Trust Account and Fair Value Measurement

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [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 June 30, 2019 and December 31, 2018, the proceeds of the Trust Account were invested in U.S. government treasury bills. U.S. government treasury bills held at June 30, 2019 mature in July 2019 and yield interest of approximately 2.4%. 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 June 30, 2019 and December 31, 2018 condensed 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 June 30, 2019 and December 31, 2018 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 June 30, 2019 and December 31, 2018 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
	June 30,		Holding		Markets
Description	2019		Gain		(Level 1)
Assets:
Cash and money market	$	1,000	$	-	$	1,000
U.S. government treasury bills		305,689,000		42,000		305,731,000
Total	$	305,690,000	$	42,000	$	305,732,000

	Carrying value at		Gross Unrealized			Quoted Price Prices in Active
	December 31,		Holding			Markets
Description	2018		Loss			(Level 1)
Assets:
Cash and money market	$	1,000	$	-		$	1,000
U.S. government treasury bills		304,034,000		(7,000	)		304,027,000
Total	$	304,035,000	$	(7,000	)	$	304,028,000

The U.S. government treasury bills that matured in July 2019 were reinvested in U.S. government treasury bills maturing in August 2019. During the six months ended June 30, 2019, the Company withdrew approximately $1,910,000 from the Trust Account in order to pay 2018 actual and 2019 estimated income taxes (approximately $812,000) and franchise taxes (approximately $348,000) paid in installments in January 2019, April 2019 and May 2019) and to release the 2019 $750,000 allowed for working capital.