Ensysce Biosciences (ENSC) 10-Q 1 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document And Entity Information
Entity Registrant Name	Leisure Acquisition Corp.
Entity Central Index Key	1,716,947
Document Type	10-Q
Trading Symbol	LACQ
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		25,000,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018

CONDENSED BALANCE SHEETS (Unaud

CONDENSED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash	$ 1,722,360	$ 2,090,074
Prepaid expenses	172,500	217,100
Total Current Assets	1,894,860	2,307,174
Marketable securities held in Trust Account	201,331,632	200,119,137
Total Assets	203,226,492	202,426,311
Current Liabilities
Accounts payable and accrued expenses	126,604	111,964
Accrued offering costs	8,640	40,640
Income tax payable		3,635
Total Current Liabilities	135,244	156,239
Deferred underwriting fee payable	7,000,000	7,000,000
Total Liabilities	7,135,244	7,156,239
Common stock subject to possible redemption, 18,989,851 shares and 19,015,680 shares at redemption value at June 30, 2018 and December 31, 2017, respectively	191,091,247	190,270,071
Stockholders' Equity
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding
Common stock, $0.0001 par value; 100,000,000 shares authorized; 6,010,149 shares and 6,734,320 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively (excluding 18,989,851 shares and 19,015,680 shares subject to possible redemption at June 30, 2018 and December 31, 2017, respectively)	601	673
Additional paid-in capital	4,209,417	5,030,521
Retained earnings/(Accumulated deficit)	789,983	(31,193)
Total Stockholders' Equity	5,000,001	5,000,001
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 203,226,492	$ 202,426,311

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock subject to possible redemption,at redemption value	18,989,851	19,015,680
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	6,010,149	6,734,320
Common stock, outstanding	6,010,149	6,734,320

CONDENSED STATEMENT OF OPERATIO

CONDENSED STATEMENT OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018		Jun. 30, 2018
Income Statement [Abstract]
Operating costs	$ 311,538		$ 481,672
Loss from operations	(311,538)		(481,672)
Other income (expense):
Interest income	855,071		1,546,238
Unrealized gain (loss) on marketable securities held in Trust Account	1,363		(489)
Other income, net	856,434		1,545,749
Income before provision for income taxes	544,896		1,064,077
Provision for income taxes	(129,786)		(242,901)
Net income	$ 415,110		$ 821,176
Weighted average shares outstanding, basic and diluted (in shares)	5,989,961	[1]	5,987,156
Basic and diluted net loss per common share (in dollars per share)	$ (0.05)	[2]	$ (0.10)
[1]	Excludes an aggregate of up to 18,989,851 shares subject to redemption at June 30, 2018.
[2]	Net loss per common share - basic and diluted excludes interest income attributable to common stock subject to redemption of $741,542 and $1,396,047 for the three and six months ended June 30, 2018, respectively (see Note 2).

CONDENSED STATEMENT OF OPERATI5

CONDENSED STATEMENT OF OPERATIONS (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Income Statement [Abstract]
Number of shares subject to redemption		18,989,851
Income attributable to common stock subject to redemption	$ 741,542	$ 1,396,047

CONDENSED STATEMENT OF CASH FLO

CONDENSED STATEMENT OF CASH FLOWS (Unaudited)	6 Months Ended
	Jun. 30, 2018USD ($)
Cash Flows from Operating Activities:
Net income	$ 821,176
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account	(1,546,238)
Unrealized loss on marketable securities held in Trust Account	489
Changes in operating assets and liabilities:
Prepaid expenses	44,600
Accounts payable and accrued expenses	14,640
Income taxes payable	(3,635)
Net cash used in operating activities	(668,968)
Cash Flows from Investing Activities:
Cash withdrawn from Trust Account	333,254
Net cash provided by investing activities	333,254
Cash Flows from Financing Activities:
Payment of offering costs	(32,000)
Net cash used in financing activities	(32,000)
Net Change in Cash	(367,714)
Cash - Beginning	2,090,074
Cash - Ending	1,722,360
Non-Cash investing and financing activities:
Change in value of common stock subject to redemption	$ 821,176

DESCRIPTION OF ORGANIZATION AND

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Leisure Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on September 11, 2017. The Company was formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, recapitalization, exchangeable share transaction or other similar business transaction, one or more operating businesses or assets that the Company has not yet identified (a “Business Combination”).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. 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 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC on March 9, 2018, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2017 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The interim results for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any future interim 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 events. Accordingly, the actual results could differ significantly from the Company’s estimates. Marketable Securities held in Trust Account At June 30, 2018 and December 31, 2017, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. During the six months ended June 30, 2018, the Company withdrew $333,254 of interest income from the Trust Account to pay franchise and income taxes. Net loss per common share The Company complies with the accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Common stock subject to possible redemption at June 30, 2018, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic 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 Initial Public Offering and private placement to purchase 16,825,000 shares of common stock in the calculation of diluted loss per share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted loss per common share is the same as basic loss per common share for the periods. Reconciliation of Net Loss per Common Share The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to redemption, as these shares only participate in the income of the Trust Account and not the losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Net income $ 415,110 $ 821,176 Less: Income attributable to common stock subject to redemption (741,542 ) (1,396,047 ) Adjusted net loss (326,432 ) (574,871 ) Weighted average shares outstanding, basic and diluted 5,989,961 5,987,156 Basic and diluted net loss per common share $ (0.05 ) $ (0.10 )

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	3. RELATED PARTY TRANSACTIONS Administrative Services Agreement The Company entered into an agreement whereby, commencing on December 1, 2017 through the earlier of the completion of a Business Combination or the Company’s liquidation, the Company will pay the Hydra Sponsor, or its affiliates or assignees, a monthly fee of up to $10,000 for office space, utilities and secretarial and administrative support. For the three and six months ended June 30, 2018, the Company incurred $30,000 and $60,000 in fees for these services, respectively, of which $3,000 is included in accounts payable and accrued expenses in the accompanying balance sheet.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	4. COMMITMENTS Registration Rights Pursuant to a registration rights agreement entered into on December 1, 2017, the holders of the Founder Shares, Private Placement Warrants (and their underlying securities), Private Placement Units (and their underlying securities) (as defined below) and any warrants that may be issued upon conversion of the Working Capital Loans (and their underlying securities) are entitled to registration rights. The holders of these securities are entitled to make up to two 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 completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriters Agreement The underwriters of the Company’s initial public offering (the Initial Public Offering”) are entitled to a deferred fee of three and one-half percent (3.5%) of the gross proceeds of the Initial Public Offering, or $7,000,000. Up to $0.05 per Unit (or up to $1,000,000) of the deferred fee may be paid to third parties (who are members of FINRA) that assist the Company in consummating its initial Business Combination. The election to make such payments to third parties will be solely at the discretion of the Company’s management team, and such third parties will be selected by the management team in their sole and absolute discretion. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement. Contingent Forward Purchase Contract On December 1, 2017, the Company entered into a contingent forward purchase contract (the “Contingent Forward Purchase Contract”) with HG Vora to purchase, in a private placement for gross proceeds of $62,500,000 to occur concurrently with the consummation of the Business Combination, 6,250,000 Units on the same terms as the sale of the Units in the Initial Public Offering at $10.00 per Unit (“Private Placement Units”). The funds from the sale of the Private Placement Units will be used as part of the consideration to the sellers in the Business Combination; any excess funds from the Private Placement Units will be used for working capital in the post-transaction company. This commitment is independent of the percentage of stockholders electing to redeem their public shares. HG Vora’s obligation to purchase our Units under the contingent forward purchase contract is contingent upon, among other things, HG Vora approving the Business Combination, which approval can be withheld for any reason.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity
STOCKHOLDERS' EQUITY	5. STOCKHOLDERS’ EQUITY Preferred Stock Common Stock

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	6. 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 June 30, 2018 and December 31, 2017, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level June 30, December 31, 2017 Assets: Marketable securities held in Trust Account 1 $ 201,331,632 $ 200,119,137

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	7. 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 ACCOUN14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of presentation	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 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC on March 9, 2018, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2017 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The interim results for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any future interim periods.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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 events. Accordingly, the actual results could differ significantly from the Company’s estimates.
Marketable Securities held in Trust Account	Marketable Securities held in Trust Account At June 30, 2018 and December 31, 2017, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. During the six months ended June 30, 2018, the Company withdrew $333,254 of interest income from the Trust Account to pay franchise and income taxes.
Net loss per common share	Net loss per common share The Company complies with the accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Common stock subject to possible redemption at June 30, 2018, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic 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 Initial Public Offering and private placement to purchase 16,825,000 shares of common stock in the calculation of diluted loss per share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted loss per common share is the same as basic loss per common share for the periods.
Reconciliation of Net Loss per Common Share	Reconciliation of Net Loss per Common Share The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to redemption, as these shares only participate in the income of the Trust Account and not the losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Net income $ 415,110 $ 821,176 Less: Income attributable to common stock subject to redemption (741,542 ) (1,396,047 ) Adjusted net loss (326,432 ) (574,871 ) Weighted average shares outstanding, basic and diluted 5,989,961 5,987,156 Basic and diluted net loss per common share $ (0.05 ) $ (0.10 )

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of basic and diluted loss per common share	The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to redemption, as these shares only participate in the income of the Trust Account and not the losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Net income $ 415,110 $ 821,176 Less: Income attributable to common stock subject to redemption (741,542 ) (1,396,047 ) Adjusted net loss (326,432 ) (574,871 ) Weighted average shares outstanding, basic and diluted 5,989,961 5,987,156 Basic and diluted net loss per common share $ (0.05 ) $ (0.10 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of assets measured at fair value on a recurring basis	The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2018 and December 31, 2017, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level June 30, December 31, 2017 Assets: Marketable securities held in Trust Account 1 $ 201,331,632 $ 200,119,137

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018		Jun. 30, 2018
Accounting Policies [Abstract]
Net income	$ 415,110		$ 821,176
Less: Income attributable to common stock subject to redemption	(741,542)		(1,396,047)
Adjusted net loss	$ (326,432)		$ (574,871)
Weighted average shares outstanding, basic and diluted (in shares)	5,989,961	[1]	5,987,156
Basic and diluted net loss per common share (in dollars per share)	$ (0.05)	[2]	$ (0.10)
[1]	Excludes an aggregate of up to 18,989,851 shares subject to redemption at June 30, 2018.
[2]	Net loss per common share - basic and diluted excludes interest income attributable to common stock subject to redemption of $741,542 and $1,396,047 for the three and six months ended June 30, 2018, respectively (see Note 2).

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 05, 2017	Jun. 30, 2018
Cash withdrawn from Trust Account		$ 333,254
Private Placement [Member] | Warrant [Member] | Sponsors [Member]
Number of units issued in transaction	16,825,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - Administrative Services Agreement [Member] - Sponsors [Member] - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2018
Administrative fees	$ 10,000
Payment for administrative fees		$ 30,000	$ 60,000
Accounts Payable and Accrued Expenses [Member]
Payment for administrative fees		$ 3,000	$ 3,000

COMMITMENTS (Details Narrative)

COMMITMENTS (Details Narrative) - USD ($)	Dec. 01, 2017	Jun. 30, 2018
Contingent Forward Purchase Contract [Member] | Private Placement [Member] | HG Vora [Member]
Number of units issued	6,250,000
Proceeds from private placement	$ 62,500,000
Unit price (in dollars per unit)	$ 10
Underwriters Agreement [Member] | Over-Allotment Option [Member]
Description of underwriting discount		The underwriters of the Company’s initial public offering (the Initial Public Offering”) are entitled to a deferred fee of three and one-half percent (3.5%) of the gross proceeds of the Initial Public Offering, or $7,000,000. Up to $0.05 per Unit (or up to $1,000,000) of the deferred fee may be paid to third parties (who are members of FINRA) that assist the Company in consummating its initial Business Combination.
Underwriters Agreement [Member] | Over-Allotment Option [Member] | Underwriters [Member]
Percentage of deferred fees		3.50%
Proceeds from underwriter option		$ 7,000,000

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares	4 Months Ended	6 Months Ended
	Dec. 31, 2017	Jun. 30, 2018
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, issued	6,734,320	6,010,149
Common stock, outstanding	6,734,320	6,010,149
Number of shares for redemption		18,989,851
Common stock, rights		Holders of the Company’s common stock are entitled to one vote for each share.
Common Stock Subject to Mandatory Redemption [Member]
Number of shares for redemption	19,015,680	18,989,851

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets:
Marketable securities held in Trust Account	$ 201,331,632	$ 200,119,137