0001213900-19-008800.txt : 20190515 0001213900-19-008800.hdr.sgml : 20190515 20190515160025 ACCESSION NUMBER: 0001213900-19-008800 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190515 DATE AS OF CHANGE: 20190515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HL Acquisitions Corp. CENTRAL INDEX KEY: 0001736874 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: D8 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38563 FILM NUMBER: 19827808 BUSINESS ADDRESS: STREET 1: 499 PARK AVENUE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (212) 486-8100 MAIL ADDRESS: STREET 1: 499 PARK AVENUE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 10-Q 1 f10q0319_hlacquisition.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended March 31, 2019

 

☐   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:  001-38302

 

HL ACQUISITIONS CORP.

(Exact name of registrant as specified in its charter)

 

British Virgin Islands   N/A

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification Number)

 

499 Park Avenue 12th Floor, New York, New York   10022
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (212) 486-8100

 

N/A

(Former name or former address, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted 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 such files). Yes ☒  No ☐

 

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

 

Large accelerated filer  ☐ Accelerated filer ☐
Non-accelerated filer  ☒ Smaller reporting company ☒
    Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)  

Name of each exchange on

which registered

Units, each consisting of one ordinary share, one right, and one redeemable warrant   HCCHU   The NASDAQ Stock Market LLC
Ordinary Shares, no par value   HCCH   The NASDAQ Stock Market LLC
Rights, each to receive one-tenth (1/10) of one ordinary share   HCCHR   The NASDAQ Stock Market LLC
Redeemable warrants, exercisable for ordinary shares at a price of $11.50 per share   HCCHW   The NASDAQ Stock Market LLC

 

As of May 15, 2019, 6,963,235 ordinary shares, no par value, were issued and outstanding.

 

 

   

 

 

   

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION 1
     
ITEM 1. FINANCIAL STATEMENTS 1
     
  Condensed Balance Sheets 1
     
  Condensed Statements of Operations 2
     
  Condensed Statements of Changes in Shareholders’ Equity 3
     
  Condensed Statements of Cash Flows 4
     
  Notes to Condensed Financial Statements 5
     
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14
     
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 16
     
ITEM 4. CONTROLS AND PROCEDURES 16
     
PART II. OTHER INFORMATION 17
     
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 17
     
ITEM 6. EXHIBITS  
     
SIGNATURES 18

 

i

 

  

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

HL ACQUISITIONS CORP.

CONDENSED BALANCE SHEETS

 

   March 31,
2019		   June 30,
2018		 
   (Unaudited)     
ASSETS        
Current Assets        
Cash  $128,715   $50,891 
Prepaid expenses and other current assets   87,411    — 
Total Current Assets   216,126    50,891 
           
Deferred offering costs   —    309,119 
Marketable securities held in Trust Account   55,938,349    — 
TOTAL ASSETS  $56,154,475   $360,010 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current Liabilities          
Accounts payable and accrued expenses  $5,000   $— 
Accrued offering costs   —    140,177 
Promissory note – related party   —    125,000 
Advance from related party   —    75,000 
Total Current Liabilities   5,000    340,177 
           
Commitments          
           
Ordinary shares subject to possible redemption, 5,029,146 and no shares at redemption value as of March 31, 2019 and June 30, 2018, respectively   51,149,474    — 
           
Shareholders’ Equity          
Preference shares, no par value; 1,000,000 shares authorized; none issued and outstanding   —    — 
Ordinary shares, no par value; 100,000,000 shares authorized; 1,934,089 and 1,437,500 shares issued and outstanding (excluding 5,029,146 and no shares subject to possible redemption) as of March 31, 2019 and June 30, 2018, respectively   4,371,361    25,000 
Retained earnings/(Accumulated deficit)   628,640    (5,167)
Total Shareholders’ Equity   5,000,001    19,833 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $56,154,475   $360,010 

 

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

 

1

 

  

HL ACQUISITIONS CORP.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

  

Three Months Ended

March 31,
2019

   Nine Months
Ended
March 31,
2019		  

For the Period from

February 23,
2018 (inception) through

March 31,
2018

 
             
Operating costs  $94,483   $304,542   $5,000 
Loss from operations   (94,483)   (304,542)   (5,000)
                
Other income:               
Interest income on marketable securities held in Trust Account   342,683    922,253    — 
Unrealized gain on marketable securities held in Trust Account   8,918    16,096    — 
Other income   351,601    938,349    — 
                
Net income (loss)  $257,118   $633,807   $(5,000)
                
Weighted average shares outstanding, basic and diluted (1)   1,927,719    1,915,064    1,250,000 
                
Basic and diluted net loss per common share (2)  $(0.03)  $(0.12)  $(0.00)

   

(1)Excludes an aggregate of up to 5,029,146 shares subject to possible redemption at March 31, 2019 and 187,500 shares to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part at March 31, 2018.

 

(2)Net loss per ordinary share - basic and diluted excludes interest income and unrealized gains attributable to shares subject to possible redemption of $321,504 and $858,026 for the three and nine months ended March 31, 2019 (see Note 3).

 

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

 

2

 

  

HL ACQUISITIONS CORP.
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

  

   Ordinary Shares   Accumulated  

Total

Shareholders’

 
   Shares   Amount   Deficit   Equity 
Balance – February 23, 2018 (inception)   —   $—   $—   $— 
                     
Issuance of Founder Shares (1)   1,437,500    25,000    —    25,000 
                     
Net loss   —    —    (5,000)   (5,000)
                     
Balance – March 31, 2018 (unaudited)   1,437,500   $25,000   $(5,000)  $20,000 

 

(1)Included an aggregate of 187,500 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment was not exercised in full or in part.

  

   Ordinary Shares   Accumulated  

Total

Shareholders’

 
   Shares   Amount   Deficit   Equity 
Balance – July 1, 2018   1,437,500   $25,000   $(5,167)  $19,833 
                     
Sale of 5,500,000 Units, net of underwriting discounts and offering expenses   5,500,000    53,120,735    —    53,120,735 
                     
Sale of 2,375,000 Private Warrants   —    2,375,000    —    2,375,000 
                     
Sale of Unit Purchase Option   —    100    —    100 
                     
Issuance of Representative shares   88,235    —    —    — 
                     
Forfeiture of Founder Shares   (62,500)   —    —    — 
                     
Ordinary shares subject to possible redemption   (5,042,773)   (50,676,773)   —    (50,676,773)
                     
Net income   —    —    161,113    161,113 
                     
Balance – September 30, 2018 (unaudited)   1,920,462    4,844,062    155,946    5,000,008 
                     
Change in value of ordinary shares subject to possible redemption   7,257    (215,583)   —    (215,583)
                     
Net income   —    —    215,576    215,576 
                     
Balance – December 31, 2018 (unaudited)   1,927,719    4,628,479    371,522    5,000,001 
                     
Change in value of ordinary shares subject to possible redemption   6,370    (257,118)   —    (257,118)
                     
Net income   —    —    257,118    257,118 
                     
Balance – March 31, 2019 (unaudited)   1,934,089   $4,371,361   $628,640   $5,000,001 

  

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

 

3

 

   

HL ACQUISITIONS CORP.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

   

  

Nine Months Ended

March 31,
2019

  

For the Period from

February 23,
2018 (inception) through

March 31,
2018

 
Cash Flows from Operating Activities:        
Net income (loss)  $633,807   $(5,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Interest earned on marketable securities held in Trust Account   (922,253)   — 
Unrealized gain on marketable securities held in Trust Account   (16,096)   — 
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets   (87,411)   — 
Accounts payable and accrued expenses   5,000    — 
Net cash used in operating activities   (386,953)   (5,000)
           
Cash Flows from Investing Activities:          
Investment of cash in Trust Account   (55,000,000)   — 
Net cash used in investing activities   (55,000,000)   — 
           
Cash Flows from Financing Activities:          
Proceeds from sale of Units, net of underwriting discounts paid   53,625,000    — 
Proceeds from sale of Private Warrants   2,375,000    — 
Proceeds from sale of unit purchase option   100    — 
Proceeds from issuance of Founder Shares   —    25,000 
Payment of offering costs   (335,323)   (67,500)
Proceeds from promissory notes – related party   —    125,000 
Repayment of promissory notes – related party   (125,000)   — 
Repayment of advances from related party   (75,000)   — 
Net cash provided by financing activities   55,464,777    82,500 
           
Net Change in Cash   77,824    77,500 
Cash - Beginning   50,891    — 
Cash - Ending  $128,715   $77,500 
           
Supplemental disclosure of noncash investing and financing activities:          
Initial classification of ordinary shares subject to possible redemption  $50,515,660   $— 
Change in value of ordinary shares subject to possible redemption  $633,814   $— 

 

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

 

4

 

  

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

  

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

 

HL Acquisitions Corp. (the “Company”) is a blank check company incorporated in the British Virgin Islands on February 23, 2018. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company is focusing on businesses that have their primary operations in the hydrocarbon logistics and processing industries.

 

All activity through March 31, 2019 relates to the Company’s formation, its initial public offering (“Initial Public Offering”), which is described below, and searching for a Business Combination candidate.

 

The registration statement for the Company’s Initial Public Offering was declared effective on June 27, 2018. On July 2, 2018, the Company consummated the Initial Public Offering of 5,500,000 units (“Units” and, with respect to the ordinary shares included in the Units sold, the “Public Shares”), which included a partial exercise by the underwriters of their over-allotment option in the amount of 500,000 Units, at $10.00 per Unit, generating gross proceeds of $55,000,000, which is described in Note 4.

 

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 2,375,000 warrants (the “Private Warrants”) at a price of $1.00 per warrant in a private placement to certain of the Company’s shareholders prior to the Initial Public Offering (“Initial Shareholders”), generating gross proceeds of $2,375,000, which is described in Note 5.

 

Following the closing of the Initial Public Offering on July 2, 2018, an amount of $55,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Warrants was placed in a trust account (“Trust Account”) which may be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, as described below.

 

Transaction costs relating to the Initial Public Offering amounted to $1,879,265, consisting of $1,375,000 of underwriting fees and $504,265 of other costs. In addition, as of March 31, 2019, $128,715 of cash was held outside of the Trust Account and is available for working capital purposes.

 

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding taxes payable on income earned on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

 

The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their Public Shares, regardless of whether they vote for or against a Business Combination. The shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s rights or warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

 

5

 

 

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

 

The Initial Shareholders have agreed (a) to vote any ordinary shares owned by them in favor of a Business Combination, (b) not to redeem any ordinary shares in connection with a shareholder vote to approve a Business Combination or any amendment to the Company’s Amended and Restated Memorandum and Articles of Association prior to the consummation of a Business Combination, (c) not to sell any ordinary shares to the Company in a tender offer in connection with a Business Combination and (d) that the ordinary shares held by the Initial Shareholders prior to the Initial Public Offering (“Founder Shares”) will not participate in any liquidating distribution from the Trust Account upon winding up if a Business Combination is not consummated.

 

The Company has until January 2, 2020 to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.00 per share.

 

In order to protect the amount held in the Trust Account, an affiliate of the Company’s Chief Executive Officer has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $10.00 per ordinary share, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, such affiliate will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that such affiliate will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. However, there is no assurance that such agreements will be obtained or that the amounts held in the Trust Account will not be reduced.

 

NOTE 2. LIQUIDITY AND GOING CONCERN

 

As of March 31, 2019, the Company had $128,715 in its operating bank accounts, $55,938,349 in marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its Public Shares in connection therewith and working capital of $211,126. As of March 31, 2019, approximately $938,000 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company’s tax obligations, if any.

 

Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating target businesses, performing due diligence on prospective target businesses, traveling to and from the offices, plants or similar location of prospective target businesses or their representatives or owners, reviewing corporate documents and material agreements of prospective target businesses and structuring, negotiating and completing a Business Combination.

   

The Company will need to raise additional capital through loans or additional investments from its Sponsor, an affiliate of the Sponsor, or its officers or directors. The Company’s officers, directors and Sponsor, or their affiliates, 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, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through January 2, 2020, which is the date the Company is required cease all operations except for the purpose of winding up if it has not completed a Business Combination. These condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

 

6

 

 

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

 

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

 

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the period from February 23, 2018 (inception) through June 30, 2018 as filed with the SEC on September 18, 2018, which contains the audited financial statements and notes thereto. The interim results for the three and nine months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending June 30, 2019 or for any future interim periods.

 

Emerging growth company

 

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

 

Further, 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 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 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. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

Use of estimates

 

The preparation of financial statements in conformity with 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.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.

 

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. The Company did not have any cash equivalents as of March 31, 2019 and June 30, 2018.

 

Marketable securities held in Trust Account

 

At March 31, 2019, the assets held in the Trust Account were substantially held in U. S. Treasury Bills.

 

7

 

 

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

 

Ordinary shares subject to possible redemption

 

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature 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 feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at March 31, 2019, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets.

 

Income taxes

 

The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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. The Company’s management determined that the British Virgin Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2019 and June 30, 2018 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. 

  

The Company’s tax provision is zero because the Company is organized in the British Virgin Islands with no connection to any other taxable jurisdiction. As such, the Company has no deferred tax assets. The Company is considered to be an exempted British Virgin Islands Company, and is presently not subject to income taxes or income tax filing requirements in the British Virgin Islands or the United States.

 

Net loss per ordinary share

 

Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at March 31, 2019, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic loss per share since such ordinary shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of (1) warrants sold in the Initial Public Offering and private placement to purchase 7,875,000 ordinary shares, (2) rights sold in the Initial Public Offering that convert into 550,000 ordinary shares and (3) 250,000 ordinary shares, warrants to purchase 250,000 ordinary shares and rights that convert into 25,000 ordinary shares in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the warrants, the conversion of the rights into ordinary shares and the exercise of the unit purchase option is contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share for the periods presented.

 

8

 

 

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

 

Reconciliation of net loss per ordinary share

 

The Company’s net income (loss) is adjusted for the portion of income that is attributable to ordinary shares subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per ordinary share is calculated as follows:

 

  

Three Months Ended

March 31,
2019

  

Nine Months Ended

March 31,
2019

  

For the Period from

February 23,
2018 (inception) through

March 31,
2018

 
Net income (loss)  $257,118   $633,807   $(5,000)
Less: Income attributable to ordinary shares subject to possible redemption   (321,504)   (858,026)   — 
Adjusted net loss   (64,386)   (224,219)   (5,000)
                
Weighted average ordinary shares outstanding, basic and diluted   1,927,719    1,915,064    1,250,000 
                
Basic and diluted net loss per ordinary share  $(0.03)  $(0.12)  $(0.00)

  

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 March 31, 2019 and June 30, 2018, 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 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 condensed financial statements, primarily due to their short-term nature.

 

Recently issued accounting standards

 

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed financial statements.

 

NOTE 4. INITIAL PUBLIC OFFERING

 

Pursuant to the Initial Public Offering, the Company sold 5,500,000 Units at a purchase price of $10.00 per Unit, which includes a partial exercise by the underwriters of their over-allotment option in the amount of 500,000 Units. Each Unit consists of one ordinary share, one right and one redeemable warrant (“Public Warrant”). Each right entitles the holder to receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination. Each Public Warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share (see Note 8).

  

NOTE 5. PRIVATE PLACEMENT

 

Simultaneously with the Initial Public Offering, certain of the Initial Shareholders purchased an aggregate of 2,375,000 Private Warrants, at a purchase price of $1.00 per Private Warrant for an aggregate purchase price of $2,375,000. Each Private Warrant is exercisable to purchase one ordinary share at an exercise price of $11.50. The proceeds from the sale of the Private Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Warrants will expire worthless. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Warrants.

 

9

 

 

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

 

The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants are not transferable, assignable or salable until the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

 

NOTE 6. RELATED PARTY TRANSACTIONS

 

Founder Shares

 

In March 2018, the Company issued an aggregate of 1,221,875 Founder Shares to Metropolitan Capital Partners V, LLC, an affiliate of the Company’s Chief Executive Officer (“Metropolitan”) for an aggregate purchase price of $25,000 in cash. Metropolitan subsequently transferred certain of such Founder Shares to other Initial Shareholders. In June 2018, the Company effected a stock dividend of approximately 0.18 ordinary shares for each outstanding ordinary share, resulting in an aggregate of 1,437,500 Founders Shares outstanding. The Founder Shares included an aggregate of up to 187,500 ordinary shares subject to forfeiture by the Initial Shareholders to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering (excluding the Representative Shares (see Note 8)). As a result of the underwriters’ election to partially exercise their over-allotment option to purchase 500,000 Units on July 2, 2018 and waiver of the remainder of their over-allotment option, 125,000 Founder Shares were no longer subject to forfeiture and 62,500 Founder Shares were forfeited.

 

The Initial Shareholders have agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until, (1) with respect to 50% of the Founder Shares, the earlier of one year after the date of the consummation of a Business Combination and the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the Founder Shares, one year after the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property.

 

Advance from Related Party

 

In June 2018, Metropolitan advanced the Company an aggregate of $75,000. The advance was non-interest bearing and due on demand. The advance was repaid upon the consummation of the Initial Public Offering on July 2, 2018.

 

Promissory Note — Related Party

 

On March 21, 2018, the Company issued an unsecured promissory note to Metropolitan, pursuant to which the Company borrowed an aggregate principal amount of $125,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) April 1, 2019, (ii) the consummation of the Initial Public Offering or (iii) the date on which the Company determined not to proceed with the Initial Public Offering. The Promissory Note was repaid upon the consummation of the Initial Public Offering on July 2, 2018.

 

Administrative Services Arrangement

 

The Company entered into an agreement with Metropolitan Capital Partners II, LP, an affiliate of the Company’s Chief Executive Officer, whereby, commencing on June 27, 2018 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, utilities and administrative and bookkeeping services, as the Company may require from time to time. The Company will pay Metropolitan Capital Partners II, LP $10,000 per month for these services. For the three and nine months ended March 31, 2019, the Company incurred $30,000 and $90,000 in fees for these services.

 

10

 

 

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

 

Related Party Loans

 

In order to finance transaction costs in connection with a Business Combination, the Company’s Initial Shareholders, officers, directors or their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into additional Private Warrants at a price of $1.00 per warrant. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

 

NOTE 7. COMMITMENTS AND CONTINGENCIES

 

Registration Rights

 

Pursuant to a registration rights agreement entered into on June 27, 2018, the holders of the Founder Shares, Private Warrants and any warrants that may be issued in payment of the Working Capital Loans (and their underlying securities) are entitled to registration rights. The holders of a majority of these securities are entitled to make up to two demands that the Company register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these ordinary shares are to be released from escrow. The holders of a majority of the Private Warrants and warrants issued to the Initial Shareholders, officers, directors or their affiliates in payment of Working Capital Loans made to the Company (including the underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggyback” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

Business Combination Marketing Agreement

 

The Company has engaged EarlyBirdCapital, Inc. (“EarlyBirdCapital”) as an advisor in connection with a Business Combination to assist the Company in holding meetings with its shareholders to discuss a potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing 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 a Business Combination. The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of a Business Combination in an amount equal to $2,200,000. In addition to the forgoing fee, the Company will pay EarlyBirdCapital a cash fee equal to one percent (1.0%) of the total consideration payable in a proposed Business Combination if EarlyBirdCapital introduces the Company to a target business with which the Company completes a Business Combination.

 

NOTE 8. SHAREHOLDERS’ EQUITY

 

Preference Shares — On June 22, 2018, the Company filed an Amended and Restated Memorandum and Articles of Association such that the Company is authorized to issue 1,000,000 preference shares with no par value and with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At March 31, 2019 and June 30, 2018, there were no issued or outstanding preference shares.

 

Ordinary Shares — The Company is authorized to issue 100,000,000 ordinary shares with no par value. Holders of the Company’s ordinary shares are entitled to one vote for each share. At March 31, 2019 and June 30, 2018, there were 1,934,089 and 1,437,500 ordinary shares issued and outstanding, excluding 5,029,146 and no ordinary shares subject to possible redemption, respectively.

 

Rights — Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination, even if a holder of such right redeemed all ordinary shares held by it in connection with a Business Combination. No fractional ordinary shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional ordinary shares upon consummation of a Business Combination as the consideration related thereto has been included in the Unit purchase price paid for by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary shares basis and each holder of rights will be required to affirmatively covert its rights in order to receive 1/10 of an ordinary share underlying each right (without paying additional consideration). The ordinary shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).

 

11

 

 

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

 

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.

 

Warrants — The Public Warrants will become exercisable on the later of (a) the consummation of a Business Combination or (b) July 2, 2019. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, the 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 the Public Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Public Warrants on a cashless basis. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

 

The Company may call the warrants for redemption (excluding the Private Warrants), in whole and not in part, at a price of $0.01 per warrant:

 

  ● at any time after the Public Warrants become exercisable,
     
  ● upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder,
     
  ● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $18.00 per share, for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and
     
  ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants.

 

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.

 

Representative Shares

 

At the closing of the Initial Public Offering, the Company issued 88,235 ordinary shares (the “Representative Shares”) to designees of EarlyBirdCapital. The Company accounted for the Representative Shares as an expense of the Initial Public Offering resulting in a charge directly to shareholders’ equity. The Company estimated that the fair value of Representative Shares was $882,350 based upon the offering price of the Units of $10.00 per Unit. The holders of the Representative Shares have agreed not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, the holders of the Representative Shares have agreed (i) to waive their redemption rights with respect to such shares in connection with the completion of a Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period.  

 

12

 

 

HL ACQUISITIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2019

(Unaudited)

 

Unit Purchase Options

 

On July 2, 2018, the Company sold to designees of EarlyBirdCapital, for $100, options to purchase up to 250,000 Units exercisable at $10.00 per Unit (or an aggregate exercise price of $2,500,000) commencing on the later of June 27, 2019 and the consummation of a Business Combination. The unit purchase options may be exercised for cash or on a cashless basis, at the holders’ option, and expire June 27, 2023. The Units issuable upon exercise of the options are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase options, inclusive of the receipt of $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 the unit purchase options to be approximately $882,000 (or $3.53 per Unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase options was estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free interest rate of 2.75% and (3) expected life of five years. The options grant to holders demand and “piggy back” rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the options. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the options may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the options will not be adjusted for issuances of ordinary shares at a price below the exercise price.

 

NOTE 9. FAIR VALUE MEASUREMENTS 

 

The Company follows the guidance in Accounting Standards Codification (“ASC”) 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

 

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

 

  Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
     
  Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
     
  Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at March 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description  Level  March 31,
2019		 
Assets:        
Marketable securities held in Trust Account  1  $55,938,349 

  

NOTE 10. SUBSEQUENT EVENTS

 

The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued. Based upon the review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

 

13

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

References in this report to “we,” “us” or the “Company” refer to HL Acquisitions Corp. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Metropolitan Capital Partners V, LLC, a company affiliated with our Chief Executive Officer. 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.

 

Special Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements other than statements of historical fact included in this Form 10-Q including statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K for the period from February 23, 2018 (inception) through June 30, 2018 filed with the SEC on September 18, 2018. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

 

Overview

 

We are a blank check company incorporated in the British Virgin Islands on February 23, 2018 and formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities. We intend to effectuate our initial business combination using cash from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, our capital stock, debt or a combination of cash, stock and debt.

 

We have neither engaged in any operations nor generated any revenues to date. All activity through March 31, 2019 relates to our formation, our Initial Public Offering, which was consummated on July 2, 2018, and searching for a Business Combination candidate.

 

Results of Operations

 

Our only activities from February 23, 2018 (inception) to March 31, 2019 were organizational activities, those necessary to consummate the Initial Public Offering, described below, and our search for a Business Combination candidate. We do not expect to generate any operating revenues until after the completion of our Business Combination. We expect to generate non-operating income in the form of interest income on marketable securities held after the Initial Public Offering. 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 and nine months ended March 31, 2019, we had a net income of $257,118 and $633,807, respectively, which consists of interest income on marketable securities held in the Trust Account of $342,683 and $922,253, respectively, and an unrealized gain on marketable securities held in the Trust Account of $8,918 and $16,096, respectively, offset by operating costs of $94,483 and $304,542, respectively.

 

For the period from February 23, 2018 (inception) through March 31, 2018, we had a net loss of $5,000, which consisted of operating costs.

 

Liquidity and Capital Resources

 

On July 2, 2018, we consummated the Initial Public Offering of 5,500,000 Units, which includes a partial exercise by the underwriters of their over-allotment option in the amount of 500,000 Units, at a price of $10.00 per Unit, generating gross proceeds of $55,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 2,375,000 Private Placement Warrants to certain of our initial shareholders at a price of $1.00 per warrant, generating gross proceeds of $2,375,000.

 

Following the Initial Public Offering and the sale of the Private Placement Warrants, a total of $55,000,000 was placed in the Trust Account. We incurred $1,879,265 in Initial Public Offering related costs, including $1,375,000 of underwriting fees and $504,265 of other costs.

 

14

 

 

For the nine months ended March 31, 2019, cash used in operating activities amounted to $386,953. Net income of $633,807 was offset by interest earned on marketable securities held in the Trust Account of $922,253 and an unrealized gain on marketable securities held in our Trust Account of $16,096. Changes in operating assets and liabilities used $82,411 of cash for operating activities.

 

As of March 31, 2019, we had marketable securities held in the Trust Account of $55,938,349. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less taxes payable) to complete our initial Business Combination. We may withdraw interest from the Trust Account to pay franchise and income taxes. To the extent that our equity or debt is used, in whole or in part, as consideration to complete our initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

 

In order to fund working capital deficiencies or finance transaction costs in connection with an initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial Business Combination, we would repay such loaned amounts. In the event that our initial Business Combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants.

 

As of March 31, 2019, we had cash of $128,715 held outside of the Trust Account and working capital of $211,126. Until the consummation of a Business Combination, we will be using the funds not held in the Trust Account for primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination. Our Sponsor, officers, directors or their affiliates are not under any obligation to advance us funds, or to invest in us. Accordingly, we may not be able to obtain additional financing. If we are unable to raise additional capital, we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. We cannot provide any assurance that new financing will be available to us on commercially acceptable terms, if at all. These conditions raise substantial doubt about our ability to continue as a going concern.

 

Off-balance sheet financing arrangements

 

We have no obligations, assets or liabilities which would be considered off-balance sheet arrangements as of March 31, 2019. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

 

Contractual obligations

 

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities other than an agreement to pay Metropolitan Capital Partners II, LP, an affiliate of the Company’s Chief Executive Officer a monthly fee of $10,000 for office space, utilities and administrative and bookkeeping services to the Company. We began incurring these fees on June 27, 2018 and will continue to incur these fees monthly until the earlier of the completion of the business combination and the Company’s liquidation.

 

Critical Accounting Policies

 

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:

 

Ordinary shares subject to possible redemption

 

We account for our 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 are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. Our ordinary shares feature certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of our balance sheet.

 

15

 

 

Net loss per ordinary share

 

We apply the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per ordinary share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. Our net income is adjusted for the portion of income that is attributable to ordinary shares subject to redemption, as these shares only participate in the earnings of the Trust Account and not our income or losses.

 

Recent accounting pronouncements

 

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

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Following the consummation of our Initial Public Offering, the net proceeds of our Initial Public Offering, including amounts in deposited in the Trust Account, have been invested in U.S. government treasury bills, notes or bonds with a maturity of 180 days or less, or in certain money market funds 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 when and if the net proceeds are invested in such securities.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

Evaluation of Disclosure Controls and Procedures

 

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2019. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were effective.

 

Changes in Internal Control Over Financial Reporting

 

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

16

 

  

PART II - OTHER INFORMATION

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

In March 2018, we issued an aggregate of 1,221,875 ordinary shares (“Founders’ Shares”) to Metropolitan Capital Partners V, LLC pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (“Securities Act”). The shares were sold at a purchase price of approximately $0.02 per share. Metropolitan Capital Partners V, LLC subsequently transferred certain of the Founders’ Shares to our other initial shareholders for the same price originally paid for such shares. In June 2018, we effected a stock dividend of approximately 0.18 shares for each outstanding share, resulting in our initial shareholders holding an aggregate of 1,437,500 Founders’ Shares. As a result of the underwriters’, election to partially exercise their over-allotment option and waiver of the remainder of their over-allotment option, 62,500 Founder Shares were forfeited.

 

On July 2, 2018, we consummated the IPO of 5,500,000 units, including 500,000 units which were subject to the over-allotment option granted to the underwriters, with each unit consisting of one ordinary share, one right exchangeable for one-tenth of one ordinary share, and one redeemable warrant exercisable for one ordinary share at a price of $11.50 per share. The units from the initial public offering were sold at an offering price of $10.00 per unit, generating total gross proceeds of $55,000,000. EarlyBirdCapital, Inc. acted as sole book-running manager. The securities sold in the IPO were registered under the Securities Act on a registration statement on Form S-1 (Nos. 333-225520 and 225936). The Securities and Exchange Commission declared the registration statement effective on June 27, 2018.

 

Simultaneously with the consummation of the IPO, we consummated the private placement of 2,375,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, generating total proceeds of $2,375,000. This issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

 

The Private Placement Warrants were purchased by certain of our initial shareholders. The Private Placement Warrants are identical to the warrants included in the units sold in the IPO except that the Private Placement Warrants: (i) are not redeemable by us; and (ii) are exercisable for cash or on a cashless basis, in each case so long as they are held by the initial purchasers or any of their permitted transferees. Additionally, the purchasers of the Private Placement Warrants have agreed not to transfer, assign, or sell any of the Private Placement Warrants (except to certain permitted transferees) until the completion of the Company’s initial business combination.

 

Of the gross proceeds received from the IPO and simultaneous private placement of Private Placement Warrants, $55,000,000 was placed in a trust account. We incurred a total of $1,375,000 in underwriting discounts and commissions at the closing of the IPO and $504,265 for other costs and expenses related to our formation and the IPO. 

 

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. 

  

The following exhibits are filed as part of this Quarterly Report on Form 10-Q.

 

No.   Description of Exhibit
31.1 *   Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 *   Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 **   Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 **   Certification of Principal Financial Officer 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.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*   XBRL Taxonomy Extension Schema Document
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*   XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith.
** Furnished.

  

17

 

   

SIGNATURES

 

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

 

  HL ACQUISITIONS CORP.
     
Date: May 15, 2019 By:  /s/ Jeffrey E. Schwarz
  Name:  Jeffrey E. Schwarz
  Title:

Chief Executive Officer

(Principal Executive Officer)  

   
Date: May 15, 2019 By:  /s/ Greg Drechsler
  Name: Greg Drechsler
  Title:

Chief Financial Officer

(Principal Financial and Accounting Officer)

   

 

18

 

 EX-31.1 2 f10q0319ex31-1_hlacquisition.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION

 

I, Jeffrey E. Schwarz, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of HL Acquisitions Corp.;

 

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)) 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;
     
  (c) Evaluated the effectiveness of the 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 fiscal 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 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 control over financial reporting.

 

Dated: May 15, 2019 By: /s/ Jeffrey E. Schwarz
  Name: Jeffrey E. Schwarz
  Title: Chief Executive Officer
    (Principal Executive Officer)

    

 EX-31.2 3 f10q0319ex31-2_hlacquisition.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION

 

I, Greg Drechsler, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of HL Acquisitions Corp.;

 

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)) 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;
     
  (c) Evaluated the effectiveness of the 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 fiscal 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 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 control over financial reporting.

 

Dated: May 15, 2019 By: /s/ Greg Drechsler
  Name: Greg Drechsler
  Title: Chief Financial Officer
    (Principal Financial and Accounting Officer)

    

 EX-32.1 4 f10q0319ex32-1_hlacquisition.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. 1350

(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

 

In connection with the accompanying Quarterly Report on Form 10-Q of HL Acquisitions Corp. (the “Company”) for the quarterly period ended March 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge and belief, that:

 

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

 

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: May 15, 2019 By: /s/ Jeffrey E. Schwarz
    Jeffrey E. Schwarz
    Chief Executive Officer
    (Principal Executive Officer)

    

 EX-32.2 5 f10q0319ex32-2_hlacquisition.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. 1350

(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

 

In connection with the accompanying Quarterly Report on Form 10-Q of HL Acquisitions Corp. (the “Company”) for the quarterly period ended March 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge and belief, that:

 

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

 

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: May 15, 2019 By: /s/ Greg Drechsler
    Greg Drechsler
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

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related party Repayment of promissory notes - related party Repayment of advances from related party Net cash provided by financing activities Net Change in Cash Cash - Beginning Cash - Ending Supplemental disclosure of noncash investing and financing activities: Initial classification of ordinary shares subject to possible redemption Change in value of ordinary shares subject to possible redemption Organization, Consolidation and Presentation of Financial Statements [Abstract] DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Liquidity and Going Concern [Abstract] LIQUIDITY AND GOING CONCERN Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Initial Public Offering [Abstract] INITIAL PUBLIC OFFERING Private Placement [Abstract] PRIVATE PLACEMENT Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Equity [Abstract] SHAREHOLDERS' EQUITY Fair Value Disclosures [Abstract] FAIR VALUE MEASUREMENTS Subsequent Events [Abstract] SUBSEQUENT EVENTS Basis of presentation Emerging growth company Use of estimates Cash and cash equivalents Marketable securities held in Trust Account Ordinary shares subject to possible redemption Income taxes Net loss per ordinary share Reconciliation of net loss per ordinary share Concentration of credit risk Fair value of financial instruments Recently issued accounting standards Summary of basic and diluted loss per ordinary share Fair Value Measurements Summary of fair value on a recurring basis Subsequent Event Type [Axis] Description of Organization and Business Operations (Textual) Consummated initial public offering units Gross proceeds of initial public offering Underwriters of their over-allotment option in amount of units Initial public offering price per unit Net proceeds of sale of units in initial public offering and sale of private warrants Consummated sale of warrants Price of per warrant Gross proceeds of private warrants Transaction costs Underwriting fees Other costs Cash held outside of trust account Percentage of acquired outstanding voting securities Pro rata interest per share Fair market value of balance in trust account, percentage Business combination net tangible assets Business combination, description Notes to Financial Statements Liquidity and Going Concern (Textual) Deposit assets Marketable securities Operating bank accounts Working capital Net income (loss) Less: Income attributable to ordinary shares subject to possible redemption Adjusted net loss Weighted average ordinary shares outstanding, basic and diluted Basic and diluted net loss per ordinary share Summary of Significant Accounting Policies (Textual) Federal depository insurance coverage Tax provision Net loss per ordinary shares, description Initial Public Offering (Textual) Sale of units Purchase price per units Over-allotment option amount Public warrant, description Private Placement (Textual) Purchase an aggregate of private warrants, shares Price per private warrant Purchase an aggregate of private warrants, value Private placement warrant, description Exercisable exercise price per share Related Party Transactions (Textual) Aggregate founder shares issued Aggregate purchase price Aggregate of shares subject to forfeiture Issued and outstanding shares, percentage Stock dividend price Sell of founder shares, description Aggregate principal amount Monthly payment for services Metropolitan advanced an aggregate amount Advances was outstanding Related party loans, description Percentage of collective issued and outstanding shares Services fees EarlyBirdCapital, Inc. [Member] Commitments and Contingencies (Textual) Business combination, description Options [Member] Shareholders' Equity (Textual) Preferred shares, authorized Preferred shares, issued Preferred shares, outstanding Preference shares, par value Ordinary shares, authorized Ordinary shares par value Voting rights, description Ordinary shares, issue Ordinary shares, outstanding Aggregate shares subject to forfeiture Warrants, per share Public warrants, description Issue of ordinary shares Share price Fair value of representative shares Business combination, description Description of unit purchase option Cash payment Estimates fair value of purchase option Expected volatility Risk-free interest rate Expected life Level 1 [Member] Administrative Services Arrangement Member Amended and restated memorandum Member Balance in trust account percentage. With respect to a business combination completed during the period, this element provides a description of the business, other than the name, which may include the industry, size, products and other important information. Amount of cash held outside of trust account. Change in value of ordinary shares subject to possible redemption. Number of option outstanding. Description of unit purchase option. Description of warrant exercisable purchase price. Early Bird Capital Inc Member Disclosure of accounting policy for emerging growth company. Fair value of purchase option. Founder Shares Member Initial classification of ordinary shares subject to possible redemption Initial public offering price per unit. The entire disclosure for initial public offering. Interest earned on marketable securities held in trust account. Issued and outstanding shares percentage. Represents the minimum amount of net tangible assets to complete in a business combination. Monthly payment for services. Description of net loss per shares. Net proceeds from issuance initial public offering and sale of private warrants. Percentage of collective issued and outstanding shares. The entire disclosure for private placement. Promissory Note Related Party Member Description of public warrants. Disclosure of accounting policy for reconciliation of net loss per ordinary share. Amount of services fees. The underwriters of their over-allotment option in the amount of units. Face amount per share of no-par value warrants. Working Capital Loans Member Liquidity and going concern disclosure. Working capital. Purchase an aggregate of private warrants, shares. Aggregate founder shares issued. The exercisable exercise price per share. Sale of private warrants. Sale of unit purchase option. Issuance of representative shares. Number of issuance of representative shares. Forfeiture of founder shares. Number of forfeiture of founder shares. Ordinary shares subject to possible redemption. Number of ordinary shares subject to possible redemption. Sale of private placement warrants. Shares to forfeiture to the extent that the underwriters' over-allotment option. Assets, Current Assets Liabilities, Current Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Income (Loss) Nonoperating Income (Expense) Earnings Per Share, Basic and Diluted Shares, Outstanding StockIssuedDuringPeriodValueOrdinarySharesSubjectToPossibleRedemption InterestEarnedOnMarketableSecuritiesHeldInTrustAccount Unrealized Gain (Loss) on Securities Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Other Investments Net Cash Provided by (Used in) Investing Activities Payments of Financing Costs Repayments of Notes Payable Repayments of Related Party Debt Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption Marketable Securities, Policy [Policy Text Block] Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block] Other Underwriting Expense Net Income (Loss) Available to Common Stockholders, Basic ExercisableExercisePricePerShare Business Acquisition, Description of Acquired Entity Preferred Stock, No Par Value Common Stock, No Par Value BusinessCombinationDescription Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term EX-101.PRE 11 hcch-20190331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.19.1
Document and Entity Information - shares
 9 Months Ended
Mar. 31, 2019
May 15, 2019
Document and Entity Information [Abstract]    
Entity Registrant Name HL Acquisitions Corp.  
Entity Central Index Key 0001736874  
Trading Symbol HCCH  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Document Type 10-Q  
Document Period End Date Mar. 31, 2019  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2019  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   6,963,235
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Balance Sheets - USD ($)
Mar. 31, 2019
Jun. 30, 2018
Current Assets    
Cash $ 128,715 $ 50,891
Prepaid expenses and other current assets 87,411
Total Current Assets 216,126 50,891
Deferred offering costs 309,119
Marketable securities held in Trust Account 55,938,349
TOTAL ASSETS 56,154,475 360,010
Current Liabilities    
Accounts payable and accrued expenses 5,000
Accrued offering costs 140,177
Promissory note - related party 125,000
Advance from related party 75,000
Total Current Liabilities 5,000 340,177
Commitments
Ordinary shares subject to possible redemption, 5,029,146 and no shares at redemption value as of March 31, 2019 and June 30, 2018, respectively 51,149,474
Shareholders' Equity    
Preference shares, no par value; 1,000,000 shares authorized; none issued and outstanding
Ordinary shares, no par value; 100,000,000 shares authorized; 1,934,089 and 1,437,500 shares issued and outstanding (excluding 5,029,146 and no shares subject to possible redemption) as of March 31, 2019 and June 30, 2018, respectively 4,371,361 25,000
Retained earnings/(Accumulated deficit) 628,640 (5,167)
Total Shareholders' Equity 5,000,001 19,833
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 56,154,475 $ 360,010
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2019
Jun. 30, 2018
Statement of Financial Position [Abstract]    
Ordinary shares subject to possible redemption 5,029,146  
Preferred shares, par value
Preferred shares, shares authorized 1,000,000 1,000,000
Preferred shares, shares issued
Preferred shares, shares outstanding
Ordinary shares, par value
Ordinary shares, shares authorized 100,000,000 100,000,000
Ordinary shares, shares issued 1,934,089 1,437,500
Ordinary shares, shares outstanding 1,934,089 1,437,500
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Statements of Operations (Unaudited) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2019
Income Statement [Abstract]      
Operating costs $ 5,000 $ 94,483 $ 304,542
Loss from operations (5,000) (94,483) (304,542)
Other income:      
Interest income on marketable securities held in Trust Account 342,683 922,253
Unrealized gain on marketable securities held in Trust Account 8,918 16,096
Other income 351,601 938,349
Net income (loss) $ (5,000) $ 257,118 $ 633,807
Weighted average shares outstanding, basic and diluted [1] 1,250,000 1,927,719 1,915,064
Basic and diluted net loss per common share [2] $ (0.00) $ (0.03) $ (0.12)
[1] Excludes an aggregate of up to 5,029,146 shares subject to possible redemption at March 31, 2019 and 187,500 shares to forfeiture to the extent that the underwriters' over-allotment option was not exercised in full or in part at March 31, 2018.
[2] Net loss per ordinary share - basic and diluted excludes interest income and unrealized gains attributable to shares subject to possible redemption of $321,504 and $858,026 for the three and nine months ended March 31, 2019 (see Note 3).
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Statements of Operations (Unaudited) (Parenthetical)
 3 Months Ended 9 Months Ended
Mar. 31, 2019
USD ($)
shares
Mar. 31, 2019
USD ($)
shares
Condensed Statements Of Operations Unaudited    
Ordinary shares subject to possible redemption 5,029,146 5,029,146
Shares to forfeiture to the extent that the underwriters' over-allotment option   187,500
Less: Income attributable to ordinary shares subject to possible redemption | $ $ 321,504 $ 858,026
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
Ordinary Shares
Accumulated Deficit
Total
Beginning Balance at Feb. 22, 2018
Beginning Balance, shares at Feb. 22, 2018    
Issuance of Founder Shares [1] $ 25,000 25,000
Issuance of Founder Shares, shares [1] 1,437,500    
Net income (loss) (5,000) (5,000)
Ending Balance at Mar. 31, 2018 $ 25,000 (5,000) 20,000
Ending Balance, shares at Mar. 31, 2018 1,437,500    
Beginning Balance at Jun. 30, 2018 $ 25,000 (5,167) 19,833
Beginning Balance, shares at Jun. 30, 2018 1,437,500    
Net income (loss) $ 161,113 161,113
Sale of 5,500,000 Units, net of underwriting discounts and offering expenses $ 53,120,735   53,120,735
Sale of 5,500,000 Units, net of underwriting discounts and offering expenses, shares 5,500,000  
Sale of 2,375,000 Private Warrants $ 2,375,000 2,375,000
Sale of Unit Purchase Option 100 100
Issuance of Representative shares
Issuance of Representative shares, shares 88,235  
Forfeiture of Founder Shares
Forfeiture of Founder Shares, shares (62,500)  
Ordinary shares subject to possible redemption $ (50,676,773) (50,676,773)
Ordinary shares subject to possible redemption, shares (5,042,773)    
Ending Balance at Sep. 30, 2018 $ 4,844,062 155,946 5,000,008
Ending Balance, shares at Sep. 30, 2018 1,920,462    
Beginning Balance at Jun. 30, 2018 $ 25,000 (5,167) 19,833
Beginning Balance, shares at Jun. 30, 2018 1,437,500    
Net income (loss)     633,807
Ending Balance at Mar. 31, 2019 $ 4,371,361 628,640 5,000,001
Ending Balance, shares at Mar. 31, 2019 1,934,089    
Beginning Balance at Sep. 30, 2018 $ 4,844,062 155,946 5,000,008
Beginning Balance, shares at Sep. 30, 2018 1,920,462    
Net income (loss) 215,576 215,576
Change in value of ordinary shares subject to possible redemption $ (215,583) (215,583)
Change in value of ordinary shares subject to possible redemption, shares 7,257    
Ending Balance at Dec. 31, 2018 $ 4,628,479 371,522 5,000,001
Ending Balance, shares at Dec. 31, 2018 1,927,719    
Net income (loss) 257,118 257,118
Change in value of ordinary shares subject to possible redemption $ (257,118) (257,118)
Change in value of ordinary shares subject to possible redemption, shares 6,370    
Ending Balance at Mar. 31, 2019 $ 4,371,361 $ 628,640 $ 5,000,001
Ending Balance, shares at Mar. 31, 2019 1,934,089    
[1] Included an aggregate of 187,500 shares that were subject to forfeiture to the extent that the underwriters' over-allotment was not exercised in full or in part.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical)
 9 Months Ended
Mar. 31, 2019
shares
Statement of Stockholders' Equity [Abstract]  
Sale of Units, net of underwriting discounts and offering expenses 5,500,000
Sale of Private Placement Warrants 2,375,000
Shares to forfeiture to the extent that the underwriters' over-allotment option 187,500
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 1 Months Ended 9 Months Ended
Mar. 31, 2018
Mar. 31, 2019
Cash Flows from Operating Activities:    
Net income (loss) $ (5,000) $ 633,807
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Interest earned on marketable securities held in Trust Account (922,253)
Unrealized gain on marketable securities held in Trust Account (16,096)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (87,411)
Accounts payable and accrued expenses 5,000
Net cash used in operating activities (5,000) (386,953)
Cash Flows from Investing Activities:    
Investment of cash in Trust Account (55,000,000)
Net cash used in investing activities (55,000,000)
Cash Flows from Financing Activities:    
Proceeds from sale of Units, net of underwriting discounts paid 53,625,000
Proceeds from sale of Private Warrants 2,375,000
Proceeds from sale of unit purchase option 100
Proceeds from issuance of Founder Shares 25,000
Payment of offering costs (67,500) (335,323)
Proceeds from promissory notes - related party 125,000
Repayment of promissory notes - related party (125,000)
Repayment of advances from related party (75,000)
Net cash provided by financing activities 82,500 55,464,777
Net Change in Cash 77,500 77,824
Cash - Beginning 50,891
Cash - Ending 77,500 128,715
Supplemental disclosure of noncash investing and financing activities:    
Initial classification of ordinary shares subject to possible redemption 50,515,660
Change in value of ordinary shares subject to possible redemption $ 633,814
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.19.1
Description of Organization and Business Operations
 9 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

 

HL Acquisitions Corp. (the "Company") is a blank check company incorporated in the British Virgin Islands on February 23, 2018. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities ("Business Combination"). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company is focusing on businesses that have their primary operations in the hydrocarbon logistics and processing industries.

 

All activity through March 31, 2019 relates to the Company's formation, its initial public offering ("Initial Public Offering"), which is described below, and searching for a Business Combination candidate.

 

The registration statement for the Company's Initial Public Offering was declared effective on June 27, 2018. On July 2, 2018, the Company consummated the Initial Public Offering of 5,500,000 units ("Units" and, with respect to the ordinary shares included in the Units sold, the "Public Shares"), which included a partial exercise by the underwriters of their over-allotment option in the amount of 500,000 Units, at $10.00 per Unit, generating gross proceeds of $55,000,000, which is described in Note 4.

 

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 2,375,000 warrants (the "Private Warrants") at a price of $1.00 per warrant in a private placement to certain of the Company's shareholders prior to the Initial Public Offering ("Initial Shareholders"), generating gross proceeds of $2,375,000, which is described in Note 5.

 

Following the closing of the Initial Public Offering on July 2, 2018, an amount of $55,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Warrants was placed in a trust account ("Trust Account") which may be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, as described below.

 

Transaction costs relating to the Initial Public Offering amounted to $1,879,265, consisting of $1,375,000 of underwriting fees and $504,265 of other costs. In addition, as of March 31, 2019, $128,715 of cash was held outside of the Trust Account and is available for working capital purposes.

 

The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding taxes payable on income earned on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

 

The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their Public Shares, regardless of whether they vote for or against a Business Combination. The shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company's rights or warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

 

The Initial Shareholders have agreed (a) to vote any ordinary shares owned by them in favor of a Business Combination, (b) not to redeem any ordinary shares in connection with a shareholder vote to approve a Business Combination or any amendment to the Company's Amended and Restated Memorandum and Articles of Association prior to the consummation of a Business Combination, (c) not to sell any ordinary shares to the Company in a tender offer in connection with a Business Combination and (d) that the ordinary shares held by the Initial Shareholders prior to the Initial Public Offering ("Founder Shares") will not participate in any liquidating distribution from the Trust Account upon winding up if a Business Combination is not consummated.

 

The Company has until January 2, 2020 to consummate a Business Combination (the "Combination Period"). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company's board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.00 per share.

 

In order to protect the amount held in the Trust Account, an affiliate of the Company's Chief Executive Officer has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below $10.00 per ordinary share, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company's indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). In the event that an executed waiver is deemed to be unenforceable against a third party, such affiliate will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that such affiliate will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. However, there is no assurance that such agreements will be obtained or that the amounts held in the Trust Account will not be reduced.
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Liquidity and Going Concern
 9 Months Ended
Mar. 31, 2019
Liquidity and Going Concern [Abstract]  
LIQUIDITY AND GOING CONCERN

NOTE 2. LIQUIDITY AND GOING CONCERN

 

As of March 31, 2019, the Company had $128,715 in its operating bank accounts, $55,938,349 in marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its Public Shares in connection therewith and working capital of $211,126. As of March 31, 2019, approximately $938,000 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company's tax obligations, if any.

 

Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating target businesses, performing due diligence on prospective target businesses, traveling to and from the offices, plants or similar location of prospective target businesses or their representatives or owners, reviewing corporate documents and material agreements of prospective target businesses and structuring, negotiating and completing a Business Combination.

   

The Company will need to raise additional capital through loans or additional investments from its Sponsor, an affiliate of the Sponsor, or its officers or directors. The Company's officers, directors and Sponsor, or their affiliates, 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, to meet the Company's working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company's ability to continue as a going concern through January 2, 2020, which is the date the Company is required cease all operations except for the purpose of winding up if it has not completed a Business Combination. These condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
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Summary of Significant Accounting Policies
 9 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

 

The accompanying unaudited condensed financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the period from February 23, 2018 (inception) through June 30, 2018 as filed with the SEC on September 18, 2018, which contains the audited financial statements and notes thereto. The interim results for the three and nine months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending June 30, 2019 or for any future interim periods.

 

Emerging growth company

 

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

 

Further, 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 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 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. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

 

Use of estimates

 

The preparation of financial statements in conformity with 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.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.

 

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. The Company did not have any cash equivalents as of March 31, 2019 and June 30, 2018.

 

Marketable securities held in Trust Account

 

At March 31, 2019, the assets held in the Trust Account were substantially held in U. S. Treasury Bills.

 

Ordinary shares subject to possible redemption

 

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity." Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature 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 feature certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of uncertain future events. Accordingly, at March 31, 2019, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' equity section of the Company's condensed balance sheets.

 

Income taxes

 

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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. The Company's management determined that the British Virgin Islands is the Company's major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2019 and June 30, 2018 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. 

  

The Company's tax provision is zero because the Company is organized in the British Virgin Islands with no connection to any other taxable jurisdiction. As such, the Company has no deferred tax assets. The Company is considered to be an exempted British Virgin Islands Company, and is presently not subject to income taxes or income tax filing requirements in the British Virgin Islands or the United States.

 

Net loss per ordinary share

 

Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at March 31, 2019, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic loss per share since such ordinary shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of (1) warrants sold in the Initial Public Offering and private placement to purchase 7,875,000 ordinary shares, (2) rights sold in the Initial Public Offering that convert into 550,000 ordinary shares and (3) 250,000 ordinary shares, warrants to purchase 250,000 ordinary shares and rights that convert into 25,000 ordinary shares in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the warrants, the conversion of the rights into ordinary shares and the exercise of the unit purchase option is contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share for the periods presented.

 

Reconciliation of net loss per ordinary share

 

The Company's net income (loss) is adjusted for the portion of income that is attributable to ordinary shares subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per ordinary share is calculated as follows:

 

  

Three Months Ended

March 31,
2019

  

Nine Months Ended

March 31,
2019

  

For the Period from

February 23,
2018 (inception) through

March 31,
2018

 
Net income (loss)  $257,118   $633,807   $(5,000)
Less: Income attributable to ordinary shares subject to possible redemption   (321,504)   (858,026)   — 
Adjusted net loss   (64,386)   (224,219)   (5,000)
                
Weighted average ordinary shares outstanding, basic and diluted   1,927,719    1,915,064    1,250,000 
                
Basic and diluted net loss per ordinary share  $(0.03)  $(0.12)  $(0.00)

  

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 March 31, 2019 and June 30, 2018, 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 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 condensed financial statements, primarily due to their short-term nature.

 

Recently issued accounting standards

 

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's condensed financial statements.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.19.1
Initial Public Offering
 9 Months Ended
Mar. 31, 2019
Initial Public Offering [Abstract]  
INITIAL PUBLIC OFFERING

NOTE 4. INITIAL PUBLIC OFFERING

 

Pursuant to the Initial Public Offering, the Company sold 5,500,000 Units at a purchase price of $10.00 per Unit, which includes a partial exercise by the underwriters of their over-allotment option in the amount of 500,000 Units. Each Unit consists of one ordinary share, one right and one redeemable warrant ("Public Warrant"). Each right entitles the holder to receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination. Each Public Warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share (see Note 8).
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Private Placement
 9 Months Ended
Mar. 31, 2019
Private Placement [Abstract]  
PRIVATE PLACEMENT

NOTE 5. PRIVATE PLACEMENT

 

Simultaneously with the Initial Public Offering, certain of the Initial Shareholders purchased an aggregate of 2,375,000 Private Warrants, at a purchase price of $1.00 per Private Warrant for an aggregate purchase price of $2,375,000. Each Private Warrant is exercisable to purchase one ordinary share at an exercise price of $11.50. The proceeds from the sale of the Private Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Warrants will expire worthless. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Warrants.

 

The Private Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants are not transferable, assignable or salable until the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants are exercisable on a cashless basis and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
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Related Party Transactions
 9 Months Ended
Mar. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 6. RELATED PARTY TRANSACTIONS

 

Founder Shares

 

In March 2018, the Company issued an aggregate of 1,221,875 Founder Shares to Metropolitan Capital Partners V, LLC, an affiliate of the Company's Chief Executive Officer ("Metropolitan") for an aggregate purchase price of $25,000 in cash. Metropolitan subsequently transferred certain of such Founder Shares to other Initial Shareholders. In June 2018, the Company effected a stock dividend of approximately 0.18 ordinary shares for each outstanding ordinary share, resulting in an aggregate of 1,437,500 Founders Shares outstanding. The Founder Shares included an aggregate of up to 187,500 ordinary shares subject to forfeiture by the Initial Shareholders to the extent that the underwriters' over-allotment was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company's issued and outstanding ordinary shares after the Initial Public Offering (excluding the Representative Shares (see Note 8)). As a result of the underwriters' election to partially exercise their over-allotment option to purchase 500,000 Units on July 2, 2018 and waiver of the remainder of their over-allotment option, 125,000 Founder Shares were no longer subject to forfeiture and 62,500 Founder Shares were forfeited.

 

The Initial Shareholders have agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until, (1) with respect to 50% of the Founder Shares, the earlier of one year after the date of the consummation of a Business Combination and the date on which the closing price of the Company's ordinary shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the Founder Shares, one year after the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the Company's shareholders having the right to exchange their ordinary shares for cash, securities or other property.

 

Advance from Related Party

 

In June 2018, Metropolitan advanced the Company an aggregate of $75,000. The advance was non-interest bearing and due on demand. The advance was repaid upon the consummation of the Initial Public Offering on July 2, 2018.

 

Promissory Note — Related Party

 

On March 21, 2018, the Company issued an unsecured promissory note to Metropolitan, pursuant to which the Company borrowed an aggregate principal amount of $125,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) April 1, 2019, (ii) the consummation of the Initial Public Offering or (iii) the date on which the Company determined not to proceed with the Initial Public Offering. The Promissory Note was repaid upon the consummation of the Initial Public Offering on July 2, 2018.

 

Administrative Services Arrangement

 

The Company entered into an agreement with Metropolitan Capital Partners II, LP, an affiliate of the Company's Chief Executive Officer, whereby, commencing on June 27, 2018 through the earlier of the Company's consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, utilities and administrative and bookkeeping services, as the Company may require from time to time. The Company will pay Metropolitan Capital Partners II, LP $10,000 per month for these services. For the three and nine months ended March 31, 2019, the Company incurred $30,000 and $90,000 in fees for these services.

 

Related Party Loans

 

In order to finance transaction costs in connection with a Business Combination, the Company's Initial Shareholders, officers, directors or their affiliates may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender's discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into additional Private Warrants at a price of $1.00 per warrant. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.
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Commitments and Contingencies
 9 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 7. COMMITMENTS AND CONTINGENCIES

 

Registration Rights

 

Pursuant to a registration rights agreement entered into on June 27, 2018, the holders of the Founder Shares, Private Warrants and any warrants that may be issued in payment of the Working Capital Loans (and their underlying securities) are entitled to registration rights. The holders of a majority of these securities are entitled to make up to two demands that the Company register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these ordinary shares are to be released from escrow. The holders of a majority of the Private Warrants and warrants issued to the Initial Shareholders, officers, directors or their affiliates in payment of Working Capital Loans made to the Company (including the underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders have certain "piggyback" registration rights with respect to registration statements filed subsequent to the completion of a Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

Business Combination Marketing Agreement

 

The Company has engaged EarlyBirdCapital, Inc. ("EarlyBirdCapital") as an advisor in connection with a Business Combination to assist the Company in holding meetings with its shareholders to discuss a potential Business Combination and the target business' attributes, introduce the Company to potential investors that are interested in purchasing 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 a Business Combination. The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of a Business Combination in an amount equal to $2,200,000. In addition to the forgoing fee, the Company will pay EarlyBirdCapital a cash fee equal to one percent (1.0%) of the total consideration payable in a proposed Business Combination if EarlyBirdCapital introduces the Company to a target business with which the Company completes a Business Combination.
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Shareholders' Equity
 9 Months Ended
Mar. 31, 2019
Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 8. SHAREHOLDERS' EQUITY

 

Preference Shares — On June 22, 2018, the Company filed an Amended and Restated Memorandum and Articles of Association such that the Company is authorized to issue 1,000,000 preference shares with no par value and with such designation, rights and preferences as may be determined from time to time by the Company's Board of Directors. At March 31, 2019 and June 30, 2018, there were no issued or outstanding preference shares.

 

Ordinary Shares — The Company is authorized to issue 100,000,000 ordinary shares with no par value. Holders of the Company's ordinary shares are entitled to one vote for each share. At March 31, 2019 and June 30, 2018, there were 1,934,089 and 1,437,500 ordinary shares issued and outstanding, excluding 5,029,146 and no ordinary shares subject to possible redemption, respectively.

 

Rights — Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination, even if a holder of such right redeemed all ordinary shares held by it in connection with a Business Combination. No fractional ordinary shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional ordinary shares upon consummation of a Business Combination as the consideration related thereto has been included in the Unit purchase price paid for by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary shares basis and each holder of rights will be required to affirmatively covert its rights in order to receive 1/10 of an ordinary share underlying each right (without paying additional consideration). The ordinary shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).

 

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company's assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights may expire worthless.

 

Warrants — The Public Warrants will become exercisable on the later of (a) the consummation of a Business Combination or (b) July 2, 2019. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, the 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 the Public Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their Public Warrants on a cashless basis. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

 

The Company may call the warrants for redemption (excluding the Private Warrants), in whole and not in part, at a price of $0.01 per warrant:

 

  ● at any time after the Public Warrants become exercisable,
     
  ● upon not less than 30 days' prior written notice of redemption to each Public Warrant holder,
     
  ● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $18.00 per share, for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and
     
  ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants.

 

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company's assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.

 

Representative Shares

 

At the closing of the Initial Public Offering, the Company issued 88,235 ordinary shares (the "Representative Shares") to designees of EarlyBirdCapital. The Company accounted for the Representative Shares as an expense of the Initial Public Offering resulting in a charge directly to shareholders' equity. The Company estimated that the fair value of Representative Shares was $882,350 based upon the offering price of the Units of $10.00 per Unit. The holders of the Representative Shares have agreed not to transfer, assign or sell any such shares until the completion of a Business Combination. In addition, the holders of the Representative Shares have agreed (i) to waive their redemption rights with respect to such shares in connection with the completion of a Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period.  

 

Unit Purchase Options

 

On July 2, 2018, the Company sold to designees of EarlyBirdCapital, for $100, options to purchase up to 250,000 Units exercisable at $10.00 per Unit (or an aggregate exercise price of $2,500,000) commencing on the later of June 27, 2019 and the consummation of a Business Combination. The unit purchase options may be exercised for cash or on a cashless basis, at the holders' option, and expire June 27, 2023. The Units issuable upon exercise of the options are identical to those offered in the Initial Public Offering. The Company accounted for the unit purchase options, inclusive of the receipt of $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 the unit purchase options to be approximately $882,000 (or $3.53 per Unit) using the Black-Scholes option-pricing model. The fair value of the unit purchase options was estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free interest rate of 2.75% and (3) expected life of five years. The options grant to holders demand and "piggy back" rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the options. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the options may be adjusted in certain circumstances including in the event of a stock dividend, or the Company's recapitalization, reorganization, merger or consolidation. However, the options will not be adjusted for issuances of ordinary shares at a price below the exercise price.
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Fair Value Measurements
 9 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 9. FAIR VALUE MEASUREMENTS 

 

The Company follows the guidance in Accounting Standards Codification ("ASC") 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

 

The fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

 

  Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
     
  Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
     
  Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

 

The following table presents information about the Company's assets that are measured at fair value on a recurring basis at March 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description  Level  March 31,
2019		 
Assets:        
Marketable securities held in Trust Account  1  $55,938,349 
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Subsequent Events
 9 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10. SUBSEQUENT EVENTS

 

The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued. Based upon the review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.
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Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

 

The accompanying unaudited condensed financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the period from February 23, 2018 (inception) through June 30, 2018 as filed with the SEC on September 18, 2018, which contains the audited financial statements and notes thereto. The interim results for the three and nine months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending June 30, 2019 or for any future interim periods.
Emerging growth company

Emerging growth company

 

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

 

Further, 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 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 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. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of estimates

Use of estimates

 

The preparation of financial statements in conformity with 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.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.
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. The Company did not have any cash equivalents as of March 31, 2019 and June 30, 2018.
Marketable securities held in Trust Account

Marketable securities held in Trust Account

 

At March 31, 2019, the assets held in the Trust Account were substantially held in U. S. Treasury Bills.
Ordinary shares subject to possible redemption

Ordinary shares subject to possible redemption

 

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity." Ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature 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 feature certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of uncertain future events. Accordingly, at March 31, 2019, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' equity section of the Company's condensed balance sheets.
Income taxes

Income taxes

 

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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. The Company's management determined that the British Virgin Islands is the Company's major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of March 31, 2019 and June 30, 2018 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. 

  

The Company's tax provision is zero because the Company is organized in the British Virgin Islands with no connection to any other taxable jurisdiction. As such, the Company has no deferred tax assets. The Company is considered to be an exempted British Virgin Islands Company, and is presently not subject to income taxes or income tax filing requirements in the British Virgin Islands or the United States.
Net loss per ordinary share

Net loss per ordinary share

 

Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at March 31, 2019, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic loss per share since such ordinary shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of (1) warrants sold in the Initial Public Offering and private placement to purchase 7,875,000 ordinary shares, (2) rights sold in the Initial Public Offering that convert into 550,000 ordinary shares and (3) 250,000 ordinary shares, warrants to purchase 250,000 ordinary shares and rights that convert into 25,000 ordinary shares in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the warrants, the conversion of the rights into ordinary shares and the exercise of the unit purchase option is contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share for the periods presented.
Reconciliation of net loss per ordinary share

Reconciliation of net loss per ordinary share

 

The Company's net income (loss) is adjusted for the portion of income that is attributable to ordinary shares subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per ordinary share is calculated as follows:

 

  

Three Months Ended

March 31,
2019

  

Nine Months Ended

March 31,
2019

  

For the Period from

February 23,
2018 (inception) through

March 31,
2018

 
Net income (loss)  $257,118   $633,807   $(5,000)
Less: Income attributable to ordinary shares subject to possible redemption   (321,504)   (858,026)   — 
Adjusted net loss   (64,386)   (224,219)   (5,000)
                
Weighted average ordinary shares outstanding, basic and diluted   1,927,719    1,915,064    1,250,000 
                
Basic and diluted net loss per ordinary share  $(0.03)  $(0.12)  $(0.00)
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 March 31, 2019 and June 30, 2018, 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 condensed financial statements, primarily due to their short-term nature.
Recently issued accounting standards

Recently issued accounting standards

 

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's condensed financial statements.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Summary of basic and diluted loss per ordinary share
  

Three Months Ended

March 31,
2019

  

Nine Months Ended

March 31,
2019

  

For the Period from

February 23,
2018 (inception) through

March 31,
2018

 
Net income (loss)  $257,118   $633,807   $(5,000)
Less: Income attributable to ordinary shares subject to possible redemption   (321,504)   (858,026)   — 
Adjusted net loss   (64,386)   (224,219)   (5,000)
                
Weighted average ordinary shares outstanding, basic and diluted   1,927,719    1,915,064    1,250,000 
                
Basic and diluted net loss per ordinary share  $(0.03)  $(0.12)  $(0.00)
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value Measurements (Tables)
 9 Months Ended
Mar. 31, 2019
Fair Value Measurements  
Summary of fair value on a recurring basis
Description  Level  March 31,
2019		 
Assets:        
Marketable securities held in Trust Account  1  $55,938,349 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.19.1
Description of Organization and Business Operations (Details) - USD ($)
 1 Months Ended 9 Months Ended
Jul. 02, 2018
Mar. 31, 2018
Mar. 31, 2019
Description of Organization and Business Operations (Textual)      
Gross proceeds of private warrants   $ 2,375,000
Transaction costs     1,879,265
Underwriting fees     1,375,000
Other costs     504,265
Cash held outside of trust account     $ 128,715
Percentage of acquired outstanding voting securities     50.00%
Pro rata interest per share     $ 10.00
Fair market value of balance in trust account, percentage     80.00%
Business combination net tangible assets     $ 5,000,001
Business combination, description     The Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company's board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.00 per share.
Initial Public Offering [Member]      
Description of Organization and Business Operations (Textual)      
Consummated initial public offering units 5,500,000    
Gross proceeds of initial public offering $ 55,000,000    
Underwriters of their over-allotment option in amount of units 500,000    
Initial public offering price per unit $ 10.00    
Net proceeds of sale of units in initial public offering and sale of private warrants $ 55,000,000    
Private Warrants [Member]      
Description of Organization and Business Operations (Textual)      
Consummated sale of warrants 2,375,000    
Price of per warrant $ 1.00   $ 1.00
Gross proceeds of private warrants $ 2,375,000    
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.19.1
Liquidity and Going Concern (Details) - USD ($)
 9 Months Ended
Mar. 31, 2019
Jun. 30, 2018
Mar. 31, 2018
Feb. 22, 2018
Liquidity and Going Concern (Textual)        
Deposit assets $ 938,000      
Marketable securities 55,938,349      
Operating bank accounts 128,715 $ 50,891 $ 77,500
Working capital $ 211,126      
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2018
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Mar. 31, 2019
Accounting Policies [Abstract]          
Net income (loss) $ (5,000) $ 257,118 $ 215,576 $ 161,113 $ 633,807
Less: Income attributable to ordinary shares subject to possible redemption   (321,504)     (858,026)
Adjusted net loss $ (5,000) $ (64,386)     $ (224,219)
Weighted average ordinary shares outstanding, basic and diluted [1] 1,250,000 1,927,719     1,915,064
Basic and diluted net loss per ordinary share [2] $ (0.00) $ (0.03)     $ (0.12)
[1] Excludes an aggregate of up to 5,029,146 shares subject to possible redemption at March 31, 2019 and 187,500 shares to forfeiture to the extent that the underwriters' over-allotment option was not exercised in full or in part at March 31, 2018.
[2] Net loss per ordinary share - basic and diluted excludes interest income and unrealized gains attributable to shares subject to possible redemption of $321,504 and $858,026 for the three and nine months ended March 31, 2019 (see Note 3).
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies (Details Textual)
 9 Months Ended
Mar. 31, 2019
USD ($)
Summary of Significant Accounting Policies (Textual)  
Federal depository insurance coverage $ 250,000
Tax provision $ 0
Net loss per ordinary shares, description (1) warrants sold in the Initial Public Offering and private placement to purchase 7,875,000 ordinary shares, (2) rights sold in the Initial Public Offering that convert into 550,000 ordinary shares and (3) 250,000 ordinary shares, warrants to purchase 250,000 ordinary shares and rights that convert into 25,000 ordinary shares in the unit purchase option sold to the underwriter, in the calculation of diluted loss per share, since the exercise of the warrants, the conversion of the rights into ordinary shares and the exercise of the unit purchase option is contingent upon the occurrence of future events.
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Initial Public Offering (Details)
 9 Months Ended
Mar. 31, 2019
$ / shares
shares
Initial Public Offering (Textual)  
Sale of units 5,500,000
Initial Public Offering [Member]  
Initial Public Offering (Textual)  
Sale of units 5,500,000
Purchase price per units | $ / shares $ 10.00
Over-allotment option amount 500,000
Public warrant, description Each Unit consists of one ordinary share, one right and one redeemable warrant (“Public Warrant”). Each right entitles the holder to receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination. Each Public Warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share (see Note 8).
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.19.1
Private Placement (Details) - Private Warrants [Member] - USD ($)
 9 Months Ended
Mar. 31, 2019
Jul. 02, 2018
Private Placement (Textual)    
Purchase an aggregate of private warrants, shares 2,375,000  
Price per private warrant $ 1.00 $ 1.00
Purchase an aggregate of private warrants, value $ 2,375,000  
Private placement warrant, description Each Private Warrant is exercisable to purchase one ordinary share.  
Exercisable exercise price per share $ 11.50  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.19.1
Related Party Transactions (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 02, 2018
Jun. 30, 2018
Mar. 31, 2018
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2019
Mar. 21, 2018
Related Party Transactions (Textual)              
Aggregate purchase price [1]       $ 25,000      
Promissory note - related party   $ 125,000      
Advances was outstanding   $ 75,000      
Administrative Services Arrangement [Member]              
Related Party Transactions (Textual)              
Monthly payment for services           10,000  
Services fees         $ 30,000 $ 90,000  
Working Capital Loans [Member]              
Related Party Transactions (Textual)              
Related party loans, description           The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of notes may be converted upon consummation of a Business Combination into additional Private Warrants at a price of $1.00 per warrant.  
Promissory Note - Related Party [Member]              
Related Party Transactions (Textual)              
Aggregate principal amount             $ 125,000
Founder Shares [Member]              
Related Party Transactions (Textual)              
Aggregate founder shares issued   1,437,500 1,221,875        
Aggregate purchase price     $ 25,000        
Aggregate of shares subject to forfeiture   187,500          
Stock dividend price   $ 0.18          
Sell of founder shares, description           (1) with respect to 50% of the Founder Shares, the earlier of one year after the date of the consummation of a Business Combination and the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the Founder Shares, one year after the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property.  
Percentage of collective issued and outstanding shares   20.00%          
Founder Shares [Member] | Over-Allotment Option [Member]              
Related Party Transactions (Textual)              
Aggregate founder shares issued 500,000            
Aggregate of shares subject to forfeiture 62,500            
Promissory note - related party $ 125,000            
[1] Included an aggregate of 187,500 shares that were subject to forfeiture to the extent that the underwriters' over-allotment was not exercised in full or in part.
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.19.1
Commitments and Contingencies (Details)
 9 Months Ended
Mar. 31, 2019
EarlyBirdCapital, Inc. [Member]  
Commitments and Contingencies (Textual)  
Business combination, description The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of a Business Combination in an amount equal to $2,200,000. In addition to the forgoing fee, the Company will pay EarlyBirdCapital a cash fee equal to one percent (1.0%) of the total consideration payable in a proposed Business Combination if EarlyBirdCapital introduces the Company to a target business with which the Company completes a Business Combination.
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.19.1
Shareholders' Equity (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jul. 02, 2018
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2019
Jun. 30, 2018
Jun. 22, 2018
Shareholders' Equity (Textual)            
Preferred shares, authorized   1,000,000   1,000,000 1,000,000  
Preferred shares, issued      
Preferred shares, outstanding      
Preference shares, par value          
Ordinary shares, authorized   100,000,000   100,000,000 100,000,000  
Ordinary shares par value          
Voting rights, description       The Company's ordinary shares are entitled to one vote for each share.    
Ordinary shares, issue   1,934,089   1,934,089 1,437,500  
Ordinary shares, outstanding   1,934,089   1,934,089 1,437,500  
Fair value of representative shares   $ (257,118) $ (215,583)      
Ordinary shares subject to possible redemption   5,029,146   5,029,146    
Options [Member]            
Shareholders' Equity (Textual)            
Share price $ 3.53          
Description of unit purchase option The Company sold to designees of EarlyBirdCapital, for $100, options to purchase up to 250,000 Units exercisable at $10.00 per Unit (or an aggregate exercise price of $2,500,000) commencing on the later of June 27, 2019 and the consummation of a Business Combination. The unit purchase options may be exercised for cash or on a cashless basis, at the holders' option, and expire June 27, 2023.          
Cash payment $ 100          
Estimates fair value of purchase option $ 882,000          
Expected volatility 35.00%          
Risk-free interest rate 2.75%          
Expected life 5 years          
Warrants [Member]            
Shareholders' Equity (Textual)            
Warrants, per share         $ 0.01  
Public warrants, description      
  ● at any time after the Public Warrants become exercisable,
     
  ● upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder,
     
  ● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $18.00 per share, for any 20 trading days within a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and
     
  ● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants.
    
EarlyBirdCapital, Inc [Member]            
Shareholders' Equity (Textual)            
Issue of ordinary shares       88,235    
Share price   $ 10.00   $ 10.00    
Fair value of representative shares       $ 882,350    
Business combination, description       The holders of the Representative Shares have agreed (i) to waive their redemption rights with respect to such shares in connection with the completion of a Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period.    
Amended and Restated Memorandum and Articles of Association [Member]            
Shareholders' Equity (Textual)            
Preferred shares, authorized           1,000,000
Preference shares, par value          
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value Measurements (Details) - USD ($)
Mar. 31, 2019
Jun. 30, 2018
Marketable securities held in Trust Account $ 55,938,349
Level 1 [Member]    
Marketable securities held in Trust Account $ 55,938,349  
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