Virgin Galactic (SPCE) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 10, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Social Capital Hedosophia Holdings Corp.
Entity Central Index Key	0001706946
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	IPOA
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		69,000,000
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,250,000

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets
Cash	$ 326,346	$ 462,162
Prepaid expenses	145,837	45,339
Total Current Assets	472,183	507,501
Marketable securities held in Trust Account	708,426,313	704,250,272
Total Assets	708,898,496	704,757,773
Current Liabilities
Accounts payable and accrued expenses	274,808	200,529
Advances from related party	405,124	381,675
Total Current Liabilities	679,932	582,204
Deferred underwriting fees	24,150,000	24,150,000
Total Liabilities	24,829,932	24,732,204
Commitments
Class A ordinary shares subject to possible redemption, 66,140,585 and 66,136,664 shares at redemption value at March 31, 2019 and December 31, 2018, respectively	679,068,563	675,025,568
Shareholders' Equity
Preferred shares, $0.0001 par value; 5,000,000 authorized; none issued and outstanding	0	0
Retained earnings	4,997,990	4,997,990
Total Shareholders' Equity	5,000,001	5,000,001
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	708,898,496	704,757,773
Common Class A [Member]
Shareholders' Equity
Common Stock, Value, Issued	286	286
Common Class B [Member]
Shareholders' Equity
Common Stock, Value, Issued	$ 1,725	$ 1,725

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares, Outstanding		2,863,336
Common Class A [Member]
Temporary Equity, Shares Subscribed but Unissued	66,140,585	66,136,664
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	2,859,415	2,863,336
Common Stock, Shares, Outstanding	2,859,415	2,863,336
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	17,250,000	17,250,000
Common Stock, Shares, Outstanding	17,250,000	17,250,000

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Operating costs		$ 133,046	$ 466,305
Loss from operations		(133,046)	(466,305)
Other income:
Interest income on marketable securities held in Trust Account		4,193,961	2,321,396
Unrealized loss on marketable securities held in Trust Account		(17,920)	(97,067)
Other income, net		4,176,041	2,224,329
Net income		$ 4,042,995	$ 1,758,024
Weighted average shares outstanding, basic and diluted	[1]	20,113,336	20,030,258
Basic and diluted net income (loss) per ordinary share	[2]	$ 0	$ (0.02)
[1]	Excludes an aggregate of up to 66,140,585 and 66,182,301 shares subject to redemption at March 31, 2019 and 2018, respectively.
[2]	Net loss per ordinary share – basic and diluted excludes income attributable to ordinary shares subject to redemption of $4,003,153 and $2,133,576 for the three months ended March 31, 2019 and 2018, respectively.

CONDENSED STATEMENTS OF OPERA_2

CONDENSED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	66,140,585	66,182,301
Interest on Convertible Debt, Net of Tax	$ 4,003,153	$ 2,133,576

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2017	$ 5,000,001	$ 278	$ 1,725	$ 3,667,278	$ 1,330,720
Balance (in shares) at Dec. 31, 2017		2,780,258	17,250,000
Change in value of ordinary shares subject to possible redemption	(1,758,024)	$ 4	$ 0	(1,758,028)	0
Change in value of ordinary shares subject to possible redemption (in shares)		37,441
Net income	1,758,024	$ 0	0	0	1,758,024
Balance at Mar. 31, 2018	5,000,001	$ 282	$ 1,725	1,909,250	3,088,744
Balance (in shares) at Mar. 31, 2018		2,817,699	17,250,000
Balance at Dec. 31, 2018	5,000,001	$ 286	$ 1,725	0	4,997,990
Balance (in shares) at Dec. 31, 2018		2,863,336	17,250,000
Change in value of ordinary shares subject to possible redemption	(4,042,995)	$ 0	$ 0	0	(4,042,995)
Change in value of ordinary shares subject to possible redemption (in shares)		(3,921)
Net income	4,042,995	$ 0	0	0	4,042,995
Balance at Mar. 31, 2019	$ 5,000,001	$ 286	$ 1,725	$ 0	$ 4,997,990
Balance (in shares) at Mar. 31, 2019		2,859,415	17,250,000

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 4,042,995	$ 1,758,024
Adjustments to reconcile net income to net cash provided by operating activities:
Interest earned on marketable securities held in Trust Account	(4,193,961)	(2,321,396)
Unrealized loss on marketable securities held in Trust Account	17,920	97,067
Changes in operating assets and liabilities:
Prepaid expenses	(100,498)	32,850
Accounts payable and accrued expenses	74,279	213,089
Net cash used in operating activities	(159,265)	(220,366)
Cash flows from financing activities:
Receipt of amounts due from underwriter	0	657,138
Advances from related parties	23,449	0
Repayment of advances from related parties	0	(126,378)
Net cash provided by financing activities	23,449	530,760
Net change in cash	(135,816)	310,394
Cash at beginning of period	462,162	696,382
Cash at ending of period	326,346	1,006,776
Non-cash investing and financing activities:
Change in value of ordinary shares subject to possible redemption	$ 4,042,995	$ 1,758,024

ORGANIZATION AND PLAN OF BUSINE

ORGANIZATION AND PLAN OF BUSINESS OPERATIONS	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1. ORGANIZATION AND PLAN OF BUSINESS OPERATIONS Social Capital Hedosophia Holdings Corp. (the “Company”) is a recently incorporated blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). All activity from May 5, 2017 (inception) through March 31, 2019 related to the Company’s formation, the Company’s initial public offering of 69,000,000 units (the “Public Offering”), the simultaneous sale of 8,000,000 warrants (“Private Placement Warrants”) in a private placement (the “Private Placement”) at a price of $1.50 per warrant to SCH Sponsor Corp. (the “Sponsor”) and identifying a target company for a Business Combination.

LIQUIDITY

LIQUIDITY	3 Months Ended
	Mar. 31, 2019
Liquidity [Abstract]
Liquidity [Text Block]	NOTE 2. LIQUIDITY The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its shareholders prior to the Public Offering and such amount of proceeds from the Public Offering that were placed in an account outside of the Trust Account September 18, 2017 , an amount of $ 690,000,000 (or $ 10.00 per Class A ordinary share sold to the public in the Offering included in the Units) from the sale of the Units and Private Placement Warrants was placed in a trust account (the “Trust Account”). As of March 31, 2019, the Company had $326,346 in its operating bank accounts, $708,426,313 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and a working capital deficit of $ 207,749, which includes the deferral of approximately $405,000 of payments until the consummation of a Business Combination. The Sponsor has committed to provide up to an aggregate of $200,000 in loans to the Company. Based on the foregoing, the Company believes it will have sufficient cash to meet its needs through September 18, 2019, the scheduled liquidation date.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the SEC on March 18, 2019, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2018 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The interim results for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future periods. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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 financial statements, 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 from those estimates. Net Income (Loss) per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at March 31, 2019 and December 31, 2018, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic income (loss) per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of warrants sold in the Public Offering and Private Placement to purchase 31,000,000 Class A ordinary shares in the calculation of diluted income (loss) per share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted income (loss) per ordinary share is the same as basic income (loss) per ordinary share for the periods presented. Reconciliation of Net Income (Loss) per Ordinary Share The Company’s net income (loss) is adjusted for the portion of income that is attributable to ordinary shares subject to redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted income (loss) per ordinary share is calculated as follows: Three Months Ended March 31, 2019 2018 Net income $ 4,042,995 $ 1,758,024 Less: Income attributable to ordinary shares subject to redemption (4,003,153 ) (2,133,576 ) Adjusted net income (loss) $ 39,842 $ (375,552 ) Weighted average shares outstanding, basic and diluted 20,113,336 20,030,258 Basic and diluted net income (loss) per ordinary share $ 0.00 $ (0.02 )

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 4. RELATED PARTY TRANSACTIONS Advance from Related Party During the three months ended March 31, 2019 and the year ended December 31, 2018, a related party advanced an aggregate of $23,449 and $381,675, respectively, for working capital purposes. The advances are non-interest bearing, unsecured and due on demand. As of March 31, 2019 and December 31, 2018, outstanding advances amounted to $405,124 and $381,675, respectively. Administrative Services Agreement The Company entered into an agreement whereby, commencing on September 18, 2017 through the earlier of the consummation of a Business Combination or the Company’s liquidation, the Company will pay an affiliate of the Sponsor a monthly fee of $10,000 for office space and administrative and support services. the three months March 31, 2019 and 2018, the Company incurred $30,000 in fees for these services. At March 31, 2019 and December 31, 2018, $185,000 and $155,000, respectively, is included in accounts payable and accrued expenses in the accompanying condensed balance sheets. Related Party Loans In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination, the Company’s 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 (other than the Sponsor's commitment to provide the Company an aggregate of $200,000 in loans in order to finance transaction costs in connection with a Business Combination). In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants of the post business combination entity at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants.

COMMITMENTS

COMMITMENTS	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments [Text Block]	NOTE 5. COMMITMENTS The underwriters of the Company’s Public Offering are entitled to a deferred fee of three and one-half percent (3.5%) of the gross proceeds of the Public Offering, or $24,150,000, payable upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement . The underwriters have agreed to waive their right to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination. The underwriters agreed to reimburse the Company for an amount equal to 10% of the discount paid to the underwriters for financial advisory services provided by Connaught (UK) Limited in connection with the Public Offering, of which $1,000,000 was paid at the closing of the Public Offering and up to $2,415,000 will be payable at the time of the closing of the initial Business Combination. The Sponsor, the holders of the Private Placement Warrants (or underlying Class A ordinary shares) and the holders of any warrants (or underlying Class A ordinary shares) issued upon conversion of working capital loans made by the Company’s Sponsor, officers, directors or their affiliates, if any such loans are issued, will be entitled to registration rights with respect to their securities pursuant to an agreement dated as of September 13, 2017. The holders of 30% of the registrable securities are entitled to demand that the Company register these securities. In addition, the holders have certain “piggy-back” registration rights on registration statements filed after the Company’s consummation of a Business Combination. However, the registration rights agreement will provide that the Company will not permit any registration statement to become effective until termination of applicable lock-up periods with respect to such securities.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 6. SHAREHOLDERS’ EQUITY Preferred Shares The Company is authorized to issue 5,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2019 and December 31, 2018, there were no preferred shares issued or outstanding. Ordinary Shares The Company is authorized to issue 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares, both with a par value of $0.0001 per share. At March 31, 2019 and December 31, 2018, there were 2,859,415 and 2,863,336 Class A ordinary shares issued and outstanding, excluding 66,140,585 and 66,136,664 Class A ordinary shares subject to possible redemption, respectively. At March 31, 2019 and December 31, 2018, 17,250,000 Class B ordinary shares were issued and outstanding. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination, on a one-for-one basis, subject to adjustment for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Public Offering and related to the closing of the initial Business Combination, the ratio at which the Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 20% of the sum of all ordinary shares outstanding upon completion of the Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination. Holders of Founder Shares may also elect to convert their Class B ordinary shares into an equal number of Class A ordinary shares.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 7. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level March 31, 2019 December 31, 2018 Assets: Marketable securities held in Trust Account 1 $ 708,426,313 $ 704,250,272

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 8. SUBSEQUENT EVENTS The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the SEC on March 18, 2019, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2018 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The interim results for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future periods.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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 financial statements, 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 from those estimates.
Earnings Per Share, Policy [Policy Text Block]	Net Income (Loss) per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at March 31, 2019 and December 31, 2018, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic income (loss) per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of warrants sold in the Public Offering and Private Placement to purchase 31,000,000 Class A ordinary shares in the calculation of diluted income (loss) per share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted income (loss) per ordinary share is the same as basic income (loss) per ordinary share for the periods presented. Reconciliation of Net Income (Loss) per Ordinary Share The Company’s net income (loss) is adjusted for the portion of income that is attributable to ordinary shares subject to redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted income (loss) per ordinary share is calculated as follows: Three Months Ended March 31, 2019 2018 Net income $ 4,042,995 $ 1,758,024 Less: Income attributable to ordinary shares subject to redemption (4,003,153 ) (2,133,576 ) Adjusted net income (loss) $ 39,842 $ (375,552 ) Weighted average shares outstanding, basic and diluted 20,113,336 20,030,258 Basic and diluted net income (loss) per ordinary share $ 0.00 $ (0.02 )

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Accordingly, basic and diluted income (loss) per ordinary share is calculated as follows: Three Months Ended March 31, 2019 2018 Net income $ 4,042,995 $ 1,758,024 Less: Income attributable to ordinary shares subject to redemption (4,003,153 ) (2,133,576 ) Adjusted net income (loss) $ 39,842 $ (375,552 ) Weighted average shares outstanding, basic and diluted 20,113,336 20,030,258 Basic and diluted net income (loss) per ordinary share $ 0.00 $ (0.02 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level March 31, 2019 December 31, 2018 Assets: Marketable securities held in Trust Account 1 $ 708,426,313 $ 704,250,272

ORGANIZATION AND PLAN OF BUSI_2

ORGANIZATION AND PLAN OF BUSINESS OPERATIONS (Details Textual) - $ / shares	May 05, 2017	Mar. 31, 2019
Sale of Stock, Number of Shares Issued in Transaction	69,000,000	69,000,000
Private Placement Warrants [Member]
Class of Warrant or Right, Numbers Issued	8,000,000	8,000,000
Class of Warrant or Right, Per Warrant	$ 1.50	$ 1.50

LIQUIDITY (Details Textual)

LIQUIDITY (Details Textual) - USD ($)	1 Months Ended
	Sep. 18, 2017	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents, at Carrying Value		$ 326,346	$ 462,162	$ 1,006,776	$ 696,382
Marketable Securities, Current		708,426,313	$ 704,250,272
Working Capital		207,749
Business Combination Of Deferral Payment		405,000
Common Class A [Member]
Proceeds from Issuance Initial Public Offering	$ 690,000,000
Sale of Stock, Price Per Share	$ 10
Sponsor [Member]
Debt Instrument, Face Amount		$ 200,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Net income		$ 4,042,995	$ 1,758,024
Less: Income attributable to ordinary shares subject to redemption		(4,003,153)	(2,133,576)
Adjusted net income (loss)		$ 39,842	$ (375,552)
Weighted average shares outstanding, basic and diluted	[1]	20,113,336	20,030,258
Basic and diluted net income (loss) per ordinary share	[2]	$ 0	$ (0.02)
[1]	Excludes an aggregate of up to 66,140,585 and 66,182,301 shares subject to redemption at March 31, 2019 and 2018, respectively.
[2]	Net loss per ordinary share – basic and diluted excludes income attributable to ordinary shares subject to redemption of $4,003,153 and $2,133,576 for the three months ended March 31, 2019 and 2018, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	Mar. 31, 2019shares
Common Class A [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	31,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	May 05, 2017	Sep. 18, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Due to Related Parties, Current			$ 405,124		$ 381,675
Sponsor Monthly Fee Payable		$ 10,000
Services Fee			30,000	$ 30,000
Notes Payable, Related Parties, Current			$ 405,124		381,675
Private Placement Warrants [Member]
Class of Warrant or Right,Per Warrant	$ 1.50		$ 1.50
Maximum [Member]
Convertible Debt			$ 1,500,000
Sponsor [Member]
Long-term Line of Credit			200,000
Accounts Payable and Accrued Liabilities [Member]
Due to Related Parties, Current			185,000		155,000
Notes Payable, Other Payables [Member]
Debt Instrument, Face Amount			$ 23,449		$ 381,675

COMMITMENTS (Details Textual)

COMMITMENTS (Details Textual)	3 Months Ended
	Mar. 31, 2019USD ($)
Underwriting Commitments	The underwriters of the Company's Public Offering are entitled to a deferred fee of three and one-half percent (3.5%) of the gross proceeds of the Public Offering, or $24,150,000, payable upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement entered into in connection with the Public Offering.
Underwriting Discount, Percentage	10.00%
Refunds From Underwriting Discount	$ 2,415,000
Registrable Securities Holders, Percentage	30.00%
Proceeds from Refund of Underwriting Discount	$ 1,000,000

SHAREHOLDERS' EQUITY (Details T

SHAREHOLDERS' EQUITY (Details Textual) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Common Stock, Shares, Outstanding		2,863,336
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Class A [Member]
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	2,859,415	2,863,336
Common Stock, Shares, Outstanding	2,859,415	2,863,336
Temporary Equity, Shares Subscribed but Unissued	66,140,585	66,136,664
Common Class B [Member]
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	17,250,000	17,250,000
Common Stock, Shares, Outstanding	17,250,000	17,250,000
Common Shares Outstanding Percentage	20.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Marketable securities held in Trust Account	$ 708,426,313	$ 704,250,272