Notes Payable and Advance From Stockholders

3 Months Ended

Mar. 31, 2015

Notes Payable and Advances from Shareholders [Abstract]

Notes Payable and Advance From Stockholders

Note 5 — Notes Payable and Advance From Stockholders

The Company issued a $50,000 principal amount unsecured promissory note to Eric S. Rosenfeld, the Company’s Chief Executive Officer and an Initial Stockholder, on May 30, 2014. The note is non-interest bearing and payable on the earlier of (i) May 31, 2015, (ii) the consummation of the Offering or (iii) the date on which the Company determines not to proceed with the Offering. This loan became payable upon the consummation of the Offering, but as of March 31, 2015, it remains outstanding. 

In March 2015, Eric S. Rosenfeld and a company wholly owned by Mr. Rosenfeld advanced the Company an aggregate of $73,847 for the payment of offering costs. In addition, David D. Sgro, the Company’s Chief Operating Officer and an Initial Stockholder, advanced the Company an aggregate of $1,827 for the payment of offering costs. These advances were repaid subsequent to March 31, 2015.