Annual report pursuant to section 13 and 15(d)

Statement of Cash Flows

v2.4.0.6
Statement of Cash Flows (USD $)
12 Months Ended 35 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Cash flows from operating activities      
Net income (loss) $ 1,234,895 $ (132,226) $ 1,079,260
Adjustment to reconcile net income (loss) to net cash used in operating activities      
Interest expense on shareholder loan 0 7,739 19,900
Gain on change in fair value of warrant liability (2,280,224) (179,333) (2,459,557)
Foreign exchange loss (gain) 1,090 (632) 459
Changes in operating assets and liabilities      
Advance to affiliate 381,740 (382,198) (459)
Prepaid expenses 40,844 (99,746) (60,000)
Accrued expenses 324,288 6,141 335,788
Due to shareholders 0 0 206
Net cash used in operating activities (297,367) (780,255) (1,084,403)
Cash flows from investing activities      
Interest reinvested in the trust account (16,411) (5,577) (21,988)
Funds placed in trust account from the initial public offering 0 (50,250,000) (50,250,000)
Net cash used in investing activities (16,411) (50,255,577) (50,271,988)
Cash flows from financing activities      
Proceeds from sale of ordinary shares to founding Shareholders 0 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 0 (1,772,514) (1,823,359)
Proceeds from shareholder loan 181,137 0 381,137
Repayment of shareholder loan 0 (200,000) (200,000)
Net cash provided by financing activities 181,137 51,002,486 51,357,778
Net (decrease) increase in cash (132,641) (33,346) 1,387
Cash at beginning of period 134,028 167,374 0
Cash at end of period 1,387 134,028 1,387
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 $ 0 $ 0 $ 0