Quarterly report pursuant to sections 13 or 15(d)

Related Party

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Related Party
9 Months Ended
Sep. 30, 2011
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 5 — Related Party
 
The Company entered into an unsecured promissory note with an officer of the Company in an aggregate principal amount of $200,000. The note did not bear interest and was payable upon the completion of the Offering.  $19,900 of interest was imputed on the note at 7% and charged to additional paid-in capital.  The discount was amortized to interest expense on a monthly basis.  Interest expense for the three months ended September 30, 2011 and 2010 were nil and $3,317, respectively. Interest expense for the nine months ended September 30, 2011 and the periods from January 18, 2010 (inception) to September 30, 2010 and September 30, 2011 was $7,739, $8,847, and $19,900, respectively. The loan was repaid in full in June 2011 with proceeds from the Offering.
 
The Company has agreed to pay Chum Capital Group Limited a total of $10,000 per month for office space, utilities, secretarial and general and administrative services for a period commencing June 2, 2011 and ending on the earlier of the consummation by the Company of an initial Business Combination or the Company’s liquidation. Chum Capital Group Limited is an affiliate of Xuesong Song, Jin Shi and Michael W. Zhang, the Company’s executives. Total expenses related to office space, utilities, secretarial and general and administrative services for the nine months ended September 30, 2011 was $40,000.