XML 19 R12.htm IDEA: XBRL DOCUMENT v3.19.3
6. Related Party Transactions
9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6 – RELATED PARTY TRANSACTIONS

 

Founder Shares

 

In November 2017, the Company’s Initial Shareholder, Norwich Investment Limited (“Norwich”), subscribed for an aggregate of 1,000 of Ordinary Shares (“Founder Shares”) for an aggregate purchase price of $1, or approximately $0.0001 per share. In February 2018, the Company’s Shareholder, Norwich subscribed for an aggregate of 1,150,000 of Ordinary Shares for an aggregate purchase price of $25,000, or approximately $0.022 per share. Concurrently, in February 2018, the Company repurchased 1,000 ordinary shares at a consideration of $1 or $0.0001 per share, from its Initial Shareholder.

 

Related Party Payables

 

At September 30, 2019 and December 31, 2018, the Company had related party payable to Initial Shareholder in the amount of $278,671 and $107,007, respectively. This payable is unsecured, interest-free and has no fixed terms of repayment.

 

Administrative Services Agreement

 

The Company is obligated, commencing from August 2, 2018, to pay Norwich, its Initial Shareholder, a monthly fee of $10,000 for general and administrative services. This agreement will terminate upon completion of the Company’s initial business combination or the liquidation of the trust account to public shareholders.

 

Promissory Note Payable

 

At September 30, 2019, the Company had unsecured promissory note payable to Norwich Investment Limited in the aggregate principal amount of $460,000. This payable is in exchange for Norwich depositing such amount into the Company’s trust account in order to extend the amount of time it has made available to complete a business combination.