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Notes Payable
12 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
Notes Payable

Note 5 — Notes Payable

 

Note Payable Related Party

 

On June 30, 2106, the Company issued a $131,720 principal amount unsecured promissory note to an affiliate of the Company’s executive officers. The note was non-interest bearing and payable on the earlier of (i) the consummation of the Offering or (ii) the date on which the Company determines not to proceed with the Offering. As of December 31, 2016, all amounts under the note had been repaid.

 

Advances from Related Party

 

An affiliate of the Company’s executive officers advanced funds to the Company to pay administrative expenses and offering costs incurred. These advances totaled $55,201 and were due on demand and are non-interest bearing. As of December 31, 2016, the Company repaid all advances.

 

Note Payable

 

On July 1, 2015, the Company issued a $55,000 principal amount unsecured promissory note. The note was non-interest bearing and was payable on the consummation of the Public Offering. On September 26, 2016, the Company amended the agreement with lender and outstanding balance was amended to $27,500. The Company recorded a gain on extinguishment of debt as a result of the amendment in the amount of $27,500 during the period ended December 31, 2016. The note is now due upon completion of an initial business combination. Due to the short-term nature of the note, the fair value of the note approximates the carrying amount.