Deferred Underwriting Commissions
|3 Months Ended|
Mar. 31, 2018
|Deferred Underwriting Commissions [Abstract]|
|Deferred Underwriting Commissions||
Note 7 Deferred Underwriting Commissions
The Underwriter was paid a cash underwriting fee of $6,000,000 or two percent (2.0%) of the gross proceeds of the Public Offering, excluding any amounts raised pursuant to the overallotment option. In addition, the Underwriter is entitled to an aggregate deferred underwriting commission of $10,250,000 consisting of (i) three percent (3.0%) of the gross proceeds of the Public Offering, excluding any amounts raised pursuant to the overallotment option, and (ii) five percent (5.0%) of the gross proceeds of the Units sold in the Public Offering pursuant to the overallotment option. The deferred underwriting commissions will become payable to the Underwriter from the amounts held in the Trust Account solely in the event that the Company completes the Initial Business Combination, subject to the terms of the underwriting agreement.
Description of underwriting commission is in this category. We can not get all the benefit of this service within one year. That is the reason, we estimate written off value of underwriter commission and then we transfer same it in profit and loss account.
No definition available.