Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v2.4.0.6
Statements of Cash Flows (USD $)
 11 Months Ended 12 Months Ended 23 Months Ended
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2012
Cash Flows From Operating Activities:      
Net income (loss) $ 3,637,406 $ (10,505,535) $ (6,868,129)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Change in fair value of warrant liability (4,418,725) 4,158,800 (259,925)
Changes in operating assets and liabilities:      
Prepaid insurance (31,712) 31,712 0
Accrued operating expenses and accounts payable 73,567 5,393,942 5,467,509
Franchise tax payable 113,222 179,997 293,219
Net cash used in operating activities (626,242) (741,084) (1,367,326)
Cash Flows from Investing Activities:      
Principal deposited in Trust Account (189,626,500) 0 (189,626,500)
Interest reinvested into Trust Account (8,041) (10,549) (18,589)
Net cash used in investing activities (189,634,541) (10,549) (189,645,089)
Cash Flows from Financing Activities:      
Proceeds from sale of common stock to Sponsor 25,000 0 25,000
Proceeds from note payable to Sponsor 140,000 750,000 890,000
Net proceeds from public offering, after payment of upfront underwriting fee 186,126,500 0 186,126,500
Net proceeds from private placement 5,250,000 0 5,250,000
Repayment of Sponsor note (140,000) 0 (140,000)
Payment of offering/transaction expenses (694,436) (264,154) (958,590)
Net cash provided by financing activities 190,707,064 485,846 191,192,910
Increase (decrease) in cash during period 446,281 (265,787) 180,494
Cash at beginning of period   446,281  
Cash at end of period 446,281 180,494 180,494
Supplemental Disclosure of Non-Cash Financing Activities:      
Adjustment for warrant liability in connection with the public offering 19,494,375 0 19,494,375
Deferred underwriting compensation $ 6,647,375 $ 0 $ 6,647,375