Quarterly report pursuant to sections 13 or 15(d)

Condensed Statement of Cash Flows

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Condensed Statement of Cash Flows (USD $)
6 Months Ended 29 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Cash flows from operating activities      
Net loss $ (399,495) $ (92,684) $ (555,130)
Adjustment to reconcile net loss to net cash used in operating activities      
Interest expense on shareholder loan 0 7,738 19,900
Gain/Loss on change in fair value of warrant liability 89,667 0 (89,667)
Foreign exchange loss 736 0 105
Discount amortization (1,463)   (1,463)
Changes in operating assets and liabilities      
Advance to affiliate 151,596 0 (230,602)
Deferred offering costs 0 0 0
Prepaid expenses 27,094 1,098 (73,750)
Accrued expenses 17,097 13,022 28,597
Due to shareholders 0 0 206
Net cash used in operating activities (114,768) (70,825) (901,803)
Cash flows from investing activities      
Interest reinvested in the trust account (6,784) 0 (12,362)
Funds placed in trust account from the initial public offering 0 (50,250,000) (50,250,000)
Net cash used in investing activities (6,784) (50,250,000) (50,262,362)
Cash flows from financing activities      
Proceeds from sale of ordinary shares to founding Shareholders 0 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 0 (1,650,494) (1,823,359)
Proceeds from shareholder loan 0 0 200,000
Repayment of shareholder loan 0 (200,000) (200,000)
Net cash provided by financing activities 0 51,124,506 51,176,641
Net (decrease) increase in cash (121,552) 803,681 12,476
Cash at beginning of period 134,028 167,374 0
Cash at end of period 12,476 971,055 12,476
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   $ 74,054