Annual report pursuant to section 13 and 15(d)

Investments Held in Trust

Investments Held in Trust
12 Months Ended
Dec. 31, 2012
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 December 31, 2012, investment securities in the Company’s Trust Account consist of $50,271,988 in cash. As of December 31, 2011, investment securities in the Company’s Trust Account consisted of $50,253,297 in U.S. government treasury bills (the “T-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 losses and fair value of held-to-maturity securities at December 31, 2011 are as follows:


    Fair Value  
Cash   $ 2,280     $     $     $ 2,280  
United States Treasury Securities     50,253,297       195             50,253,492  
Total Investments Held in Trust   $ 50,255,577     $ 195     $     $ 50,255,772  


The Company has earned $21,988 in interest income since the closing of the Offering.