Quarterly report pursuant to sections 13 or 15(d)

Condensed Statement of Cash Flows

 v2.3.0.11
Condensed Statement of Cash Flows (USD $)
6 Months Ended 18 Months Ended
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2011
Cash flows from operating activities      
Net loss $ 16,965 $ 92,684 $ 116,093
Interest expense on shareholder loan (5,749) (7,738) (19,898)
Accrued expenses 5,359 13,022 18,831
Due to shareholders 206 0 206
Prepaid expenses 0 1,098 0
Net cash used in operating activities (5,650) (70,825) (77,606)
Cash flows from investing activities      
Funds placed in trust account from offerings 0 (50,250,000) (50,250,000)
Cash flows from financing activities      
Proceeds from sale of ordinary shares to founding Shareholders 25,000 0 25,000
Proceeds from initial public offering 0 50,000,000 50,000,000
Proceeds from private placement of insider warrants 0 2,975,000 2,975,000
Payment of underwriters fees and offering costs (48,158) (1,650,494) (1,701,339)
Proceeds from shareholder loan 200,000 0 200,000
Repayment of shareholder loan 0 (200,000) (200,000)
Net cash provided by financing activities 176,842 51,124,506 51,298,661
Net (decrease) increase in cash 171,192 803,681 971,055
Cash at beginning of period 0 167,374 0
Cash at end of period 171,192 971,055 971,055
Supplemental disclosure of non-cash financing activities      
Deferred underwriters' commission included in proceeds from IPO 0 2,250,000 2,250,000
Accrued offering costs included in proceeds from initial public offering $ 39,760 $ 74,054 $ 133,601