Quarterly report pursuant to sections 13 or 15(d)

Investments Held in Trust

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Investments Held in Trust
9 Months Ended
Sep. 30, 2011
Investments Held In Trust [Abstract]  
Investments Held In Trust [Text Block]
Note 4 — Investments Held in Trust
 
Substantially all of the net proceeds from the Offering are intended to be generally applied toward the Business Combination. Management agreed to place the net proceeds from the Offering into the Trust Account until the earlier of (i) the completion of a Business Combination and (ii) liquidation of the Company. The placing of funds in the Trust Account may not protect those funds from third party claims against the Company. Although the Company will seek to have all vendors, prospective target businesses or other entities it engages execute agreements with the Company waiving any right in or to any monies held in the Trust Account, there is no guarantee that they will execute such agreements.
 
A total of $50,250,000, which includes $47,275,000 of the net proceeds from the Public Offering and $2,975,000 from the private placement, was placed in the Trust Account.
 
As of September 30, 2011, investment securities in the Company’s Trust Account consist of $50,250,728 in U.S. government treasury bills with a maturity of March 1, 2012 and $2,280 of cash. The carrying amount, excluding accrued interest income, gross unrealized holding gains and fair value of held-to-maturity securities at September 30, 2011 are as follows:
   
Amortized Cost
   
Gross Unrealized Gains
   
Gross Unrealized Losses
   
Fair Value
 
Cash
  $ 2,280     $     $     $ 2,280  
Held-to-Maturity:
                               
United States Treasury Securities
    50,250,728             5,276       50,245,452  
Total Investments Held in Trust
  $ 50,253,008     $     $ 5,276     $ 50,247,732  
 
As of September 30, 2011, the Company has recognized $810 of interest income related to the United States government treasury bills with $4,272 of the unamortized discount to be recognized over the remaining life of the securities.
 
At September 30, 2011, the Company’s investment in U.S. Treasuries has been at an unrealized loss position for less than twelve months with a current unrealized loss of $5,276. Unrealized losses on U.S. Treasuries have not been recognized into income because the bonds are of high credit quality and management does not intend to sell, or believe they will be likely required to sell the securities prior to the anticipated recovery in value.