|6 Months Ended|
Mar. 31, 2019
|Debt Disclosure [Abstract]|
8. Notes Payable
On March 6, 2019, the Company issued four unsecured promissory notes in the aggregate principal amount of $1,437,500, representing $0.10 per public share. The funds have been deposited into the Trust Account as described in the prospectus filed by the Company in connection with the Company’s IPO. As a result, the period of time the Company has to consummate its previously announced business combination has been extended by three months to June 12, 2019. The promissory notes are recorded in “Notes Payable” on the condensed balance sheet as of March 31, 2019.
The promissory notes bear no interest and are repayable in full upon the consummation of the Company’s previously announced business combination.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef