FAIR VALUE MEASUREMENTS |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement |
NOTE 8 — FAIR VALUE MEASUREMENTS The Company classifies its U.S. Treasury and equivalent securities as held-to-maturity in accordance with ASC 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying condensed balance sheets and adjusted for the amortization or accretion of premiums or discounts.
At March 31, 2019, assets held in the Trust Account were comprised of $501,478 in money market funds which are invested in government securities and $174,266,790 in U.S. Treasury Bills. The gross holding losses and fair value of held-to-maturity securities at March 31, 2019 are as follows:
The Company follows the guidance in 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:
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