Investment Held in Trust Account

12 Months Ended

Dec. 31, 2018

Investment Held In Trust Account

Investment Held in Trust Account

Note 6 —Investment Held in Trust Account

As of December 31, 2018, investment in the Company’s Trust Account consisted of $3,600 in cash and $210,451,869 in U.S. Treasury Securities. As of December 31, 2017, investment in the Company’s Trust Account consisted of $8,940 in United States Money Market and $206,776,908 in U.S. Treasury Securities. The Company classifies its United States Treasury Bills and equivalent securities as held-to-maturity in accordance with FASB ASC 320 “Investments — Debt and Equity Securities”. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts. The Company considers all investments with original maturities of more than three months but less than one year to be short-term investments. The carrying value approximates the fair value due to the short term maturity. As of December 31, 2018 and 2017, cash and investments held in trust account are $210,455,469 and $206,785,848, respectively. The carrying value, excluding gross unrealized holding gain (loss) and fair value of held to maturity securities on December 31, 2018 and 2017 are as follows:

	Carrying Value as of December 31, 2018		Gross Unrealized Holding Gain		Fair Value as of December 31, 2018
Cash	$	3,600	$	—	$	3,600
U.S. Treasury Securities		210,451,869		15,175		210,467,044
	$	210,455,469	$	15,175	$	210,470,644

	Carrying Value as of December 31, 2017		Gross Unrealized Holding Loss			Fair Value as of December 31, 2017
U.S. Money Market	$	8,940	$	—		$	8,940
U.S. Treasury Securities		206,776,908		(70,639	)		206,706,269
	$	206,785,848	$	(70,639	)	$	206,715,209

In February 2018, the Company sold the U.S. Treasury Securities in a net carrying value of $207,176,264 for a total cash of $207,078,506. The Company recorded a realized loss from sale of investment in the amount of $97,758 accordingly. In August 2018, the Company redeemed the expired treasury bills for total cash proceeds of $208,816,500 and re-invested in U.S. Treasury Bills. In December 2018, the Company redeemed the expired treasury bills for total cash proceeds of $210,224,000 and re-invested in U.S. Treasury Bills.