Quarterly report pursuant to sections 13 or 15(d)

Condensed Statement of Cash Flows

v2.4.0.6
Condensed Statement of Cash Flows (USD $)
9 Months Ended 32 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Cash flows from operating activities      
Net income (loss) $ 1,860,486 $ (107,559) $ 1,704,851
Adjustment to reconcile net loss to net cash used in operating activities      
Interest expense on shareholder loan 0 7,739 19,900
Gain on change in fair value of warrant liability (2,331,334) (179,333) (2,510,666)
Foreign exchange loss 1,090 0 459
Changes in operating assets and liabilities      
Advance to affiliate 381,740 0 (459)
Prepaid expenses 3,969 (88,902) (96,875)
Accrued expenses 17,517 (5,359) 29,017
Due to directors and shareholders 0 0 206
Net cash used in operating activities (66,532) (373,414) (853,568)
Cash flows from investing activities      
Interest reinvested in the trust account (11,425) (3,008) (17,002)
Funds placed in trust account from the initial public offering 0 (50,250,000) (50,250,000)
Net cash used in investing activities (11,425) (50,253,008) (50,267,002)
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 (1,750,015) (1,823,359)
Proceeds from shareholder loan 75,137 0 275,137
Repayment of shareholder loan 0 (200,000) (200,000)
Net cash provided by financing activities 75,137 51,024,985 51,251,778
Net (decrease) increase in cash (2,820) 398,563 131,208
Cash at beginning of period 134,028 167,374 0
Cash at end of period 131,208 565,937 131,208
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   $ 20,000