Trust Account and Fair Value Measurement

3 Months Ended

Mar. 31, 2018

Trust Account and Fair Value Measurement [Abstract]

TRUST ACCOUNT AND FAIR VALUE MEASUREMENT

NOTE 5 – TRUST ACCOUNT AND FAIR VALUE MEASUREMENT

The Company complies with FASB ASC 820, Fair Value Measurements, for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

Upon the closing of the Public Offering and the private placement, a total of $300,000,000 was deposited into the Trust Account. All proceeds in the Trust Account may be invested in either U.S. government treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, and that invest solely in U.S. government treasury obligations.

At March 31, 2018 and December 31, 2017, the proceeds of the Trust Account were invested in U.S. government treasury bills. U.S. government treasury bills held at March 31, 2018 mature in May and August 2018 and yield interest of approximately 1.6%. The Company classifies its U.S. government treasury bills and equivalent securities as held-to-maturity in accordance with FASB ASC 320, “Investments – Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity U.S. government treasury bills are recorded at amortized cost on the accompanying March 31, 2018 and December 31, 2017 balance sheets and adjusted for the amortization of discounts.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. Since all of the Company’s permitted investments at March 31, 2018 and December 31, 2017 consist of U.S. government treasury bills or money market funds holding U.S. government treasury bills, fair values of its investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities as follows:

					Quoted Price
	Carrying value at		Gross Unrealized		Prices in Active
Description	March 31, 2018		Holding Loss		Markets (Level 1)
Assets:
Cash and money market	$	157,000		-	$	157,000
U.S. government treasury bills		301,323,000	$	50,000		301,273,000
total	$	301,480,000		50,000	$	301,430,000

					Quoted Price
		Carrying value at		Gross Unrealized		Prices in Active
Description		December 31, 2017		Holding Gain		Markets (Level 1)
Assets:
U.S. government treasury bills	$	300,403,000	$	18,000	$	300,421,000

The U.S. government treasury bills that matured in February 2018 were reinvested in U.S. government treasury bills maturing in May 2018. Subsequent to March 31, 2018, in April 2018, the Company withdrew approximately $156,000 from the Trust Account in order to pay 2017 income and franchise taxes.