Quarterly report pursuant to sections 13 or 15(d)

Condensed Statement of Cash Flows

v2.4.0.6
Condensed Statement of Cash Flows (USD $)
3 Months Ended 26 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Cash flows from operating activities      
Net loss $ (575,226) $ (11,948) $ (730,861)
Adjustment to reconcile net loss to net cash used in operating activities      
Interest expense on shareholder loan 0 3,317 19,900
Loss on change in fair value of warrant liability 448,333 0 269,000
Foreign exchange gain (417) 0 (1,049)
Discount amortization (1,657)   (1,657)
Changes in operating assets and liabilities      
Advance to affiliate 117,316 0 (264,882)
Deferred offering costs 0 (126,503) 0
Prepaid expenses (28,531) 1,098 (129,375)
Accrued expenses (6,256) 113,883 5,244
Due to shareholders 0 0 206
Net cash used in operating activities (46,438) (20,153) (833,474)
Cash flows from investing activities      
Interest reinvested in the trust account (1,703) 0 (7,280)
Funds placed in trust account from the initial public offering 0 0 (50,250,000)
Net cash used in investing activities (1,703) 0 (50,257,280)
Cash flows from financing activities      
Proceeds from sale of ordinary shares to founding Shareholders 0 0 25,000
Proceeds from initial public offering 0 0 50,000,000
Proceeds from private placement of insider warrants 0 0 2,975,000
Payment of underwriters fees and offering costs 0 0 (1,823,359)
Proceeds from shareholder loan 0 0 200,000
Repayment of shareholder loan 0 0 (200,000)
Net cash provided by financing activities 0 0 51,176,641
Net (decrease) increase in cash (48,141) (20,153) 85,887
Cash at beginning of period 134,028 167,374 0
Cash at end of period 85,887 147,221 85,887
Supplemental disclosure of non-cash financing activities      
Deferred underwriters' commission included in proceeds from IPO $ 0   $ 2,250,000