XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
LIQUIDITY AND GOING CONCERN
9 Months Ended
Sep. 30, 2018
LIQUIDITY AND GOING CONCERN  
LIQUIDITY AND GOING CONCERN

2. LIQUIDITY AND GOING CONCERN

 

As of September 30, 2018, the Company had $3,189,429 in its operating bank accounts, $466,238,280 in securities held in the trust account (“Trust Account”) to be used for a Business Combination or to repurchase or redeem its shares of Class A common stock in connection therewith and a working capital deficit of $5,793,168, which excludes franchise and income taxes payable in the amount of $581,621 which such amounts will be paid from interest earned on the Trust Account.

Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination.

Funds held outside the Trust Account are insufficient for the Company’s working capital needs. The Company will need to raise additional capital through loans or additional investments from its Sponsor, an affiliate of the Sponsor and/or the Company’s officers and directors. The Sponsor, an affiliate of the Sponsor and/or the Company’s officers and directors may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, suspending the pursuit of a potential Business Combination. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. These condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.