0001615774-16-006346.txt : 20160715 0001615774-16-006346.hdr.sgml : 20160715 20160715170419 ACCESSION NUMBER: 0001615774-16-006346 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20160531 FILED AS OF DATE: 20160715 DATE AS OF CHANGE: 20160715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Origo Acquisition Corp CENTRAL INDEX KEY: 0001619551 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36757 FILM NUMBER: 161770216 BUSINESS ADDRESS: STREET 1: 24 NEW ENGLAND EXECUTIVE PARK STREET 2: SUITE 105 CITY: BURLINGTON STATE: MA ZIP: 01803 BUSINESS PHONE: 781-652-4500 MAIL ADDRESS: STREET 1: 24 NEW ENGLAND EXECUTIVE PARK STREET 2: SUITE 105 CITY: BURLINGTON STATE: MA ZIP: 01803 FORMER COMPANY: FORMER CONFORMED NAME: CB Pharma Acquisition Corp. DATE OF NAME CHANGE: 20140915 10-Q 1 s103694_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2016

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-36757

ORIGO ACQUISITION CORPORATION

(Exact Name of Registrant as Specified in Charter)

Cayman Islands

6770

N/A

(State or Other Jurisdiction

of Incorporation or Organization)

(Primary Standard Industrial

Classification Code Number)

(IRS Employer

Identification No.)

708 Third Avenue

New York, New York 10017

(212) 634 - 4512

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

c/o Graubard Miller, 405 Lexington Avenue, New York, New York 10174

(Former name, former address and former fiscal year, if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one).

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x
(Do not check if smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

As of July 15, 2016, 4,481,599 Ordinary Shares, par value $0.0001 per share were issued and outstanding.

ORIGO ACQUISITION CORPORATION

(formerly CB Pharma Acquisition Corp.)

FORM 10-Q FOR THE QUARTER ENDED MAY 31, 2016

TABLE OF CONTENTS

		Page

Part I.	Financial Information
	Item 1. Financial Statements
	Condensed Balance Sheets	1
	Condensed Statements of Operations	2
	Condensed Statements of Cash Flows	3
	Notes to Condensed Financial Statements	4
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
	Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk	17
	Item 4. Controls and Procedures	17
Part II.	Other Information
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	17
	Item 6. Exhibits	18
Signatures		19

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Condensed Balance Sheets

	May 31, 2016			November 30, 2015
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	41,813		$	26,192
Prepaid expenses and other assets		30,903			37,328
Total current assets		72,716			63,520
Cash and marketable securities held in Trust Account		42,939,199			42,873,844
Total Assets	$	43,011,915		$	42,937,364

Liabilities and Shareholders' Equity

Current Liabilities:
Accounts payable and accrued expenses	$	96,683		$	16,780
Accounts payable - related party		7,715			122,715
Note payable		325,000			150,000
Total Current Liabilities		429,398			289,495

Commitments
Ordinary shares subject to possible conversion, $.0001 par value; 3,677,350 and 3,688,039 shares at conversion value at May 31, 2016 and November 30, 2015, respectively		37,582,516			37,647,868

Shareholders’ Equity:
Preferred shares, $.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding at May 31, 2016 and November 30, 2015		-			-
Ordinary shares, $.0001 par value; 100,000,000 shares authorized; 1,858,650 and 1,847,961 shares issued and outstanding at May 31, 2016 and November 30, 2015, respectively (excluding 3,677,350 and 3,688,039 shares subject to conversion at May 31, 2016 and November 30, 2015, respectively)		186			185
Additional paid-in capital		5,632,692			5,392,341
Accumulated deficit		(632,877	)		(392,525	)
Total Shareholders' Equity		5,000,001			5,000,001
Total Liabilities and Shareholders' Equity	$	43,011,915		$	42,937,364

The accompanying notes are an integral part of these condensed financial statements.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Condensed Statements of Operations

(Unaudited)

	For the three months						For the six months
	ended May 31,						ended May 31,
	2016			2015			2016			2015
Operating costs	$	115,713		$	49,680		$	274,708		$	120,949
Operating cost - related party		30,000			30,000			60,000			55,000
Loss from operations		(145,713	)		(79,680	)		(334,708	)		(175,949	)
Interest income		35,209			4,286			94,356			19,495
Net loss	$	(110,504	)	$	(75,394	)	$	(240,352	)	$	(156,454	)

Basic and diluted net loss per ordinary share	$	(0.06	)	$	(0.04	)	$	(0.13	)	$	(0.09	)

Weighted average shares outstanding, basic and diluted (1)		1,863,186			1,816,066			1,855,699			1,741,936

(1) This number excludes an aggregate of up to 3,677,350 and 3,711,162 shares subject to conversion at May 31, 2016 and 2015, respectively

The accompanying notes are an integral part of these condensed financial statements.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Condensed Statement of Cash Flows

(Unaudited)

	For the six months ended May 31,
	2016			2015
Cash Flows from Operating Activities
Net loss	$	(240,352	)	$	(156,454	)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest income in cash and marketable securities held in Trust Account		(94,356	)		(19,495	)
Changes in operating assets and liabilities:
Prepaid expenses and other assets		6,425			(94,414	)
Accounts payable and accrued expenses		254,903			(20,567	)
Accounts payable - related party		(115,000	)		62,715
Net cash used in operating activities		(188,380	)		(228,215	)

Cash Flows from Investing Activities
Principal deposited in trust account		-			(42,845,000	)
Interest released from Trust Account		29,001			-
Net cash provided by (used in) investing activities		29,001			(42,845,000	)

Cash Flows from Financing Activities
Proceeds from note payable to Fortress		175,000			100,000
Repayment of note payable to Fortress		-			(200,000	)
Proceeds from underwriters unit purchase option		-			100
Proceeds from initial public offering, net of offering costs		-			40,292,131
Proceeds from private placement		-			2,860,000
Net cash provided by financing activities		175,000			43,052,231

Net increase (decrease) in cash and cash equivalents		15,621			(20,984	)

Cash and cash equivalents - beginning		26,192			100,170

Cash and cash equivalents - ending	$	41,813		$	79,186

Supplemental disclosure of noncash investing and financing activities:
Change in value of additional ordinary shares subject to possible conversion	$	65,352		$	37,875,379
Reclassification of deferred offering cost to additional paid-in capital	$	-		$	136,837
Forgiveness of accounts payable with related party resulted in capital contribution	$	175,000		$	-
Compulsory repurchase of ordinary shares	$	-		$	10

The accompanying notes are an integral part of these condensed financial statements.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

Note 1 - Organization, Plan of Business Operations

Origo Acquisition Corporation, formerly known as CB Pharma Acquisition Corp. (the “Company”), was incorporated in the Cayman Islands on August 26, 2014 as a blank check company whose objective is to acquire, through a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination, one or more businesses or entities (a “Business Combination”). The Company’s effort to identify a prospective target business is not limited to a particular industry or geographic region of the world.

All activity through May 31, 2016 relates to the Company’s formation, the initial public offering (“Initial Public Offering”) as defined below and a search for a Business Combination candidate. On December 12, 2014, the Company changed its fiscal year end from December 31 to November 30. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

The registration statement for the Company’s Initial Public Offering was declared effective on December 12, 2014. The Company consummated the Initial Public Offering of 4,000,000 units (“Units”) at $10.00 per Unit on December 17, 2014, generating gross proceeds of $40 million (Note 3). On December 24, 2014, the Company consummated the closing of the sale of 200,000 additional Units upon receiving notice of EarlyBirdCapital, Inc.’s (“EBC”), the representative of the underwriters in the Initial Public Offering election to exercise its over-allotment option, generated an additional gross proceeds of $2 million.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 285,000 units (“Private Placement Units”) at a price of $10.00 per Unit, of which 265,000 Private Placement Units were sold to Fortress Biotech, Inc. (“Fortress”), formerly known as Coronado Biosciences, Inc., an affiliate of the Company’s former executive officers and the holder of a majority of the Company’s Ordinary Shares prior to the Initial Public Offering, and 20,000 Private Placement Units were sold to EBC, generating an aggregate of $2.85 million in gross proceeds (Note 4). Following the exercise of the over-allotment, the Company also consummated a simultaneous Private Placement of an additional 1,000 Private Placement Units at a price of $10.00 per Unit to EBC on December 24, 2014, generating $10,000 in additional gross proceeds.

On June 10, 2016, the Company held an extraordinary general meeting of shareholders (the “Meeting”). At the Meeting, the shareholders approved each of the following items: (i) an amendment to the Company’s Amended and Restated Memorandum and Articles of Association (the “Charter”) to extend the date by which the Company has to consummate a business combination (the “Extension”) from June 12, 2016 to December 12, 2016, (ii) an amendment to the Charter to allow the holders of the Company’s ordinary shares issued in the Company’s Initial Public Offering to elect to convert their public shares into their pro rata portion of the funds held in the Trust Account, as defined below, if the Extension is approved, and (iii) to change the Company’s name from “CB Pharma Acquisition Corp.” to “Origo Acquisition Corporation”. Under Cayman Islands law, the amendments to the Charter took effect upon their approval. Accordingly, the Company now has until December 12, 2016 to consummate an initial Business Combination.

Effective as of June 10, 2016, (i) each of Lindsay A. Rosenwald, Michael Weiss, George Avgerinos, Adam J. Chill, Arthur A. Kornbluth and Neil Herskowitz resigned from his position as an officer and/or director of the Company and (ii) Edward J. Fred and Jose M. Aldeanueva were appointed as Chief Executive Officer and President and Chief Financial Officer, Secretary and Treasurer, respectively, of the Company and Edward J. Fred, Jose M. Aldeanueva, Stephen Pudles, Jeffrey J. Gutovich and Barry Rodgers became directors of the Company.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement, although substantially all of the net proceeds are intended to be applied to consummating a Business Combination.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

At the Meeting, shareholders holding 1,054,401 public shares exercised their right to convert such public shares into a pro rata portion of the Trust Account. As a result, an aggregate of approximately $10.76 million (or approximately $10.20 per share) were removed from the Trust Account to pay such holders. Because the Extension amendment was approved, as indicated in the Company’s proxy statement relating to the Meeting, the new management of the Company provided a loan to the Company of $0.20 for each public share that was not converted. Accordingly, an aggregate of approximately $629,120 was provided to the Company as a loan and deposited in the Trust Account. As a result, the Company currently has approximately $32.8 million in Trust Account, and the conversion amount per share in any subsequent Business Combination or liquidation will be approximately $10.40 per share.

The Company’s new Chief Executive Officer has agreed that he will be personally liable under certain circumstances to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or vendors or other entities that are owed money by the Company for service rendered, contracted for or products sold to the Company. However, such officer may not be able to satisfy those obligations should they arise. The remaining net proceeds (not held in the Trust Account) may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. In addition, (i) interest income earned on the funds in the Trust Account may be released to the Company to pay its income or other tax obligations and (ii) any remaining interest earned on the funds in the Trust Account may be released to the Company for its working capital requirements. With these exceptions, expenses incurred by the Company may be paid prior to a Business Combination only from the net proceeds of the Initial Public Offering not held in the Trust Account; provided, however, that in order to meet its working capital needs following the consummation of the Initial Public Offering, the Company’s shareholders prior to the Initial Public Offering, including their subsequent transferees (collectively the “Initial Shareholders”), officers and directors or their affiliates (including Fortress) 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. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the Company’s initial Business Combination, without interest, or, at the lender’s discretion, up to $500,000 of the notes may be converted upon consummation of the Company’s Business Combination into additional Private Placement Units at a price of $10.00 per Unit. If the Company does not complete a Business Combination, the loans would not be repaid. At May 31, 2016, the Company has approximately $42,000 in cash and cash equivalents held outside Trust Account, which excludes interest income available to the Company for working capital purpose of approximately $94,000 from the Company’s investments in Trust.

The Company will either seek shareholder approval of any Business Combination at a meeting called for such purpose at which holders of the outstanding Ordinary Shares sold in the Initial Public Offering (“Public Shareholders”) may seek to convert such shares (“Public Shares”) into their pro rata share of the aggregate amount then on deposit in the Trust Account, less any taxes then due but not yet paid, or provide Public Shareholders with the opportunity to sell their Public Shares to the Company by means of a tender offer for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, less any taxes then due but not yet paid. The Company will proceed with a Business Combination only if it will have net tangible assets of at least $5,000,001 upon consummation of the Business Combination and, solely if shareholder approval is sought, a majority of the outstanding Ordinary Shares of the Company voted, are voted in favor of the Business Combination. Notwithstanding the foregoing, a Public Shareholder, together with any affiliate of his or any other person with whom he is acting in concert or as a “group” (as defined in Section 13(d) (3) of the Exchange Act) will be restricted from seeking conversion rights with respect to 30% or more of the Ordinary Shares sold in the Initial Public Offering. Accordingly, all shares purchased by a holder in excess of 30% of the shares sold in the Initial Public Offering will not be converted to cash. In connection with any shareholder vote required to approve any Business Combination, the Initial Shareholders have agreed (i) to vote any of their respective shares, including the 1,050,000 Ordinary Shares issued in connection with the organization of the Company (the “Initial Shares”), in favor of the initial Business Combination and (ii) not to convert such respective shares into a pro rata portion of the Trust Account or seek to sell their shares in connection with any tender offer the Company engages in.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

If the Company has not completed a Business Combination by December 12, 2016, pursuant to the amended Charter, it will trigger the automatic liquidation of the Trust Account and the voluntary liquidation of the Company. If the Company is forced to liquidate prior to a Business Combination, Public Shareholders are entitled to share ratably in the Trust Account, including any interest, and any net assets remaining available for distribution to them after payment of liabilities. The Initial Shareholders have agreed to waive their rights to share in any distribution with respect to their Initial Shares.

Liquidity

As of May 31, 2016, the Company had a balance of cash and cash equivalents of approximately $42,000. Through May 31, 2016, the Company's liquidity needs were satisfied through receipt of approximately $407,000 from the sale of the Units held outside of the Trust Account and loans in an aggregate of $325,000 from an Initial Shareholder, which were evidenced by convertible promissory notes. Of the $407,000 initially held outside of the Trust Account, $200,000 were used to repay other amounts previously loaned to the Company by such Initial Shareholder prior to the Offering. In addition to these convertible notes, such Initial Shareholder paid for professional services provided to the Company for $7,715 and had deferred payment of their administrative service fee of $175,000 through May 2016. On May 20, 2016, such Initial Shareholder agreed to forgive the deferred administrative service fee, which was recorded as capital contribution in the accompanying unaudited condensed financial statements

The Company intends to use substantially all of the net proceeds of the Initial Public Offering, including the funds held in the Trust Account, to acquire a target business or businesses and to pay for expenses relating thereto, upon consummation of the initial Business Combination. To the extent that the Company's capital stock is used in whole or in part as consideration to affect the initial Business Combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business' operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders' fees which the Company had incurred prior to the completion of the initial Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.

In June 2016, the new management loaned the Company $1 million, of which $370,880 was provided for the Company’s working capital needs (see Note 8). Based on the foregoing, management believes that the Company will have sufficient working capital to meet the Company's needs through the earlier of consummation of a Business Combination or December 12, 2016. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination.

Note 2 - Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three and six months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending November 30, 2016. For further information refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended November 30, 2015 and the Form 8-K, filed with the SEC on February 29, 2016 and May 23, 2016, respectively.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

Emerging Growth Company

Section 102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act of 1933, as amended (“Securities Act”) registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Cash and Marketable Securities Held in Trust Account

The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public Offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of a Business Combination. As of May 31, 2016, cash and marketable securities held in the Trust Account consisted of approximately $42.9 million in United States Treasury Bills with a maturity date of 180 days or less and approximately $1,200 in cash. At May 31, 2016, there was approximately $94,000 of interest income held in the Trust Account available to be released to the Company.

Ordinary Shares Subject to Possible Conversion

The Company accounts for its Ordinary Shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary Shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Ordinary Shares (including Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Ordinary Shares are classified as shareholders’ equity. The Company’s Ordinary Shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Ordinary Shares subject to possible conversion at conversion value are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At May 31, 2016, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Net Loss per Share

Loss per share is computed by dividing net loss by the weighted-average number of Ordinary Shares outstanding during the period. An aggregate of 3,677,350 and 3,688,039 Ordinary Shares subject to possible conversion at May 31, 2016 and November 30, 2015, respectively, have been excluded from the calculation of basic loss per ordinary share since such Ordinary Shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of (i) warrants sold in the Public Offering and Private Placement to purchase 2,243,000 Ordinary Shares of the Company, (ii) rights to acquire 448,600 Ordinary Shares of the Company and (iii) 400,000 Ordinary Shares, warrants to purchase 200,000 Ordinary Shares and rights to acquire 40,000 Ordinary Shares included in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the unit purchase option and warrants as well as the conversion of rights is contingent on the occurrence of future events.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes

The Company accounts for income taxes under ASC Topic 740 “Income Taxes”. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecoginition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company determined that the Cayman Islands is its only major tax jurisdiction. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on August 26, 2014, the evaluation was performed for the 2014 tax year, which will be the only period subject to examination upon filing of appropriate tax returns. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position.

The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of May 31, 2016. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

Recent Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Note 3 - Initial Public Offering

In December 2014, the Company consummated the Initial Public Offering of 4,200,000 of its units (“Units”). Each Unit consists of one ordinary share, $.0001 par value per share (“Ordinary Share”), one right (“Right”) to receive one-tenth of one Ordinary Share upon consummation of the Company’s initial Business Combination and one warrant entitling the holder to purchase one-half of one Ordinary Share (“Warrant”). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $42,000,000. Each Warrant entitles the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full Ordinary Share commencing on the later of the Company’s completion of its initial Business Combination or December 12, 2015, and expiring five years from the completion of the Company’s initial Business Combination. The Company will not issue fractional shares. As a result, investors must exercise Warrants in multiples of two Warrants in whole and not in part, at a price of $11.50 per full share, subject to adjustment, to validly exercise the Warrants. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days’ notice, only in the event that the last sale price of the Ordinary Shares is at least $24.00 per share for any 20 trading days within a 30-trading day period (“30-Day Trading Period”) ending on the third day prior to the date on which notice of redemption is given, provided there is a current registration statement in effect with respect to the Ordinary Shares underlying such Warrants commencing five business days prior to the 30-Day Trading Period and continuing each day thereafter until the date of redemption. If the Company redeems the Warrants as described above, management will have the option to require all holders that wish to exercise Warrants to do so on a “cashless basis.” In accordance with the warrant agreement relating to the Warrants issued in the Initial Public Offering the Company is only required to use its best efforts to maintain the effectiveness of the registration statement covering the Warrants. If a registration statement is not effective within 90 days following the consummation of a Business Combination, Warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act of 1933, as amended. In the event that a registration statement is not effective at the time of exercise or no exemption is available for a cashless exercise, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and in no event (whether in the case of a registration statement being effective or otherwise) will the Company be required to net cash settle the Warrant exercise. Additionally, in no event will the Company be required to net cash settle the Rights. If an initial Business Combination is not consummated, the Rights and Warrants will expire and will be worthless.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

Note 4 - Private Placement

Simultaneously with the consummation of the Initial Public Offering, the Company consummated the Private Placement of 285,000 Private Placement Units at a price of $10.00 per Private Placement Unit, generating total proceeds of $2.85 million. Of the Private Placement Units, 265,000 were purchased by an Initial Shareholder that was an affiliate of the Company’s former executive officers and 20,000 were purchased by EBC, the representative of the underwriters of the Initial Public Offering. The Company consummated the sale of an additional 1,000 Private Placement Units to EBC upon consummation of the over-allotment option, generating total proceeds of $10,000. The Private Placement Units are identical to the Units sold in the Initial Public Offering, except the warrants included in the Private Placement Units will be non-redeemable, may be exercised on a cashless basis and may be exercisable for unregistered Ordinary Shares if the prospectus relating to the Ordinary Shares issuable upon exercise of the Warrants is not current and effective, in each case so long as they continue to be held by the initial purchasers or their permitted transferees. The holders of the Private Placement Units have agreed (A) to vote the Ordinary Shares included in the Private Placement Units (“Private Shares”) in favor of any initial Business Combination, (B) not to propose, or vote in favor of, an amendment to the Company’s amended and restated memorandum and articles of association with respect to the Company’s pre-Business Combination activities prior to the consummation of such a Business Combination unless the Company provides dissenting public shareholders with the opportunity to convert their public shares into the right to receive cash from the Company’s Trust Account in connection with any such vote, (C) not to convert any Private Shares into the right to receive cash from the Trust Account in connection with a shareholder vote to approve the Company’s initial Business Combination or a vote to amend the provisions of the Company’s amended and restated memorandum and articles of association relating to shareholders’ rights or pre-Business Combination activity and (D) that such Private Shares shall not participate in any liquidating distribution upon winding up if a Business Combination is not consummated within the required time period. Additionally, the purchasers have agreed not to transfer, assign or sell any of the Private Placement Units (except to certain permitted transferees) until the completion of the Company’s initial Business Combination. The holders have agreed not to sell their shares to the Company in any tender offer in connection with the initial Business Combination.

Note 5 – Related Party Transactions

Initial Shares

In August 2014, the Company issued 1,150,000 Initial Shares to the Initial Shareholders for an aggregate purchase price of $25,000. The Initial Shares included an aggregate of up to 150,000 shares subject to compulsory repurchase for an aggregate purchase price of $0.01 to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20.0% of issued and outstanding shares after the Initial Public Offering (excluding the sale of the Private Placement Units). On December 18, 2014, EBC notified the Company that it had elected to exercise a portion of the over-allotment option for 200,000 additional units at $10.00 per unit for an additional $2,000,000, The partial exercise resulted in a reduction of 50,000 Ordinary Shares subject to compulsory repurchase resulting in a total of 100,000 Ordinary Shares being compulsory repurchased on January 5, 2015. On May 20, 2016, the Initial Shares were transfered to the new management.

The Initial Shares are identical to the Ordinary Shares included in the Units sold in the Initial Public Offering. However, the holders of the Initial Shares have agreed (A) to vote their Initial Shares (as well as any shares acquired after the Initial Public Offering) in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, an amendment to the amended and restated memorandum and articles of association with respect to pre-Business Combination activities prior to the consummation of such a Business Combination unless the Company provides dissenting public shareholders with the opportunity to convert their public shares into the right to receive cash from the Trust Account in connection with any such vote, (C) not to convert any Initial Shares (as well as any other shares acquired after the Initial Public Offering) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a proposed initial Business Combination (or sell any shares they hold to the Company in a tender offer in connection with a proposed initial Business Combination) or a vote to amend the provisions of the amended and restated memorandum and articles of association relating to shareholders’ rights or pre-Business Combination activity and (D) that the Initial Shares shall not participate in any liquidating distribution upon winding up if a Business Combination is not consummated. Additionally, the Initial Shareholders have agreed not to transfer, assign or sell any of the Initial Shares (except to certain permitted transferees) until (1) with respect to 50% of the Initial Shares, the earlier of one year after the date of the consummation of initial Business Combination and the date on which the closing price of Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after initial Business Combination and (2) with respect to the remaining 50% of the Initial Shares, one year after the date of the consummation of initial Business Combination, or earlier, in either case, if, subsequent to initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.

Promissory Notes

As of May 31, 2016, the Company had issued an aggregate of $325,000 convertible promissory notes to an Initial Shareholder to evidence loans made by such shareholder to the Company. All of these loans are unsecured and non-interest bearing and are due upon consummation of a Business Combination. The holder has agreed to convert the principal balance of the notes into 32,500 Units at a price of $10.00 per Unit upon consummation of a Business Combination. The terms of the units will be identical to the Private Placement Units.

Administrative Service Fee

Commencing on December 12, 2014, the Company had agreed to pay an Initial Shareholder a monthly fee of $10,000 for general and administrative services. As of May 19, 2016, amount due to such Initial Shareholder was approximately $183,000; of which approximately $175,000 represents the accrued service fee and approximately $8,000 represents invoices of the Company paid by such Initial Shareholder. On May 20, 2016, this arrangement was terminated, and such Initial Shareholder agreed that all amounts owed under such arrangement, or $175,000, were forgiven, and thus, recorded as capital contribution in the accompanying unaudited condensed financial statements.

Note 6 - Commitments and Contingencies

Underwriting Agreement

On December 12, 2014, the Company entered into an agreement with EBC (“Underwriting Agreement”). The Underwriting Agreement required the Company to pay an underwriting discount of 3.25% of the gross proceeds of the Initial Public Offering as an underwriting discount. The Company has further engaged EBC to assist the Company with its initial Business Combination. Pursuant to this arrangement, the Company anticipates that the underwriter will assist the Company in holding meetings with shareholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities, assist the Company in obtaining shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay EBC a cash fee of 4% of the gross proceeds of the Initial Public Offering for such services upon the consummation of its initial Business Combination (exclusive of any applicable finders’ fees which might become payable).

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

Purchase Option

The Company sold to EBC, for $100, a unit purchase option to purchase up to a total of 400,000 units exercisable at $11.00 per unit (or an aggregate exercise price of $4,400,000) commencing on the consummation of a Business Combination. The unit purchase option expires on December 12, 2019. The units issuable upon exercise of this option are identical to the Units being offered in the Initial Public Offering. Accordingly, after the Business Combination, the purchase option will be to purchase 440,000 Ordinary Shares (which include 40,000 Ordinary Shares to be issued for the rights included in the units) and 400,000 Warrants to purchase 200,000 Ordinary Shares. The Company has agreed to grant to the holders of the unit purchase option, demand and “piggy back” registration rights for periods of five and seven years, respectively, from the effective date of the Initial Public Offering, including securities directly and indirectly issuable upon exercise of the unit purchase option.

The Company accounted for the fair value of the unit purchase option, inclusive of the receipt of a $100 cash payment, as an expense of the Initial Public Offering resulting in a charge directly to shareholders’ equity. The Company estimated that the fair value of this unit purchase option is approximately $2.92 million (or $7.30 per unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase option granted to the EBC is estimated as of the date of grant using the following assumptions: (1) expected volatility of 99.10%, (2) risk-free interest rate of 1.53% and (3) expected life of five years. The unit purchase option may be exercised for cash or on a “cashless” basis, at the holder’s option (except in the case of a forced cashless exercise upon the Company’s redemption of the Warrants, as described in Note 3), such that the holder may use the appreciated value of the unit purchase option (the difference between the exercise prices of the unit purchase option and the underlying Warrants and the market price of the Units and underlying Ordinary Shares) to exercise the unit purchase option without the payment of any cash. The Company will have no obligation to net cash settle the exercise of the unit purchase option or the Warrants underlying the unit purchase option. The holder of the unit purchase option will not be entitled to exercise the unit purchase option or the Warrants underlying the unit purchase option unless a registration statement covering the securities underlying the unit purchase option is effective or an exemption from registration is available. If the holder is unable to exercise the unit purchase option or underlying Warrants, the unit purchase option or Warrants, as applicable, will expire worthless.

Registration Rights

The Initial Shareholders are entitled to registration rights with respect to their initial shares (and any securities issued upon conversion of working capital loans) and the purchasers of the Private Placement Units are entitled to registration rights with respect to the Private Placement Units (and underlying securities), pursuant to an agreement dated December 12, 2014. The holders of the majority of the initial shares are entitled to demand that the Company register these shares at any time commencing three months prior to the first anniversary of the consummation of a Business Combination. The holders of the Private Placement Units (or underlying securities) are entitled to demand that the Company register these securities at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back” registration rights on registration statements filed after the Company’s consummation of a Business Combination.

Note 7 - Shareholder Equity

Preferred Shares

The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

As of May 31, 2016, there are no preferred shares issued or outstanding.

Ordinary Shares

The Company is authorized to issue 100,000,000 Ordinary Shares with a par value of $0.0001 per share.

As of May 31, 2016, the Company has an aggregate of 5,536,000 Ordinary Shares outstanding. Of the 5,536,000 Ordinary Shares, an aggregate of 3,677,350 Ordinary Shares subject to possible conversion classified as temporary equity in the accompanying Balance Sheet.

Note 8 – Subsequent Events

During the Meeting on June 10, 2016, shareholders holding 1,054,401 Public Shares exercised their right to convert such shares into a pro rata portion of the Trust Account. As a result, an aggregate of approximately $10.76 million (or approximately $10.20 per share) was removed from the Trust Account to pay such shareholders.

Origo Acquisition Corporation

(formerly CB Pharma Acquisition Corp.)

Notes to Condensed Financial Statements

May 31, 2016

(Unaudited)

The new management loaned the Company an aggregate of $1 million in June 2016. Of these, an aggregate amount of $629,120, or $0.20 for each Public Share that was not converted, was deposited in the Trust Account, and the remaining amount of $370,880 was loaned to the Company for working capital needs. As a result, the conversion amount per share in any subsequent Business Combination or liquidation will be approximately $10.40 per share. The loan from the new management is evidenced by a promissory note, and is unsecured, non-interest bearing, and payable at the consummation of a Business Combination. Upon consummation of a Business Combination, up to $175,000 of the principal balance of such note may be converted, at the holders’ option, into Units at a price of $10.00 per Unit. The terms of the Units will be identical to the Units issued by the Company in its Initial Public Offering, except that the Warrants included in such Units will be non-redeemable by the Company and will be exercisable for cash or on a “cashless” basis. If new management converts the entire $175,000 of the principal balance of the note, they would receive 17,500 Units. If a Business Combination is not consummated, the note will not be repaid by the Company and all amounts owed thereunder by the Company will be forgiven, except to the extent that the Company had funds available to it outside of the Trust Account.

Item 2. Management’s Discussion and Analysis.

References in this report to “we,” “us” or the “Company” refer to Origo Acquisition Corporation, formerly known as CB Pharma Acquisition Corp. References to our “management” or our “management team” refers to our officers and directors. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings. References to “we”, “us”, “our” or the “Company” are to Origo Acquisition Corporation, except where the context requires otherwise. The following discussion should be read in conjunction with our condensed financial statements and related notes thereto included elsewhere in this report.

Overview

We are a blank check company in the development stage, formed on August 26, 2014 to acquire, through a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination, one or more businesses or entities (a “Business Combination”). Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region of the world.

On June 10, 2016, we held an extraordinary general meeting of shareholders (the “Meeting”). At the Meeting, the shareholders approved each of the following items: (i) an amendment to our Amended and Restated Memorandum and Articles of Association (the “Charter”) to extend the date by which we have to consummate a Business Combination (“Extension”) to December 12, 2016, (ii) an amendment to the Charter to allow the Public Shareholders to elect to convert their Public Shares into their pro rata portion of the funds held in the Trust Account if the Extension is approved, and (iii) to change our company name from CB Pharma Acquisition Corp. to Origo Acquisition Corporation.

In addition, upon the approval of the Extension, (i) each of Lindsay A. Rosenwald, Michael Weiss, George Avgerinos, Adam J. Chill, Arthur A. Kornbluth and Neil Herskowitz resigned from his position as an officer and/or director of our company and (ii) Edward J. Fred and Jose M. Aldeanueva were appointed as Chief Executive Officer and President and Chief Financial Officer, Secretary and Treasurer, respectively, of our company and Edward J. Fred, Jose M. Aldeanueva, Stephen Pudles, Jeffrey J. Gutovich and Barry Rodgers became directors of our company.

We presently have no revenue; our net losses were approximately $111,000 and $75,000 for the three months ended May 31, 2016 and 2015, respectively, and approximately $240,000 and $156,000 for the six months ended May 31, 2016 and 2015, respectively. The net operating expenses consist primarily of professional fees related to public company compliance and costs related to our search for a business combination. For the three months ended May 31, 2016 and 2015, interest income on cash and marketable securities held in trust was approximately $35,000 and $4,000, respectively. For the six months ended May 31, 2016 and 2015, interest income on cash and marketable securities held in trust was approximately $94,000 and $19,000, respectively.

On December 17, 2014, we consummated our Initial Public Offering of 4,000,000 units, generating gross proceeds of $40 million, with each unit consisting of one ordinary share, par value $.0001 per share (“Ordinary Share”), one right (“Right”) to automatically receive one-tenth of one Ordinary Share upon consummation of an initial Business Combination and one warrant (“Warrant”) entitling the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full share commencing on our completion of an initial Business Combination. Simultaneous with the consummation of the Initial Public Offering, we consummated the private placement of 285,000 private Units (“Private Placement Units”) at a price of $10.00 per Private Placement Unit, generating total proceeds of $2.85 million. Of the Private Placement Units, 265,000 were purchased by an initial shareholder who was an affiliate of our former executive officers and 20,000 were purchased by EBC, the representative of the underwriters of the Initial Public Offering (“EBC”). On December 24, 2014, we consummated the closing of the sale of 200,000 Units, which were sold pursuant to the underwriters’ over-allotment option, and an additional 1,000 Private Placement Units to EBC in a simultaneous Private Placement, generating $2.01 million in gross proceeds.

An aggregate amount of approximately $42.85 million (approximately $10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering, the over-allotment and the Private Placement Units, net of fees of approximately $1.84 million associated with the Initial Public Offering, inclusive of $1.37 million of underwriting fees, was placed in a Trust Account (“Trust Account”) immediately after the sales and invested in U.S. government treasury bills, bonds or notes with a maturity of 180 days or less or in money market funds selected by us meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 of the Investment Company Act of 1940, as determined by the Company. During the Meeting, shareholders holding 1,054,401 Public Shares exercised their right to convert such shares into a pro rata portion of the Trust Account. As a result, an aggregate of approximately $10.76 million (or approximately $10.20 per share) was removed from the Trust Account to pay such holders. Because the Extension Amendment was approved, as indicated in the Company’s proxy statement relating to the Meeting, the new management of the Company contributed to the Company as a loan $0.20 for each public share that was not converted. Accordingly, an aggregate of approximately $629,120 was contributed to the Company as a loan and deposited in the Trust Account. As a result, we currently have approximately $32.8 million in Trust Account, and the conversion amount per share in any subsequent Business Combination or liquidation will be approximately $10.40 per share. Such funds will be invested as described above until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account.

Our management has broad discretion with respect to the specific application of the net proceeds of the offering and the Private Placement, although substantially all of the net proceeds are intended to be applied generally towards consummating a Business Combination successfully.

Critical Accounting Policy

Ordinary Shares Subject to Possible Conversion

We account for our Ordinary Shares subject to possible conversion in accordance with the guidance provided in ASC 480 “Distinguishing Liabilities from Equity”. Ordinary Shares subject to mandatory conversion (if any) are classified as a liability instrument and measured at fair value. Conditionally convertible Ordinary Shares (including Ordinary Shares that feature conversion rights that are either within the control of the holder or subject to conversion upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Ordinary Shares are classified as stockholders’ equity. The Company’s Ordinary Shares feature certain conversion rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, Ordinary Shares subject to possible conversion at conversion value are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

Results of Operations

We have neither engaged in any business operations nor generated any revenues to date. Our entire activity from inception up to the closing of our Offering on December 17, 2014 was in preparation for that event. Subsequent to the Offering, our activity has been limited to the evaluation of Business Combination candidates, and we will not be generating any operating revenues until the closing and completion of our initial Business Combination. We have, and expect to continue to generate small amounts of non-operating income in the form of interest income on cash and cash equivalents. Interest income is not expected to be significant in view of current low interest rates on risk-free investments (treasury securities). We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended May 31, 2016, we had net losses of approximately $111,000, which consisted of operating expenses of approximately $146,000 offset by interest income from our Trust Account of approximately $35,000. For the three months ended May 31, 2015, we had net losses of approximately $75,000, which consisted of operating expenses of approximately $80,000 offset by interest income from our Trust Account of approximately $4,000.

For the six months ended May 31, 2016, we had net losses of approximately $240,000, which consisted of operating expenses of approximately $335,000 offset by interest income from our Trust Account of approximately $94,000. For six three months ended May 31, 2015, we had net losses of approximately $156,000, which consisted of operating expenses of approximately $176,000 offset by interest income from our Trust Account of approximately $19,000.

Our operating expenses principally consisted of expenses related to our public filings and listing and identification and due diligence related to a potential target business, and to general operating expenses including printing, insurance and office expenses. Until we consummate a Business Combination, we will have no operating revenues.

Liquidity and Capital Resources

As of May 31, 2016, we had a balance of cash and cash equivalents of approximately $42,000. Through May 31, 2016, our liquidity needs were satisfied through receipt of approximately $407,000 from the sale of the Units held outside of the Trust Account and loans in an aggregate of $325,000 from an initial shareholder, which were evidenced by convertible promissory notes. Of the $407,000 initially held outside of the Trust Account, $200,000 was used to repay other amounts previously loaned to us by the initial shareholder prior to the Offering. In addition to these convertible notes, Fortress paid for professional services provided to us for $7,715 and had deferred payment of their administrative service fee of $175,000 through May 31, 2016. Effective May 20, 2016, this shareholder forgave all deferred amounts owed under the administrative service arrangement, which was recorded as capital contribution in our unaudited condensed financial statements.

In June 2016, the new management loaned us for an aggregate amount of $1 million. Of these, an aggregate amount of $629,120, or $0.20 for each Public Share that was not converted during the Meeting, was deposited in the Trust Account, and the remaining amount of $370,880 was loaned to the Company for working capital needs. As a result, the conversion amount per share in any subsequent Business Combination or liquidation will be approximately $10.40 per share. The loan from the new management is evidenced by a promissory note, and is unsecured, non-interest bearing, and due at the consummation of a Business Combination. Upon consummation of a Business Combination, up to $175,000 of the principal balance of such note may be converted, at the holders’ option, into Units at a price of $10.00 per Unit. The terms of the Units will be identical to the Units issued by us in the Initial Public Offering, except that the Warrants included in such Units will be non-redeemable by us and will be exercisable for cash or on a “cashless” basis. If new management converts the entire $175,000 of the principal balance of the note, they would receive 17,500 Units. If a Business Combination is not consummated, the note will not be repaid and all amounts owed thereunder by us will be forgiven, except to the extent that we had funds available to it outside of the Trust Account.

We intend to use substantially all of the net proceeds of the Offering, including the funds held in the Trust Account, to acquire a target business or businesses and to pay our expenses relating thereto, upon consummation of our initial Business Combination. To the extent that our capital stock is used in whole or in part as consideration to affect our initial Business Combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which we had incurred prior to the completion of our initial Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.

We believe we will have sufficient working capital and borrowing capacity to meet our needs through the earlier of consummation of a Business Combination or December 12, 2016. Over this time period, we will be using these funds for paying existing accounts payable, identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of May 31, 2016.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As of May 31, 2016, we were not subject to any market or interest rate risk. The net proceeds of our initial public offering, including amounts in the trust account, have been invested in United States government treasury bills, bonds or notes having a maturity of 180 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940 and that invest solely in U.S. treasuries. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter ended May 31, 2016, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that during the period covered by this report, our disclosure controls and procedures were effective.

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the three months ended May 31, 2016 covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities

On December 17, 2014, we consummated our Initial Public Offering of 4,000,000 units with each unit consisting of one Ordinary Share, one Right to automatically receive one-tenth of one Ordinary Share upon consummation of an initial Business Combination and one Warrant entitling the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full share commencing on the later of our completion of an initial Business Combination or December 31, 2015. Simultaneous with the consummation of the Initial Public Offering, we consummated the Private Placement of 285,000 Private Placement Units at a price of $10.00 per Private Placement Unit, generating total proceeds of $2.85 million. Of the Private Placement Units, 265,000 were purchased by an initial shareholder that was an affiliate of our former executive officers and 20,000 were purchased by EBC, Inc., the representative of the underwriters of the Initial Public Offering.

Following the closing of the Initial Public Offering on December 17, 2014, an amount of $40.9 million from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Units, net of fees associated with the Initial Public Offering was placed in the Trust Account and was invested in U.S. government treasury bills, bonds or notes with a maturity of 180 days or less or in money market funds selected by us meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 of the Investment Company Act of 1940, as determined by the Company.

On December 24, 2014, we consummated the closing of the sale of 200,000 Units which were sold pursuant to the underwriters’ over-allotment option. We also consummated a simultaneous private placement of an additional 1,000 Private Placement Units to EBC. Following the closing of the over-allotment an additional of $1.95 million of net proceeds was placed in the Trust Account, amounting to approximately $42.85 million (approximately $10.20 per Unit) held in Trust Account.

Costs relating to the Initial Public Offering approximated $1.84 million and were charged to additional paid in capital.

For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Form 10-Q.

Item 6. Exhibits.

Exhibit No.		Description
31.1		Certification of Chief Executive Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Chief Operating Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		XBRL Taxonomy Extension Definition Linkbase.
101.PRE		XBRL Taxonomy Extension Label Linkbase.
101.LAB		XBRL Taxonomy Extension Presentation Linkbase.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 15 2016

	ORIGO ACQUISITION CORPORATION

	By:	/s/ Edward J. Fred
		Name: Edward J. Fred
		Title: Chief Executive Officer

EX-31.1 2 s103694_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

ORIGO ACQUISITIONS CORP.

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Edward J. Fred, Chief Executive Officer (Principal Executive Officer), certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Origo Acquisition Corporation (the “Registrant”);

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

(4) The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

(5) The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal controls over financial reporting.

By:	/s/ Edward J. Fred
	Edward J. Fred
	Chief Executive Officer
	(Principal Executive Officer)

July 15, 2016

EX-31.2 3 s103694_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

ORIGO ACQUISITION CORP.

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jose M. Aldeanueva, Chief Financial Officer (Principal Financial Officer), certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Origo Acquisition Corporation (the “Registrant”);

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal controls over financial reporting.

By:	/s/ Jose M. Aldeanueva
	Jose M. Aldeanueva
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

July 15, 2016

EX-32.1 4 s103694_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

ORIGO ACQUISITIONS CORP.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Origo Acquisition Corporation (the “Company”) on Form 10-Q for the quarterly period ended May 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company, as of, and for, the periods presented in the Report.

July 15, 2016

By:	/s/ Edward J. Fred
	Edward J. Fred
	Chief Executive Officer
	(Principal Executive Officer)

By:	/s/ Jose M. Aldeanueva
	Jose M. Aldeanueva
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

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175000 Note 3 - Initial Public Offering   In December 2014, the Company consummated the Initial Public Offering of 4,200,000 of its units (Units). Each Unit consists of one ordinary share, $.0001 par value per share (Ordinary Share), one right (Right) to receive one-tenth of one Ordinary Share upon consummation of the Companys initial Business Combination and one warrant entitling the holder to purchase one-half of one Ordinary Share (Warrant). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $42,000,000. Each Warrant entitles the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full Ordinary Share commencing on the later of the Companys completion of its initial Business Combination or December 12, 2015, and expiring five years from the completion of the Companys initial Business Combination. The Company will not issue fractional shares. As a result, investors must exercise Warrants in multiples of two Warrants in whole and not in part, at a price of $11.50 per full share, subject to adjustment, to validly exercise the Warrants. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days notice, only in the event that the last sale price of the Ordinary Shares is at least $24.00 per share for any 20 trading days within a 30-trading day period (30-Day Trading Period) ending on the third day prior to the date on which notice of redemption is given, provided there is a current registration statement in effect with respect to the Ordinary Shares underlying such Warrants commencing five business days prior to the 30-Day Trading Period and continuing each day thereafter until the date of redemption. If the Company redeems the Warrants as described above, management will have the option to require all holders that wish to exercise Warrants to do so on a cashless basis. In accordance with the warrant agreement relating to the Warrants issued in the Initial Public Offering the Company is only required to use its best efforts to maintain the effectiveness of the registration statement covering the Warrants. If a registration statement is not effective within 90 days following the consummation of a Business Combination, Warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act of 1933, as amended. In the event that a registration statement is not effective at the time of exercise or no exemption is available for a cashless exercise, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and in no event (whether in the case of a registration statement being effective or otherwise) will the Company be required to net cash settle the Warrant exercise. Additionally, in no event will the Company be required to net cash settle the Rights. If an initial Business Combination is not consummated, the Rights and Warrants will expire and will be worthless. Note 4 - Private Placement   Simultaneously with the consummation of the Initial Public Offering, the Company consummated the Private Placement of 285,000 Private Placement Units at a price of $10.00 per Private Placement Unit, generating total proceeds of $2.85 million. Of the Private Placement Units, 265,000 were purchased by an Initial Shareholder that was an affiliate of the Companys former executive officers and 20,000 were purchased by EBC, the representative of the underwriters of the Initial Public Offering. The Company consummated the sale of an additional 1,000 Private Placement Units to EBC upon consummation of the over-allotment option, generating total proceeds of $10,000. The Private Placement Units are identical to the Units sold in the Initial Public Offering, except the warrants included in the Private Placement Units will be non-redeemable, may be exercised on a cashless basis and may be exercisable for unregistered Ordinary Shares if the prospectus relating to the Ordinary Shares issuable upon exercise of the Warrants is not current and effective, in each case so long as they continue to be held by the initial purchasers or their permitted transferees. The holders of the Private Placement Units have agreed (A) to vote the Ordinary Shares included in the Private Placement Units (Private Shares) in favor of any initial Business Combination, (B) not to propose, or vote in favor of, an amendment to the Companys amended and restated memorandum and articles of association with respect to the Companys pre-Business Combination activities prior to the consummation of such a Business Combination unless the Company provides dissenting public shareholders with the opportunity to convert their public shares into the right to receive cash from the Companys Trust Account in connection with any such vote, (C) not to convert any Private Shares into the right to receive cash from the Trust Account in connection with a shareholder vote to approve the Companys initial Business Combination or a vote to amend the provisions of the Companys amended and restated memorandum and articles of association relating to shareholders rights or pre-Business Combination activity and (D) that such Private Shares shall not participate in any liquidating distribution upon winding up if a Business Combination is not consummated within the required time period. Additionally, the purchasers have agreed not to transfer, assign or sell any of the Private Placement Units (except to certain permitted transferees) until the completion of the Companys initial Business Combination. The holders have agreed not to sell their shares to the Company in any tender offer in connection with the initial Business Combination.

Note 6 - Commitments and Contingencies   Underwriting Agreement   On December 12, 2014, the Company entered into an agreement with EBC (Underwriting Agreement). The Underwriting Agreement required the Company to pay an underwriting discount of 3.25% of the gross proceeds of the Initial Public Offering as an underwriting discount. The Company has further engaged EBC to assist the Company with its initial Business Combination. Pursuant to this arrangement, the Company anticipates that the underwriter will assist the Company in holding meetings with shareholders to discuss the potential Business Combination and the target business attributes, introduce the Company to potential investors that are interested in purchasing the Companys securities, assist the Company in obtaining shareholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay EBC a cash fee of 4% of the gross proceeds of the Initial Public Offering for such services upon the consummation of its initial Business Combination (exclusive of any applicable finders fees which might become payable).    Purchase Option   The Company sold to EBC, for $100, a unit purchase option to purchase up to a total of 400,000 units exercisable at $11.00 per unit (or an aggregate exercise price of $4,400,000) commencing on the consummation of a Business Combination. The unit purchase option expires on December 12, 2019. The units issuable upon exercise of this option are identical to the Units being offered in the Initial Public Offering. Accordingly, after the Business Combination, the purchase option will be to purchase 440,000 Ordinary Shares (which include 40,000 Ordinary Shares to be issued for the rights included in the units) and 400,000 Warrants to purchase 200,000 Ordinary Shares. The Company has agreed to grant to the holders of the unit purchase option, demand and piggy back registration rights for periods of five and seven years, respectively, from the effective date of the Initial Public Offering, including securities directly and indirectly issuable upon exercise of the unit purchase option.   The Company accounted for the fair value of the unit purchase option, inclusive of the receipt of a $100 cash payment, as an expense of the Initial Public Offering resulting in a charge directly to shareholders equity. The Company estimated that the fair value of this unit purchase option is approximately $2.92 million (or $7.30 per unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase option granted to the EBC is estimated as of the date of grant using the following assumptions: (1) expected volatility of 99.10%, (2) risk-free interest rate of 1.53% and (3) expected life of five years. The unit purchase option may be exercised for cash or on a cashless basis, at the holders option (except in the case of a forced cashless exercise upon the Companys redemption of the Warrants, as described in Note 3), such that the holder may use the appreciated value of the unit purchase option (the difference between the exercise prices of the unit purchase option and the underlying Warrants and the market price of the Units and underlying Ordinary Shares) to exercise the unit purchase option without the payment of any cash. The Company will have no obligation to net cash settle the exercise of the unit purchase option or the Warrants underlying the unit purchase option. The holder of the unit purchase option will not be entitled to exercise the unit purchase option or the Warrants underlying the unit purchase option unless a registration statement covering the securities underlying the unit purchase option is effective or an exemption from registration is available. If the holder is unable to exercise the unit purchase option or underlying Warrants, the unit purchase option or Warrants, as applicable, will expire worthless.   Registration Rights   The Initial Shareholders are entitled to registration rights with respect to their initial shares (and any securities issued upon conversion of working capital loans) and the purchasers of the Private Placement Units are entitled to registration rights with respect to the Private Placement Units (and underlying securities), pursuant to an agreement dated December 12, 2014. The holders of the majority of the initial shares are entitled to demand that the Company register these shares at any time commencing three months prior to the first anniversary of the consummation of a Business Combination. The holders of the Private Placement Units (or underlying securities) are entitled to demand that the Company register these securities at any time after the Company consummates a Business Combination. In addition, the holders have certain piggy-back registration rights on registration statements filed after the Companys consummation of a Business Combination.

Basis of Presentation   The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and pursuant to rules and regulations of the Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three and six months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending November 30, 2016. For further information refer to the financial statements and footnotes thereto included in the Companys Annual Report on Form 10-K for the year ended November 30, 2015 and the Form 8-K, filed with the SEC on February 29, 2016 and May 23, 2016, respectively.

Emerging Growth Company   Section 102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act of 1933, as amended (Securities Act) registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

Cash and Cash Equivalents   The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Concentration of Credit Risk   Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At May 31, 2016, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments   The fair value of the Companys assets and liabilities, which qualify as financial instruments under ASC Topic 820, Fair Value Measurements and Disclosures, approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Use of Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes   The Company accounts for income taxes under ASC Topic 740 Income Taxes. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.   ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprises financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecoginition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company determined that the Cayman Islands is its only major tax jurisdiction. Based on the Companys evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Companys financial statements. Since the Company was incorporated on August 26, 2014, the evaluation was performed for the 2014 tax year, which will be the only period subject to examination upon filing of appropriate tax returns. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position.   The Companys policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of May 31, 2016. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

175000

17500 10.00

Note 2 - Significant Accounting Policies   Basis of Presentation   The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and pursuant to rules and regulations of the Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three and six months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending November 30, 2016. For further information refer to the financial statements and footnotes thereto included in the Companys Annual Report on Form 10-K for the year ended November 30, 2015 and the Form 8-K, filed with the SEC on February 29, 2016 and May 23, 2016, respectively.   Emerging Growth Company   Section 102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act of 1933, as amended (Securities Act) registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.   Cash and Cash Equivalents   The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.   Cash and Marketable Securities Held in Trust Account   The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public Offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of a Business Combination. As of May 31, 2016, cash and marketable securities held in the Trust Account consisted of approximately $42.9 million in United States Treasury Bills with a maturity date of 180 days or less and approximately $1,200 in cash. At May 31, 2016, there was approximately $94,000 of interest income held in the Trust Account available to be released to the Company.   Ordinary Shares Subject to Possible Conversion   The Company accounts for its Ordinary Shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification (ASC) Topic 480 Distinguishing Liabilities from Equity. Ordinary Shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Ordinary Shares (including Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Companys control) are classified as temporary equity. At all other times, Ordinary Shares are classified as shareholders equity. The Companys Ordinary Shares features certain redemption rights that are considered to be outside of the Companys control and subject to occurrence of uncertain future events. Accordingly, Ordinary Shares subject to possible conversion at conversion value are presented as temporary equity, outside of the shareholders equity section of the Companys balance sheet.   Concentration of Credit Risk   Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At May 31, 2016, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.   Fair Value of Financial Instruments   The fair value of the Companys assets and liabilities, which qualify as financial instruments under ASC Topic 820, Fair Value Measurements and Disclosures, approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.   Net Loss per Share   Loss per share is computed by dividing net loss by the weighted-average number of Ordinary Shares outstanding during the period. An aggregate of 3,677,350 and 3,688,039 Ordinary Shares subject to possible conversion at May 31, 2016 and November 30, 2015, respectively, have been excluded from the calculation of basic loss per ordinary share since such Ordinary Shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of (i) warrants sold in the Public Offering and Private Placement to purchase 2,243,000 Ordinary Shares of the Company, (ii) rights to acquire 448,600 Ordinary Shares of the Company and (iii) 400,000 Ordinary Shares, warrants to purchase 200,000 Ordinary Shares and rights to acquire 40,000 Ordinary Shares included in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the unit purchase option and warrants as well as the conversion of rights is contingent on the occurrence of future events.   Use of Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.   Income Taxes   The Company accounts for income taxes under ASC Topic 740 Income Taxes. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.   ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprises financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecoginition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company determined that the Cayman Islands is its only major tax jurisdiction. Based on the Companys evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Companys financial statements. Since the Company was incorporated on August 26, 2014, the evaluation was performed for the 2014 tax year, which will be the only period subject to examination upon filing of appropriate tax returns. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position.   The Companys policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of May 31, 2016. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.    Recent Accounting Pronouncements   Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Cash and Marketable Securities Held in Trust Account   The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public Offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of a Business Combination. As of May 31, 2016, cash and marketable securities held in the Trust Account consisted of approximately $42.9 million in United States Treasury Bills with a maturity date of 180 days or less and approximately $1,200 in cash. At May 31, 2016, there was approximately $94,000 of interest income held in the Trust Account available to be released to the Company. Ordinary Shares Subject to Possible Conversion   The Company accounts for its Ordinary Shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification (ASC) Topic 480 Distinguishing Liabilities from Equity. Ordinary Shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Ordinary Shares (including Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Companys control) are classified as temporary equity. At all other times, Ordinary Shares are classified as shareholders equity. The Companys Ordinary Shares features certain redemption rights that are considered to be outside of the Companys control and subject to occurrence of uncertain future events. Accordingly, Ordinary Shares subject to possible conversion at conversion value are presented as temporary equity, outside of the shareholders equity section of the Companys balance sheet.

Net Loss per Share   Loss per share is computed by dividing net loss by the weighted-average number of Ordinary Shares outstanding during the period. An aggregate of 3,677,350 and 3,688,039 Ordinary Shares subject to possible conversion at May 31, 2016 and November 30, 2015, respectively, have been excluded from the calculation of basic loss per ordinary share since such Ordinary Shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of (i) warrants sold in the Public Offering and Private Placement to purchase 2,243,000 Ordinary Shares of the Company, (ii) rights to acquire 448,600 Ordinary Shares of the Company and (iii) 400,000 Ordinary Shares, warrants to purchase 200,000 Ordinary Shares and rights to acquire 40,000 Ordinary Shares included in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the unit purchase option and warrants as well as the conversion of rights is contingent on the occurrence of future events.

Recent Accounting Pronouncements   Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

10756145 42850000 10.20 32800000 500000

10.40

10.00

5000000 0.30 42000 1050000 1000 200000 10000 2000000 1840000

1370000

407000

200000

7715

370880

42900000

1200

250000

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3688039

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40000

400000 200000 40000 448600

Note 7 - Shareholder Equity   Preferred Shares   The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Companys board of directors.   As of May 31, 2016, there are no preferred shares issued or outstanding.   Ordinary Shares   The Company is authorized to issue 100,000,000 Ordinary Shares with a par value of $0.0001 per share.   As of May 31, 2016, the Company has an aggregate of 5,536,000 Ordinary Shares outstanding. Of the 5,536,000 Ordinary Shares, an aggregate of 3,677,350 Ordinary Shares subject to possible conversion classified as temporary equity in the accompanying Balance Sheet.

Note 1 - Organization, Plan of Business Operations   Origo Acquisition Corporation, formerly known as CB Pharma Acquisition Corp. (the Company), was incorporated in the Cayman Islands on August 26, 2014 as a blank check company whose objective is to acquire, through a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination, one or more businesses or entities (a Business Combination). The Companys effort to identify a prospective target business is not limited to a particular industry or geographic region of the world.   All activity through May 31, 2016 relates to the Companys formation, the initial public offering (Initial Public Offering) as defined below and a search for a Business Combination candidate. On December 12, 2014, the Company changed its fiscal year end from December 31 to November 30.   The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.   The registration statement for the Companys Initial Public Offering was declared effective on December 12, 2014. The Company consummated the Initial Public Offering of 4,000,000 units (Units) at $10.00 per Unit on December 17, 2014, generating gross proceeds of $40 million (Note 3). On December 24, 2014, the Company consummated the closing of the sale of 200,000 additional Units upon receiving notice of EarlyBirdCapital, Inc.s (EBC), the representative of the underwriters in the Initial Public Offering election to exercise its over-allotment option, generated an additional gross proceeds of $2 million.   Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (Private Placement) of 285,000 units (Private Placement Units) at a price of $10.00 per Unit, of which 265,000 Private Placement Units were sold to Fortress Biotech, Inc. (Fortress), formerly known as Coronado Biosciences, Inc., an affiliate of the Companys former executive officers and the holder of a majority of the Companys Ordinary Shares prior to the Initial Public Offering, and 20,000 Private Placement Units were sold to EBC, generating an aggregate of $2.85 million in gross proceeds (Note 4). Following the exercise of the over-allotment, the Company also consummated a simultaneous Private Placement of an additional 1,000 Private Placement Units at a price of $10.00 per Unit to EBC on December 24, 2014, generating $10,000 in additional gross proceeds.   On June 10, 2016, the Company held an extraordinary general meeting of shareholders (the Meeting). At the Meeting, the shareholders approved each of the following items: (i) an amendment to the Companys Amended and Restated Memorandum and Articles of Association (the Charter) to extend the date by which the Company has to consummate a business combination (the Extension) from June 12, 2016 to December 12, 2016, (ii) an amendment to the Charter to allow the holders of the Companys ordinary shares issued in the Companys Initial Public Offering to elect to convert their public shares into their pro rata portion of the funds held in the Trust Account, as defined below, if the Extension is approved, and (iii) to change the Companys name from CB Pharma Acquisition Corp. to Origo Acquisition Corporation. Under Cayman Islands law, the amendments to the Charter took effect upon their approval. Accordingly, the Company now has until December 12, 2016 to consummate an initial Business Combination.   Effective as of June 10, 2016, (i) each of Lindsay A. Rosenwald, Michael Weiss, George Avgerinos, Adam J. Chill, Arthur A. Kornbluth and Neil Herskowitz resigned from his position as an officer and/or director of the Company and (ii) Edward J. Fred and Jose M. Aldeanueva were appointed as Chief Executive Officer and President and Chief Financial Officer, Secretary and Treasurer, respectively, of the Company and Edward J. Fred, Jose M. Aldeanueva, Stephen Pudles, Jeffrey J. Gutovich and Barry Rodgers became directors of the Company.    The Companys management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement, although substantially all of the net proceeds are intended to be applied to consummating a Business Combination.   An aggregate amount of approximately $42.85 million (approximately $10.20 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering, the over-allotment, and the Private Placement Units, net of fees of approximately $1.84 million associated with the Initial Public Offering, inclusive of approximately $1.37 million of underwriting fees, was placed in a trust account (Trust Account) immediately after the sales and invested in U.S. government treasury bills.   At the Meeting, shareholders holding 1,054,401 public shares exercised their right to convert such public shares into a pro rata portion of the Trust Account. As a result, an aggregate of approximately $10.76 million (or approximately $10.20 per share) were removed from the Trust Account to pay such holders. Because the Extension amendment was approved, as indicated in the Companys proxy statement relating to the Meeting, the new management of the Company provided a loan to the Company of $0.20 for each public share that was not converted. Accordingly, an aggregate of approximately $629,120 was provided to the Company as a loan and deposited in the Trust Account. As a result, the Company currently has approximately $32.8 million in Trust Account, and the conversion amount per share in any subsequent Business Combination or liquidation will be approximately $10.40 per share.   The Companys new Chief Executive Officer has agreed that he will be personally liable under certain circumstances to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or vendors or other entities that are owed money by the Company for service rendered, contracted for or products sold to the Company. However, such officer may not be able to satisfy those obligations should they arise. The remaining net proceeds (not held in the Trust Account) may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. In addition, (i) interest income earned on the funds in the Trust Account may be released to the Company to pay its income or other tax obligations and (ii) any remaining interest earned on the funds in the Trust Account may be released to the Company for its working capital requirements. With these exceptions, expenses incurred by the Company may be paid prior to a Business Combination only from the net proceeds of the Initial Public Offering not held in the Trust Account; provided, however, that in order to meet its working capital needs following the consummation of the Initial Public Offering, the Companys shareholders prior to the Initial Public Offering, including their subsequent transferees (collectively the Initial Shareholders), officers and directors or their affiliates (including Fortress) 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. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the Companys initial Business Combination, without interest, or, at the lenders discretion, up to $500,000 of the notes may be converted upon consummation of the Companys Business Combination into additional Private Placement Units at a price of $10.00 per Unit. If the Company does not complete a Business Combination, the loans would not be repaid. At May 31, 2016, the Company has approximately $42,000 in cash and cash equivalents held outside Trust Account, which excludes interest income available to the Company for working capital purpose of approximately $94,000 from the Companys investments in Trust.   The Company will either seek shareholder approval of any Business Combination at a meeting called for such purpose at which holders of the outstanding Ordinary Shares sold in the Initial Public Offering (Public Shareholders) may seek to convert such shares (Public Shares) into their pro rata share of the aggregate amount then on deposit in the Trust Account, less any taxes then due but not yet paid, or provide Public Shareholders with the opportunity to sell their Public Shares to the Company by means of a tender offer for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, less any taxes then due but not yet paid. The Company will proceed with a Business Combination only if it will have net tangible assets of at least $5,000,001 upon consummation of the Business Combination and, solely if shareholder approval is sought, a majority of the outstanding Ordinary Shares of the Company voted, are voted in favor of the Business Combination. Notwithstanding the foregoing, a Public Shareholder, together with any affiliate of his or any other person with whom he is acting in concert or as a group (as defined in Section 13(d) (3) of the Exchange Act) will be restricted from seeking conversion rights with respect to 30% or more of the Ordinary Shares sold in the Initial Public Offering. Accordingly, all shares purchased by a holder in excess of 30% of the shares sold in the Initial Public Offering will not be converted to cash. In connection with any shareholder vote required to approve any Business Combination, the Initial Shareholders have agreed (i) to vote any of their respective shares, including the 1,050,000 Ordinary Shares issued in connection with the organization of the Company (the Initial Shares), in favor of the initial Business Combination and (ii) not to convert such respective shares into a pro rata portion of the Trust Account or seek to sell their shares in connection with any tender offer the Company engages in.   If the Company has not completed a Business Combination by December 12, 2016, pursuant to the amended Charter, it will trigger the automatic liquidation of the Trust Account and the voluntary liquidation of the Company. If the Company is forced to liquidate prior to a Business Combination, Public Shareholders are entitled to share ratably in the Trust Account, including any interest, and any net assets remaining available for distribution to them after payment of liabilities. The Initial Shareholders have agreed to waive their rights to share in any distribution with respect to their Initial Shares.   Liquidity   As of May 31, 2016, the Company had a balance of cash and cash equivalents of approximately $42,000. Through May 31, 2016, the Company's liquidity needs were satisfied through receipt of approximately $407,000 from the sale of the Units held outside of the Trust Account and loans in an aggregate of $325,000 from an Initial Shareholder, which were evidenced by convertible promissory notes. Of the $407,000 initially held outside of the Trust Account, $200,000 were used to repay other amounts previously loaned to the Company by such Initial Shareholder prior to the Offering. In addition to these convertible notes, such Initial Shareholder paid for professional services provided to the Company for $7,715 and had deferred payment of their administrative service fee of $175,000 through May 2016. On May 20, 2016, such Initial Shareholder agreed to forgive the deferred administrative service fee, which was recorded as capital contribution in the accompanying unaudited condensed financial statements   The Company intends to use substantially all of the net proceeds of the Initial Public Offering, including the funds held in the Trust Account, to acquire a target business or businesses and to pay for expenses relating thereto, upon consummation of the initial Business Combination. To the extent that the Company's capital stock is used in whole or in part as consideration to affect the initial Business Combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding the target business' operations, for strategic acquisitions and for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders' fees which the Company had incurred prior to the completion of the initial Business Combination if the funds available to us outside of the Trust Account were insufficient to cover such expenses.   In June 2016, the new management loaned the Company $1 million, of which $370,880 was provided for the Companys working capital needs (see Note 8). Based on the foregoing, management believes that the Company will have sufficient working capital to meet the Company's needs through the earlier of consummation of a Business Combination or December 12, 2016. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting the target business to acquire and structuring, negotiating and consummating the Business Combination.

Note 5 Related Party Transactions   Initial Shares   In August 2014, the Company issued 1,150,000 Initial Shares to the Initial Shareholders for an aggregate purchase price of $25,000. The Initial Shares included an aggregate of up to 150,000 shares subject to compulsory repurchase for an aggregate purchase price of $0.01 to the extent that the underwriters over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20.0% of issued and outstanding shares after the Initial Public Offering (excluding the sale of the Private Placement Units). On December 18, 2014, EBC notified the Company that it had elected to exercise a portion of the over-allotment option for 200,000 additional units at $10.00 per unit for an additional $2,000,000, The partial exercise resulted in a reduction of 50,000 Ordinary Shares subject to compulsory repurchase resulting in a total of 100,000 Ordinary Shares being compulsory repurchased on January 5, 2015. On May 20, 2016, the Initial Shares were transfered to the new management.   The Initial Shares are identical to the Ordinary Shares included in the Units sold in the Initial Public Offering. However, the holders of the Initial Shares have agreed (A) to vote their Initial Shares (as well as any shares acquired after the Initial Public Offering) in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, an amendment to the amended and restated memorandum and articles of association with respect to pre-Business Combination activities prior to the consummation of such a Business Combination unless the Company provides dissenting public shareholders with the opportunity to convert their public shares into the right to receive cash from the Trust Account in connection with any such vote, (C) not to convert any Initial Shares (as well as any other shares acquired after the Initial Public Offering) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a proposed initial Business Combination (or sell any shares they hold to the Company in a tender offer in connection with a proposed initial Business Combination) or a vote to amend the provisions of the amended and restated memorandum and articles of association relating to shareholders rights or pre-Business Combination activity and (D) that the Initial Shares shall not participate in any liquidating distribution upon winding up if a Business Combination is not consummated. Additionally, the Initial Shareholders have agreed not to transfer, assign or sell any of the Initial Shares (except to certain permitted transferees) until (1) with respect to 50% of the Initial Shares, the earlier of one year after the date of the consummation of initial Business Combination and the date on which the closing price of Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after initial Business Combination and (2) with respect to the remaining 50% of the Initial Shares, one year after the date of the consummation of initial Business Combination, or earlier, in either case, if, subsequent to initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.    Promissory Notes   As of May 31, 2016, the Company had issued an aggregate of $325,000 convertible promissory notes to an Initial Shareholder to evidence loans made by such shareholder to the Company. All of these loans are unsecured and non-interest bearing and are due upon consummation of a Business Combination. The holder has agreed to convert the principal balance of the notes into 32,500 Units at a price of $10.00 per Unit upon consummation of a Business Combination. The terms of the units will be identical to the Private Placement Units.    Administrative Service Fee   Commencing on December 12, 2014, the Company had agreed to pay an Initial Shareholder a monthly fee of $10,000 for general and administrative services. As of May 19, 2016, amount due to such Initial Shareholder was approximately $183,000; of which approximately $175,000 represents the accrued service fee and approximately $8,000 represents invoices of the Company paid by such Initial Shareholder. On May 20, 2016, this arrangement was terminated, and such Initial Shareholder agreed that all amounts owed under such arrangement, or $175,000, were forgiven, and thus, recorded as capital contribution in the accompanying unaudited condensed financial statements.

Note 8 Subsequent Events   During the Meeting on June 10, 2016, shareholders holding 1,054,401 Public Shares exercised their right to convert such shares into a pro rata portion of the Trust Account. As a result, an aggregate of approximately $10.76 million (or approximately $10.20 per share) was removed from the Trust Account to pay such shareholders.

629120 4481599 0.20 This number excludes an aggregate of up to 3,677,350 and 3,711,162 shares subject to conversion at May 31, 2016 and 2015, respectively

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	May 31, 2016	Jul. 15, 2016
DocumentAndEntityInformationAbstract
Entity Registrant Name	Origo Acquisition Corp
Entity Central Index Key	0001619551
Document Type	10-Q
Trading Symbol	OACQ
Document Period End Date	May 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,481,599
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

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Condensed Balance Sheets (Unaudited) - USD ($)	May 31, 2016	Nov. 30, 2015
Current assets
Cash and cash equivalents	$ 41,813	$ 26,192
Prepaid expenses and other assets	30,903	37,328
Total current assets	72,716	63,520
Cash and marketable securities held in Trust Account	42,939,199	42,873,844
Total Assets	43,011,915	42,937,364
Current Liabilities:
Accounts payable and accrued expenses	96,683	16,780
Accounts payable - related party	7,715	122,715
Note payable	325,000	150,000
Total Current Liabilities	429,398	289,495
Commitments
Ordinary shares subject to possible conversion, $.0001 par value; 3,677,350 and 3,688,039 shares at conversion value at May 31, 2016 and November 30, 2015, respectively	37,582,516	37,647,868
Shareholders' Equity:
Preferred shares, $.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding at May 31, 2016 and November 30, 2015
Ordinary shares, $.0001 par value; 100,000,000 shares authorized; 1,858,650 and 1,847,961 shares issued and outstanding at May 31, 2016 and November 30, 2015, respectively (excluding 3,677,350 and 3,688,039 shares subject to conversion at May 31, 2016 and November 30, 2015, respectively)	186	185
Additional paid-in capital	5,632,692	5,392,341
Accumulated deficit	(632,877)	(392,525)
Total Shareholders' Equity	5,000,001	5,000,001
Total Liabilities and Shareholders' Equity	$ 43,011,915	$ 42,937,364

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Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	May 31, 2016	Nov. 30, 2015
Statement of Financial Position [Abstract]
Ordinary shares subject to possible conversion, par value (in dollars per share)	$ .0001	$ .0001
Ordinary shares subject to possible conversion	3,677,350	3,688,039
Preferred shares, par value (in dollars per share)	$ 0.0001	$ .0001
Preferred shares, authorized	1,000,000	1,000,000
Preferred shares, issued
Preferred shares, outstanding
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, authorized	100,000,000	100,000,000
Ordinary shares, issued	1,858,650	1,847,961
Ordinary shares, outstanding	1,858,650	1,847,961

XML 14 R4.htm IDEA: XBRL DOCUMENT

Condensed Statements of Operations (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

May 31, 2015

Income Statement [Abstract]

Operating costs

$ 115,713

$ 49,680

$ 274,708

$ 120,949

Operating cost - related party

30,000

60,000

55,000

Loss from operations

(145,713)

(79,680)

(334,708)

(175,949)

Interest income

35,209

4,286

94,356

19,495

Net loss

$ (110,504)

$ (75,394)

$ (240,352)

$ (156,454)

Basic and diluted net loss per ordinary share (in dollars per share)

$ (0.06)

$ (0.04)

$ (0.13)

$ (0.09)

Weighted average shares outstanding, basic and diluted (in shares)

^[1]

1,863,186

1,816,066

1,855,699

1,741,936

[1]	This number excludes an aggregate of up to 3,677,350 and 3,711,162 shares subject to conversion at May 31, 2016 and 2015, respectively

XML 15 R5.htm IDEA: XBRL DOCUMENT

Condensed Statements of Operations (Unaudited) (Parenthetical) - shares	6 Months Ended
	May 31, 2016	May 31, 2015
Income Statement [Abstract]
Weighted average ordinary shares, subject to possible conversion	3,677,350	3,711,162

XML 16 R6.htm IDEA: XBRL DOCUMENT

Condensed Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
Condensed Statement of Cash Flows (Unaudited) - USD ($)	May 31, 2016	May 31, 2015
Cash Flows from Operating Activities
Net loss	$ (240,352)	$ (156,454)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest income in cash and marketable securities held in Trust Account	(94,356)	(19,495)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	6,425	(94,414)
Accounts payable and accrued expenses	254,903	(20,567)
Accounts payable - related party	(115,000)	62,715
Net cash used in operating activities	(188,380)	(228,215)
Cash Flows from Investing Activities
Principal deposited in trust account		(42,845,000)
Interest released from Trust Account	29,001
Net cash provided by (used in) investing activities	29,001	(42,845,000)
Cash Flows from Financing Activities
Proceeds from note payable to Fortress	175,000	100,000
Repayment of note payable to Fortress		(200,000)
Proceeds from underwriters unit purchase option		100
Proceeds from initial public offering, net of offering costs		40,292,131
Proceeds from private placement		2,860,000
Net cash provided by financing activities	175,000	43,052,231
Net increase (decrease) in cash and cash equivalents	15,621	(20,984)
Cash and cash equivalents - beginning	26,192	100,170
Cash and cash equivalents - ending	41,813	79,186
Supplemental disclosure of noncash investing and financing activities:
Change in value of additional ordinary shares subject to possible conversion	65,352	37,875,379
Reclassification of deferred offering cost to additional paid-in capital		136,837
Forgiveness of accounts payable with related party resulted in capital contribution	175,000
Compulsory repurchase of ordinary shares		$ 10

XML 17 R7.htm IDEA: XBRL DOCUMENT

Organization, Plan of Business Operations

6 Months Ended

May 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Plan of Business Operations

Note 1 - Organization, Plan of Business Operations

Liquidity

XML 18 R8.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

6 Months Ended

May 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2 - Significant Accounting Policies

Basis of Presentation

Emerging Growth Company

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Cash and Marketable Securities Held in Trust Account

Ordinary Shares Subject to Possible Conversion

Concentration of Credit Risk

Fair Value of Financial Instruments

Net Loss per Share

Use of Estimates

Income Taxes

Recent Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

XML 19 R9.htm IDEA: XBRL DOCUMENT

Initial Public Offering

6 Months Ended

May 31, 2016

Equity [Abstract]

Initial Public Offering

Note 3 - Initial Public Offering

XML 20 R10.htm IDEA: XBRL DOCUMENT

Private Placement

6 Months Ended

May 31, 2016

Equity [Abstract]

Private Placement

Note 4 - Private Placement

XML 21 R11.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

May 31, 2016

Related Party Transactions

Note 5 – Related Party Transactions

Initial Shares

Promissory Notes

Administrative Service Fee

XML 22 R12.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

May 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6 - Commitments and Contingencies

Underwriting Agreement

Purchase Option

Registration Rights

XML 23 R13.htm IDEA: XBRL DOCUMENT

Shareholder Equity

6 Months Ended

May 31, 2016

Stockholders' Equity Note [Abstract]

Shareholder Equity

Note 7 - Shareholder Equity

Preferred Shares

As of May 31, 2016, there are no preferred shares issued or outstanding.

Ordinary Shares

The Company is authorized to issue 100,000,000 Ordinary Shares with a par value of $0.0001 per share.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 24 R14.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

May 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 8 – Subsequent Events

XML 25 R15.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	May 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	*Basis of Presentation* The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three and six months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending November 30, 2016. For further information refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended November 30, 2015 and the Form 8-K, filed with the SEC on February 29, 2016 and May 23, 2016, respectively.
Emerging Growth Company	*Emerging Growth Company* Section 102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act of 1933, as amended (“Securities Act”) registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
Cash and Cash Equivalents	*Cash and Cash Equivalents* The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
Cash and Marketable Securities Held in Trust Account	*Cash and Marketable Securities Held in Trust Account* The amounts held in the Trust Account represent substantially all of the proceeds of the Initial Public Offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of a Business Combination. As of May 31, 2016, cash and marketable securities held in the Trust Account consisted of approximately $42.9 million in United States Treasury Bills with a maturity date of 180 days or less and approximately $1,200 in cash. At May 31, 2016, there was approximately $94,000 of interest income held in the Trust Account available to be released to the Company.
Ordinary Shares Subject to Possible Conversion	*Ordinary Shares Subject to Possible Conversion* The Company accounts for its Ordinary Shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary Shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Ordinary Shares (including Ordinary Shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Ordinary Shares are classified as shareholders’ equity. The Company’s Ordinary Shares features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Ordinary Shares subject to possible conversion at conversion value are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Concentration of Credit Risk	*Concentration of Credit Risk* Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At May 31, 2016, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments	*Fair Value of Financial Instruments* The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.
Net Loss per Share	*Net Loss per Share* Loss per share is computed by dividing net loss by the weighted-average number of Ordinary Shares outstanding during the period. An aggregate of 3,677,350 and 3,688,039 Ordinary Shares subject to possible conversion at May 31, 2016 and November 30, 2015, respectively, have been excluded from the calculation of basic loss per ordinary share since such Ordinary Shares, if redeemed, only participate in their pro rata share of the trust earnings. The Company has not considered the effect of (i) warrants sold in the Public Offering and Private Placement to purchase 2,243,000 Ordinary Shares of the Company, (ii) rights to acquire 448,600 Ordinary Shares of the Company and (iii) 400,000 Ordinary Shares, warrants to purchase 200,000 Ordinary Shares and rights to acquire 40,000 Ordinary Shares included in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the unit purchase option and warrants as well as the conversion of rights is contingent on the occurrence of future events.
Use of Estimates	*Use of Estimates* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	*Income Taxes* The Company accounts for income taxes under ASC Topic 740 “Income Taxes”. ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecoginition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company determined that the Cayman Islands is its only major tax jurisdiction. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on August 26, 2014, the evaluation was performed for the 2014 tax year, which will be the only period subject to examination upon filing of appropriate tax returns. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position. The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of May 31, 2016. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.
Recent Accounting Pronouncements	*Recent Accounting Pronouncements* Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

XML 26 R16.htm IDEA: XBRL DOCUMENT

Organization, Plan of Business Operations (Details Narrative) - USD ($)				1 Months Ended			3 Months Ended		6 Months Ended
	Jun. 10, 2016	Dec. 24, 2014	Dec. 17, 2014	Jun. 30, 2016	Dec. 31, 2014	Dec. 24, 2014	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015	Nov. 30, 2014
Net proceeds from issuance initial public offering										$ 40,292,131
Proceeds from issuance of private placement										2,860,000
Net proceeds from sale of units held in trust, amount									$ 42,850,000
Net proceeds from sale of units held in trust, price per unit (in dollars per share)									$ 10.20
Trust account balance as adjusted							$ 32,800,000		$ 32,800,000
Conversion price (in dollars per share)							$ 10.40		$ 10.40
Cash held in trust							$ 42,000		$ 42,000
Interest income							35,209	$ 4,286	94,356	19,495
Offering costs									1,840,000
Underwriting fees									1,370,000
Cash and cash equivalents							41,813	$ 79,186	41,813	$ 79,186	$ 26,192	$ 100,170
Aggregate loan							325,000		325,000		$ 150,000
Proceeds from sale of units held outside of the trust account							407,000		407,000
Repay other amounts previously loaned									200,000
Professional services fees paid by initial shareholder									7,715
Administrative service fee forgiven									$ 175,000
Subsequent Event [Member]
Number of shares redeemed	1,054,401			1,054,401
Number of shares redeemed (in dollars per share)	$ 10.20
Cash withdrawn from trust account	$ 10,756,145
Cash deposit to trust account				$ 629,120
Working capital loan				$ 370,880
Initial Shareholder [Member]
Restricted percentage of shares for conversion of initial public offering to cash									30.00%
Administrative service fee forgiven									$ 175,000
Early Bird Capital [Member]
Number of additional shares issued						200,000
Proceeds from issuance of additional private placement						$ 2,000,000
Fortress Biotech [Member]
Trust account balance as adjusted							$ 500,000		$ 500,000
Conversion price (in dollars per share)							$ 10.00		$ 10.00
Minimum amount of net tangible assets for business combination							$ 5,000,000		$ 5,000,000
Ordinary shares sold to the initial shareholders							1,050,000		1,050,000
Initial Public Offering [Member]
Number of shares redeemed			4,000,000		4,200,000
Number of shares redeemed (in dollars per share)			$ 10.00		$ 10.00
Net proceeds from issuance initial public offering			$ 40,000,000		$ 42,000,000
Private Placement [Member]
Number of shares redeemed		285,000
Number of shares redeemed (in dollars per share)		$ 10.00
Proceeds from issuance of private placement		$ 2,850,000
Private Placement [Member] \| Initial Shareholder [Member]
Number of shares redeemed		265,000
Number of shares redeemed (in dollars per share)		$ 10.00
Private Placement [Member] \| Early Bird Capital [Member]
Number of shares redeemed						20,000
Number of shares redeemed (in dollars per share)						$ 10.00
Number of additional shares issued						1,000
Proceeds from issuance of additional private placement						$ 10,000

XML 27 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 12, 2014	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Cash and cash equivalents held in the trust account		$ 42,900,000		$ 42,900,000
Cash		1,200		1,200
Interest income		35,209	$ 4,286	94,356	$ 19,495
Cash, FDIC insured amount		$ 250,000		$ 250,000
Antidilutive securities excluded from computation of earnings per share, amount				3,677,350		3,688,039
Warrants sold in the public offering and private placement to purchase ordinary shares				2,243,000
Early Bird Capital [Member]
Ordinary shares, included in the purchase option sold to the underwriter	400,000
Ordinary shares, warrants to purchase, included in the purchase option sold to the underwriter	200,000
Right to acquire ordinary shares, included in the purchase option sold to the underwriter	40,000
Right to acquire of ordinary shares	448,600

XML 28 R18.htm IDEA: XBRL DOCUMENT

Initial Public Offering (Details Narrative) - USD ($)			1 Months Ended		6 Months Ended
Initial Public Offering (Details Narrative) - USD ($)	Jun. 10, 2016	Dec. 17, 2014	Jun. 30, 2016	Dec. 31, 2014	May 31, 2015
Initial Public Offering [Line Items]
Net proceeds from issuance initial public offering					$ 40,292,131
Subsequent Event [Member]
Initial Public Offering [Line Items]
Number of shares redeemed	1,054,401		1,054,401
Number of shares redeemed (in dollars per share)	$ 10.20
Initial Public Offering [Member]
Initial Public Offering [Line Items]
Number of shares redeemed		4,000,000		4,200,000
Ordinary share par value (in dollars per share)				$ 0.0001
Number of shares redeemed (in dollars per share)		$ 10.00		$ 10.00
Net proceeds from issuance initial public offering		$ 40,000,000		$ 42,000,000
Description of unit issued				Each Unit consists of one ordinary share, $.0001 par value per share (“Ordinary Share”), one right (“Right”) to receive one-tenth of one Ordinary Share upon consummation of the Company’s initial Business Combination and one warrant entitling the holder to purchase one-half of one Ordinary Share (“Warrant”). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $42,000,000. Each Warrant entitles the holder to purchase one-half of one Ordinary Share at a price of $11.50 per full Ordinary Share commencing on the later of the Company’s completion of its initial Business Combination or December 12, 2015, and expiring five years from the completion of the Company’s initial Business Combination.
Investment warrants, exercise price (in dollars per share)				$ 11.50
Redemption price of warrants				0.01
Warrants, redeemable, threshold of stock price (in dollars per share)				$ 24.00
Warrants, redeemable, threshold trading days				20 days
Warrant terms				5 years

XML 29 R19.htm IDEA: XBRL DOCUMENT

Private Placement (Details Narrative) - USD ($)		1 Months Ended	6 Months Ended
Private Placement (Details Narrative) - USD ($)	Dec. 24, 2014	Dec. 24, 2014	May 31, 2016	May 31, 2015
Proceeds from issuance of private placement				$ 2,860,000
Early Bird Capital [Member]
Number of additional shares issued		200,000
Proceeds from issuance of additional private placement		$ 2,000,000
Private Placement [Member]
Number of shares issued	285,000
Number of shares issued price per unit (in dollars per share)	$ 10.00
Proceeds from issuance of private placement	$ 2,850,000
Private Placement [Member] \| Initial Shareholder [Member]
Number of shares issued	265,000
Number of shares issued price per unit (in dollars per share)	$ 10.00
Private Placement [Member] \| Early Bird Capital [Member]
Number of shares issued		20,000
Number of shares issued price per unit (in dollars per share)		$ 10.00
Number of additional shares issued		1,000
Proceeds from issuance of additional private placement		$ 10,000

XML 30 R20.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)				1 Months Ended		6 Months Ended
	Jan. 05, 2015	Dec. 18, 2014	Dec. 12, 2014	May 31, 2016	Aug. 31, 2014	May 31, 2016	May 31, 2015	Nov. 30, 2015
Aggregate loan				$ 325,000		$ 325,000		$ 150,000
Ordinary shares subject to possible conversion						3,677,350	3,711,162
Accrued service fee forgiven						$ 175,000
Over-Allotment Option [Member]
Number of shares redeemed		200,000
Purchase price per unit (in dollars per share)		$ 10.00
Purchase price		$ 2,000,000
Initial Shares [Member]
Number of shares redeemed					1,150,000
Purchase price					$ 25,000
Ordinary shares subject to possible conversion	50,000				150,000
Ordinary shares subject to possible compulsory repurchased, total	100,000
Ordinary shares subject to repurchase, purchase price per share (in dollars per share)					$ 0.01
Percentage of ordinary shares, issued and outstanding					20.00%
Description of initial shares					Initial Shareholders have agreed not to transfer, assign or sell any of the Initial Shares (except to certain permitted transferees) until (1) with respect to 50% of the Initial Shares, the earlier of one year after the date of the consummation of initial Business Combination and the date on which the closing price of Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after initial Business Combination and (2) with respect to the remaining 50% of the Initial Shares, one year after the date of the consummation of initial Business Combination, or earlier, in either case, if, subsequent to initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.
Initial Shareholder [Member]
General and administrative services per month			$ 10,000
Accrued service fee forgiven						175,000
Paid by related party invoices						8,000
Total amount due to related party						183,000
Convertible Promissory Note [Member] \| Initial Shareholder [Member]
Aggregate loan				$ 325,000		$ 325,000
Number of shares redeemed				32,500
Purchase price per unit (in dollars per share)				$ 10.00

XML 31 R21.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - USD ($)		6 Months Ended
	Dec. 12, 2014	May 31, 2016
Underwriting fees		$ 1,370,000
Underwriting Agreement [Member]
Underwriting discount	3.25%
Cash fee related to business combination	4.00%
Early Bird Capital [Member]
Unit purchase option issued during period, shares, new issue	400,000
Unit purchase option exercise price per unit	$ 11.00
Aggregate exercise price	$ 4,400,000
Expiration date	Dec. 12, 2019
Right to acquire of ordinary shares	40,000
Ordinary shares options to purchase	400,000
Ordinary shares warrants to purchase	200,000
Fair value of the unit purchase option cash receipt	$ 100
Expense of the initial public offering	100
Estimated fair value of unit purchase option	$ 2,920,000
Estimated fair value of unit purchase option (in dollars per share)	$ 7.30
Expected volatility	99.10%
Risk-free interest rate	1.53%
Expected life	5 years

XML 32 R22.htm IDEA: XBRL DOCUMENT

Shareholder Equity (Details Narrative) - $ / shares	May 31, 2016	Nov. 30, 2015
Stockholders' Equity Note [Abstract]
Preferred shares, authorized	1,000,000	1,000,000
Preferred shares, par value (in dollars per share)	$ 0.0001	$ .0001
Preferred shares, issued
Preferred shares, outstanding
Ordinary shares, authorized	100,000,000	100,000,000
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Aggregate share of ordinary and temporary equity, issued	5,536,000
Ordinary shares subject to conversion	3,677,350	3,688,039

XML 33 R23.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)		1 Months Ended
	Jun. 10, 2016	Jun. 30, 2016
Subsequent Event [Line Items]
Number of shares redeemed	1,054,401	1,054,401
Number of shares redeemed (in dollars per share)	$ 10.20
Additional contribution to trust account price per unit (in dollars per share)		$ 0.20
Cash withdrawn from trust account	$ 10,756,145
Cash deposit to trust account		$ 629,120
Working capital loan		370,880
Principal value of debt if converted		$ 175,000
Number of units issued if converted		17,500
Conversion price (in dollars per unit)		$ 10.00

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