
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the financial statements in conformity with U.S. 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 expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Offering Costs [Policy Text Block]	Offering Costs Offering costs consisting of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that were directly related to the initial public offering totaled approximately $ 31 19.32
Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block]	Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “ Distinguishing Liabilities from Equity 53,038,313 52,909,602
Earnings Per Share, Policy [Policy Text Block]	Net Income per Share Net income per share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. An aggregate of 53,038,313 Class A ordinary shares subject to possible redemption at June 30, 2017 have been excluded from the calculation of basic income per ordinary share since such shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of the warrants sold in the initial public offering (including the consummation of the over-allotment) and Private Placement to purchase an aggregate of 27,093,334
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ⋅ Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ⋅ Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ⋅ Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. ASC 820, Fair Value Measurement and Disclosures
New Accounting Pronouncements, Policy [Policy Text Block]	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.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events The Company evaluates events that have occurred after the balance sheet date through the date, the financial statements were issued.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Text Block [Abstract]
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]	The following table presents information about the Company’s assets that are measured on a recurring basis as of June 30, 2017 and December 31, 2016 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. June 30, 2017 Quoted Prices Significant Other Significant Other in Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Cash and cash equivalents held in Trust Account $ 553,976,543 $ - $ - December 31, 2016 Quoted Prices Significant Other Significant Other in Active Markets Observable Inputs Unobservable Inputs Description (Level 1) (Level 2) (Level 3) Cash and cash equivalents held in Trust Account $ 552,263,774 $ - $ -

Organization and Business Ope16

Organization and Business Operations (Details Textual) - USD ($)	Nov. 01, 2016	Jun. 30, 2017	Dec. 31, 2016
Organization and Business Operations [Line Items]
Proceeds from Issuance Initial Public Offering	$ 552,000,000
Stock Offering Cost	31,000,000
Deferred Offering Costs	$ 19,320,000
Temporary Equity Redemption, Restricted Percentage of Shares From Redemption	20.00%
Percentage of Public Shares To Be Redeemed	100.00%
Taxes Payable	$ 100,000
Dividend Distribution Terms, Description	In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, our sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (other than the Company's independent public accountants) for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per public share due to reductions in the value of the trust assets, less taxes payable.
Cash and Cash Equivalents, at Carrying Value		$ 781,561	$ 1,219,822
Assets Held-in-trust, Current		$ 2,000,000
GTY Investors, LLC [Member]
Organization and Business Operations [Line Items]
Business Combination Aggregate Fair Market Value On Assets Held In Trust, Percentage	80.00%
Equity Method Investment, Ownership Percentage	50.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 5,000,001
IPO [Member]
Organization and Business Operations [Line Items]
Stock Issued During Period, Shares, New Issues	55,200,000
Shares Issued, Price Per Share	$ 10
Proceeds from Issuance Initial Public Offering	$ 552,000,000
Stock Offering Cost	$ 31,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.50
Over-Allotment Option [Member]
Organization and Business Operations [Line Items]
Stock Issued During Period, Shares, New Issues	7,200,000
Payments for Underwriting Expense	$ 11,040,000
Deferred Offering Costs	19,320,000
Underwriting Fees	$ 30,400,000
Private Placement [Member]
Organization and Business Operations [Line Items]
Class of Warrant or Right, Number of Warrants Issued	8,693,334
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.50
Proceeds from Issuance of Warrants	$ 13,040,000

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Details Textual) - USD ($)	Nov. 01, 2016	Jun. 30, 2017	Dec. 31, 2016
Deferred Offering Costs	$ 19,320,000
Stock Offering Cost	$ 31,000,000
Marketable Securities, Restricted, Noncurrent		$ 553,976,543	$ 552,263,774
Restricted Cash and Cash Equivalents, Noncurrent		350	$ 900
Cash, FDIC Insured Amount		$ 250,000
Temporary Equity, Shares Outstanding		53,038,313	52,909,602
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		27,093,334
Assets Held-in-trust, Current		$ 2,000,000

Initial Public Offering (Detail

Initial Public Offering (Details Textual) $ / shares in Units, $ in Thousands	Nov. 01, 2016USD ($)$ / sharesshares
Initial Public Offering [Line Items]
Deferred Offering Costs	$ 19,320
Stock Offering Cost	$ 31,000
IPO [Member]
Initial Public Offering [Line Items]
Stock Issued During Period, Shares, New Issues | shares	55,200,000
Shares Issued, Price Per Share | $ / shares	$ 10
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 11.50
Stock Offering Cost	$ 31,000
Over-Allotment Option [Member]
Initial Public Offering [Line Items]
Stock Issued During Period, Shares, New Issues | shares	7,200,000
Payments for Underwriting Expense	$ 11,040
Deferred Offering Costs	19,320
Underwriting fees	$ 30,400

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	Nov. 01, 2016	Oct. 31, 2016	Aug. 31, 2016	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Oct. 26, 2016	Oct. 14, 2016
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Issued for Services		25,000
Share Price				$ 18	$ 18
Debt Conversion, Original Debt, Amount					$ 1,500,000
Related Party Transaction, Expenses from Transactions with Related Party				$ 30,000	60,000
Administrative Fees Expense					10,000
Due to Related Parties, Current				80,000	80,000	$ 20,000
Promissory Note [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 200,000	$ 200,000
Common Class B [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Issued for Services			8,625,000
Common Stock, Shares, Outstanding				13,800,000	13,800,000	13,800,000	13,800,000	11,500,000
Common Class A [Member]
Related Party Transaction [Line Items]
Common Stock, Shares, Outstanding				2,161,687	2,161,687	2,290,398
Share Price				$ 12	$ 12
IPO [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.50
Private Placement [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Number of Warrants Issued	8,693,334
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.50
Proceeds from Issuance of Warrants	$ 13,040,000

Commitments (Details Textual)

Commitments (Details Textual) - Over-Allotment Option [Member] $ / shares in Units, $ in Thousands	Nov. 01, 2016USD ($)$ / sharesshares
Commitments [Line Items]
Underwriting Discount Paid Per Unit | $ / shares	$ 0.20
Underwriting Discount Payable Per Unit | $ / shares	$ 0.35
Deferred Underwriting fees Payable | $	$ 19,320
Payments for Underwriting Expense | $	$ 11,040
Stock Issued During Period, Shares, New Issues | shares	7,200,000

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) - $ / shares	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Oct. 26, 2016	Oct. 14, 2016
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Call Price Per Warrant	$ 0.01
Common Stock, Voting Rights	These provisions of the Company’s second amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of the Company’s ordinary shares voting in a general meeting.
Share Price	$ 18
Temporary Equity, Shares Outstanding	53,038,313	52,909,602
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Temporary Equity, Shares Issued	55,200,000
Common Class A [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	2,161,687	2,290,398
Common Stock, Shares, Outstanding	2,161,687	2,290,398
Share Price	$ 12
Common Class B [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	13,800,000	13,800,000
Common Stock, Shares, Outstanding	13,800,000	13,800,000	13,800,000	11,500,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents held in Trust Account	$ 553,976,543	$ 552,263,774
Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents held in Trust Account	0	0
Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents held in Trust Account	$ 0	$ 0

Fair Value Measurements (Deta23

Fair Value Measurements (Details Textual) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents, Noncurrent	$ 350	$ 900