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)
9 Months Ended
Sep. 30, 2012
Restatement Of Prior Year Income [Abstract]  
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 )