| Schedule of Condensed Financial Statements [Table Text Block] |
The following table summarizes the adjustments made to the previously reported September 30, 2012 condensed balance sheet, condensed statement of operations, condensed statement of cash flows, and condensed statement of shareholders’ equity.
Selected condensed balance sheet information as of September 30, 2012:
| |
|
September 30,
2012 (as
previously
reported) |
|
|
Effect of
Restatement |
|
|
September 30,
2012
(As Restated) |
|
| |
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liability |
|
$ |
— |
|
|
$ |
2,152,000 |
|
|
$ |
2,152,000 |
|
| Total liabilities |
|
|
2,354,360 |
|
|
|
2,152,000 |
|
|
|
4,506,360 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Maximum ordinary shares subject to possible redemption |
|
|
43,140,724 |
|
|
|
(2,152,000 |
) |
|
|
40,988,724 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Ordinary shares |
|
|
1,956 |
|
|
|
216 |
|
|
|
2,172 |
|
| Additional paid-in capital |
|
|
5,803,861 |
|
|
|
(2,510,883 |
) |
|
|
3,292,978 |
|
| Retained earnings (Deficit) accumulated during the development stage |
|
|
(805,816 |
) |
|
|
2,501,667 |
|
|
|
1,704,851 |
|
| Total equity |
|
|
5,000,001 |
|
|
|
— |
|
|
|
5,000,001 |
|
| Total liabilities and equity |
|
$ |
50,495,085 |
|
|
$ |
— |
|
|
$ |
50,495,085 |
|
Selected condensed statement of operations information for the three months period and nine months period ended September 30, 2012 and 2011, respectively:
| |
|
For the three
months ended
September 30,
2012
(as previously
reported) |
|
|
Effect of
Restatement |
|
|
For the three
months ended
September 30,
2012
(As Restated) |
|
| |
|
|
|
|
|
|
|
|
|
| Gain on change in fair value of warrant liability |
|
$ |
— |
|
|
$ |
2,421,000 |
|
|
$ |
2,331,333 |
|
| Net (loss) income |
|
$ |
(161,020 |
) |
|
$ |
2,421,000 |
|
|
$ |
2,259,980 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings (net loss) per share |
|
$ |
(0.03 |
) |
|
$ |
0.39 |
|
|
$ |
0.36 |
|
| |
|
For the nine
months ended
September 30,
2012
(as previously
reported) |
|
|
Effect of
Restatement |
|
|
For the nine
months ended
September 30,
2012
(As Restated) |
|
| |
|
|
|
|
|
|
|
|
|
| Gain on change in fair value of warrant liability |
|
$ |
— |
|
|
$ |
2,331,334 |
|
|
$ |
2,331,334 |
|
| Net (loss) income |
|
$ |
(470,848 |
) |
|
$ |
2,331,334 |
|
|
$ |
1,860,486 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings (net loss) per share |
|
$ |
(0.08 |
) |
|
$ |
0.38 |
|
|
$ |
0.30 |
|
| |
|
For the three
months ended
September 30,
2011
(as previously
reported) |
|
|
Effect of
Restatement |
|
|
For the three
months ended
September 30,
2011
(As Restated) |
|
| |
|
|
|
|
|
|
|
|
|
| Gain on change in fair value of warrant liability |
|
$ |
— |
|
|
$ |
179,333 |
|
|
$ |
179,333 |
|
| Net (loss) income |
|
$ |
(194,207 |
) |
|
$ |
179,333 |
|
|
$ |
(14,874 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings (net loss) per share |
|
$ |
(0.03 |
) |
|
$ |
0.03 |
|
|
$ |
0.00 |
|
| |
|
For the nine
months ended
September 30,
2011
(as previously
reported) |
|
|
Effect of
Restatement |
|
|
For the nine
months ended
September 30,
2011
(As Restated) |
|
| |
|
|
|
|
|
|
|
|
|
| Gain on change in fair value of warrant liability |
|
$ |
— |
|
|
$ |
179,333 |
|
|
$ |
179,333 |
|
| Net (loss) income |
|
$ |
(286,892 |
) |
|
$ |
179,333 |
|
|
$ |
(107,559 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings (net loss) per share |
|
$ |
(0.07 |
) |
|
$ |
0.04 |
|
|
$ |
(0.03 |
) |
Selected condensed statement of cash flow information for the nine months period ended September 30, 2012 and 2011, respectively:
| |
|
For the nine months
ended September 30,
2012
(as previously
reported) |
|
|
Effect of
Restatement |
|
|
For the nine months
ended September 30,
2012
(As Restated) |
|
| |
|
|
|
|
|
|
|
|
|
| Operating activities: |
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(470,848 |
) |
|
$ |
2,331,334 |
|
|
$ |
1,860,486 |
|
| Gain on change in fair value of warrant liability |
|
$ |
— |
|
|
$ |
(2,331,334 |
) |
|
$ |
(2,331,334 |
) |
| |
|
For the nine months
ended September 30,
2011
(as previously
reported) |
|
|
Effect of
Restatement |
|
|
For the nine months
ended September 30,
2011
(As Restated) |
|
| |
|
|
|
|
|
|
|
|
|
| Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income |
|
$ |
(286,892 |
) |
|
$ |
179,333 |
|
|
$ |
(107,559 |
) |
| Gain on change in fair value of warrant liability |
|
$ |
— |
|
|
$ |
(179,333 |
) |
|
$ |
(179,333 |
) |
|