Quarterly report pursuant to sections 13 or 15(d)

Condensed Balance Sheets

v2.4.0.6
Condensed Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Cash $ 85,887 $ 134,028
Investments held in trust at amortized cost 50,258,937 50,255,577
Advances to Affiliate 265,931 382,830
Prepaid expenses 129,375 100,844
Total assets 50,740,130 50,873,279
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accrued expenses 5,244 11,500
Deferred underwriter's fee 2,250,000 2,250,000
Due to shareholders 206 206
Total current liabilities 2,255,450 2,261,706
Warrant liability 4,931,667 4,483,334
Total liabilities 7,187,117 6,745,040
Maximum ordinary shares, subject to possible redemption 3,836,121 and 3,893,357 shares stated at conversion value, respectively 38,553,012 39,128,238
Shareholders' equity:    
Ordinary shares, $.001 par value Authorized 60,000,000 shares; 6,250,000 and 6,250,000 shares issued and outstanding respectively 2,416 2,359
Additional paid-in capital 5,728,446 5,153,277
Deficit accumulated during the development stage (730,861) (155,635)
Total shareholders' equity 5,000,001 5,000,001
Total liabilities and shareholders' equity $ 50,740,130 $ 50,873,279