Annual report pursuant to section 13 and 15(d)

Balance Sheets

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Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Cash $ 134,028 $ 167,374
Investments held in trust at amortized cost 50,255,577 0
Advances to Affiliate 382,830  
Prepaid expenses 100,844 1,098
Deferred offering costs 0 110,392
Total assets 50,873,279 278,864
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accrued expenses 11,500 64,906
Deferred underwriter's fee 2,250,000 0
Shareholder loan 0 192,261
Due to shareholders 206 206
Total current liabilities 2,261,706 257,373
Warrant liability 4,483,334 0
Total liabilities 6,745,040 257,373
Maximum ordinary shares, subject to possible redemption 3,893,357 and 0 shares stated at conversion value, respectively 39,128,238 0
Shareholders' equity:    
Ordinary shares, $.001 par value Authorized 60,000,000 shares; 6,250,000 and 1,955,000 shares issued and outstanding respectively 2,359 1,955
Additional paid-in capital 5,153,277 42,945
Deficit accumulated during the development stage (155,635) (23,409)
Total shareholders' equity 5,000,001 21,491
Total liabilities and shareholders' equity $ 50,873,279 $ 278,864