Annual report pursuant to section 13 and 15(d)

Balance Sheets

v2.4.0.6
Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
ASSETS    
Cash $ 1,387 $ 134,028
Investments held in trust at amortized cost 50,271,988 50,255,577
Advances to Affiliate 0 382,830
Prepaid expenses 60,000 100,844
Total assets 50,333,375 50,873,279
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accrued expenses 335,788 11,500
Deferred underwriter's fee 2,250,000 2,250,000
Due to shareholders 181,343 206
Total Current Liabilities 2,767,131 2,261,706
Warrant liability 2,203,110 4,483,334
Total liabilities 4,970,241 6,745,040
Maximum ordinary shares, subject to possible redemption 4,016,232 and 3,893,357 shares stated at conversion value, respectively 40,363,133 39,128,238
Shareholders' equity:    
Ordinary shares, $.001 par value Authorized 60,000,000 shares; 6,250,000 and 1,955,000 shares issued and outstanding respectively 2,233 2,358
Additional paid-in capital 3,918,508 5,153,278
Retained earnings (Deficit) accumulated during the development stage 1,079,260 (155,635)
Total shareholders' equity 5,000,001 5,000,001
Total liabilities and shareholders' equity $ 50,333,375 $ 50,873,279