Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
Assets:    
Cash $ 180,494 $ 446,281
Prepaid insurance 0 31,712
Total current assets 180,494 477,993
Non-current assets:    
Investments held in trust 189,645,089 189,634,541
Total assets 189,825,583 190,112,534
Liabilities and Stockholders' Equity:    
Franchise tax payable 293,220 113,222
Accrued operating expenses and accounts payable 253,353 73,567
Accrued transaction expenses 4,950,000 0
Sponsor loan 750,000 0
Total current liabilities 6,246,573 186,789
Deferred underwriter compensation 6,647,375 6,647,375
Warrant liability 19,234,450 15,075,650
Total liabilities 32,128,398 21,909,814
Commitment and contingencies:    
Common stock subject to possible redemption: 15,269,718 (at redemption value of approximately $9.98) and 16,320,272 shares (at redemption value of approximately $9.98) at December 31, 2012 and 2011, respectively 152,697,184 163,202,717
Stockholders' equity:    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.0001 par value; 400,000,000 shares authorized; 7,891,867 and 6,841,313 shares issued and outstanding at December 31, 2012 and 2011, respectively, excluding shares subject to redemption 789 684
Additional paid-in capital 4,999,212 4,999,319
Deficit accumulated during the development stage 0  
Total stockholders' equity, net 5,000,001 5,000,003
Total liabilities and stockholders' equity $ 189,825,583 $ 190,112,534