EFTA01366409.pdf

Notes to Financial Statements NOTE I —DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS - (continued) In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per Unit in the Proposed Offering. NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis ofPresentation: The financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America. Emerging Growth Company Section 102(bXI) 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 an 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 differas 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. Net Loss Per Common Share: Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period, plus to the extent dilutive the incremental number of shares of common stock to settle warrants, as calculated using the treasury stock method. At June 5. 2015, the Company did not have any dilutive securities and other contracts that could, potentially. be exercised or converted into common stock and then share in the earnings or losses of the Company under the treasury stock method. As a result, diluted loss per common share is the same as basic loss per common share for the period. Concentration ofCredit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. FinancialInstruments: The fair value of the Company's assets and liabilities, which qualify as financial instruments under FASB ASC 820, "Fair Value Measurements and Disclosures." approximates the carrying amounts represented in the balance sheet. Use ofEstimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and GLOBAL PARTNER ACQUISITION CORP. Notes to Financial Statements NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (continued) disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. DeferredOffering Costs: The Company complies with the requirements of the ASC 340-10-599-1 and SEC Staff Accounting Bulletin (SAB) Topic 5A—"Expenses of Offering". Deferred offering costs of approximately $1,000 consist principally of httplAnnv.see.gov/Archivaedgaddata/1643953/000121390015005425/112015a2slobalparinechtmr/27/2015 8:51:37 AM] CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0057935 CONFIDENTIAL SONY GM_00204119 EFTA01366409