7. Shareholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Shareholders' Equity

NOTE 7 – SHAREHOLDERS’ EQUITY

Preferred shares

The Company is authorized to issue 2,000,000 preferred shares at par $0.0001. There is no specific preferential right associated with this class of share at the time of this filing.

Ordinary shares

The Company is authorized to issue 100,000,000 ordinary shares at par $0.0001. Holders of the Company’s ordinary shares are entitled to one vote for each share.

In February 2018, the Company’s Shareholder, Norwich Investment Limited, 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.

On August 6, 2018, the Company issued 215,000 ordinary shares under the private placement of 215,000 private units at $10 per unit, to the Sponsor.

On August 6, 2018, the Company sold 4,600,000 units at a price of $10.00 per Public Unit in the Public Offering.

As of March 31, 2020 and December 31, 2019, 2,159,244 and 2,105,950 ordinary shares issued and outstanding excluding 3,805,756 and 3,859,050 shares are subject to possible conversion, respectively.

Accumulated Other Comprehensive Income

The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”), including the reclassification out of AOCI.

	Available-for-sale securities
Balance as of January 1, 2020	$	179,939
Other comprehensive income before reclassifications		169,998
Amounts reclassified from AOCI into interest income		(192,983	)
Balance as of March 31, 2020	$	156,954
	Available-for-sale securities
Balance as of January 1, 2019	$	27,179
Other comprehensive income before reclassifications		277,735
Amounts reclassified from AOCI into interest income		–
Balance as of March 31, 2019	$	304,914