Annual report pursuant to section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
12 Months Ended 23 Months Ended
Dec. 31, 2010
Dec. 31, 2011
Dec. 31, 2011
Cash flows from operating activities      
Net loss $ (23,409) $ (132,226) $ (155,635)
Adjustment to reconcile net loss to net cash used in operating activities      
Interest expense on shareholder loan 12,161 7,739 19,900
Gain on change in fair value of warrant liability 0 (179,333) (179,333)
Foreign exchange gain 0 (632) (632)
Changes in operating assets and liabilities      
Advance to affiliate 0 (382,198) (382,198)
Prepaid expenses (1,098) (99,746) (100,844)
Accrued expenses 5,359 6,141 11,500
Due to shareholders 206 0 206
Net cash used in operating activities (6,781) (780,255) (787,036)
Cash flows from investing activities      
Interest reinvested in the trust account 0 (5,577) (5,577)
Funds placed in trust account from the initial public offering 0 (50,250,000) (50,250,000)
Net cash used in investing activities 0 (50,255,577) (50,255,577)
Cash flows from financing activities      
Proceeds from sale of ordinary shares to founding Shareholders 25,000 0 25,000
Proceeds from initial public offering 0 50,000,000 50,000,000
Proceeds from private placement of insider warrants 0 2,975,000 2,975,000
Payment of underwriters fees and offering costs (50,845) (1,772,514) (1,823,359)
Proceeds from shareholder loan 200,000 0 200,000
Repayment of shareholder loan 0 (200,000) (200,000)
Net cash provided by financing activities 174,155 51,002,486 51,176,641
Net (decrease) increase in cash 167,374 (33,346) 134,028
Cash at beginning of period 0 167,374 0
Cash at end of period 167,374 134,028 134,028
Supplemental disclosure of non-cash financing activities      
Deferred underwriters' commission included in proceeds from IPO 0 2,250,000 2,250,000
Accrued offering costs included in proceeds from initial public offering $ 59,547 $ 0 $ 0