Quarterly report pursuant to sections 13 or 15(d)

Restatement of Previously Issued Condensed Financial Statements (Tables)

v2.4.0.6
Restatement of Previously Issued Condensed Financial Statements (Tables)
6 Months Ended
Jun. 30, 2012
Restatement Of Previously Issued Condensed Financial Statements [Abstract]  
Schedule of Condensed Balance Sheet [Table Text Block]

Selected condensed balance sheet information as of June 30, 2012:

 

June 30,
2012 (as
previously
reported)
Effect of
Restatement
June 30,
2012
(As Restated)
Liabilities:
Warrant liability $ $ 4,573,000 $ 4,573,000
Total liabilities 2,278,803 4,573,000 6,851,803
Maximum ordinary shares subject to possible redemption 43,301,744 (4,573,000 ) 38,728,744
Equity
Ordinary shares 1,940 459 2,399
Additional paid-in capital 5,642,857 (90,125 ) 5,552,732
Deficit accumulated during the development stage (644,796 ) 89,667 (555,130 )
Total equity 5,000,001 5,000,001
Total liabilities and equity $ 50,580,547 $ $ 50,580,547
Schedule of Condensed Income Statement [Table Text Block]

Selected condensed statement of operations information for the three months period and six months period ended June 30, 2012:

 

For the three months ended June 30, 2012
(as previously reported)
Effect of
Restatement
For the three months ended June 30, 2012
(As Restated)
Gain on change in fair value of warrant liability $ $ 358,667 $ 358,667
Net income (loss) $ (182,935 ) $ 358,667 $ 175,732
Basic and diluted net income (loss) per share $ (0.03 ) $ 0.06 $ 0.03

For the six months ended June 30, 2012
(as previously reported)
Effect of
Restatement
For the six months ended June 30, 2012
(As Restated)
Loss on change in fair value of warrant liability $ $ (89,667 ) $ (89,667 )
Net loss $ (309,828 ) $ (89,667 ) $ (399,495 )
Basic and diluted net loss per share $ (0.05 ) $ (0.01 ) $ (0.06 )
Schedule of Condensed Cash Flow Statement [Table Text Block]

Selected condensed statement of cash flow information for the six months period ended June 30, 2012:

For the six months ended June 30, 2012
(as previously reported)
Effect of
Restatement
For the six months ended June 30, 2012
(As Restated)
Operating activities:
Net loss $ (309,828 ) $ (89,667 ) $ (399,495 )
Loss on change in fair value of warrant liability $ $ 89,667 $ 89,667