Subsequent Events (Details) - Subsequent Event [Member] |
1 Months Ended |
---|---|
Dec. 21, 2018
USD ($)
$ / shares
shares
| |
Subsequent Events (Textual) | |
Shares of common stock sold in initial public offering | 1,813,487 |
Public shares for cash price of per share | $ / shares | $ 10.64 |
Aggregate amount of public shares | $ | $ 19,300,000 |
Trust account | $ | $ 400,000 |
Sponsors transferred to former stockholders of warrants to purchase shares of common stock | 3,985,244 |
Sponsors transferred to former stockholders of warrants to purchase shares of common stock value | $ | $ 1,993,000 |
Transfer sponsor warrant price per share | $ / shares | $ 0.50 |
Exercise price of per share | $ / shares | $ 11.50 |
Date of mature | Dec. 26, 2019 |
Sponsors transferred shares of common stock shall be retained in treasury and available for issuance | 627,864 |
Percentage of issued and outstanding shares of common stock | 92.00% |
Exchange ratio of successor shares | 0.459 |
Description of reverse merger and recapitalization | In conjunction with the Reverse Merger and Recapitalization, the Company entered into at-will employment agreements with seven senior-level and executive employees with aggregate annual base salaries of $1,615,000. The employment agreement has an initial term of four years and automatically renews for one-year periods should either party not terminate within ninety days prior to the date of automatic renewal. The employment agreement outlines provisions around bonus, equity, severance and other employment benefits. Should employment terminate within the first two years without cause or a change of control, the executive would be granted severance payment equal to two years of base salary and two years of annualized bonuses earned along with immediate vesting of options. At the conclusion of the second year, the severance amount would be one-year of base salary and immediate vesting of options. |
Deferred underwriting fees | $ | $ 10,000 |
Series A Financing [Member] | |
Subsequent Events (Textual) | |
Additional shares issued | 6,000 |
Aggregate cash proceeds | $ | $ 6,000,000 |
Percentage of convertible preferred stock financing | 8.00% |
Sponsors transferred aggregate shares of common stock | 250,000 |
Warrants to purchase shares of common stock | 250,000 |
Shares to certain service providers | 181,391 |
Business combination, description | The Series A Financing shares are mandatorily redeemable in cash at the following schedule; (i) 104% of the aggregate value of three thousand (3,000) shares on the 30 day anniversary of the issuance; (ii) 104% of the aggregate value of two thousand five hundred (2,500) shares on the 60th day anniversary of the original issue; and (iii) 104% of the aggregate value of five hundred (500) shares of the 90th day anniversary of the original issue. |
Convertible into shares of common stock at option of holder price per share | $ / shares | $ 11.50 |
Shares of common stock and warrants to purchase | 27,900,000 |
Shares of common stock of phunware issued and outstanding | 18,200,000 |
Private Placement Warrants [Member] | |
Subsequent Events (Textual) | |
Sponsors transferred to former stockholders of warrants to purchase shares of common stock | 2,211,572 |
Transfer sponsor warrant price per share | $ / shares | $ 0.50 |