Anuvu Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Financial Statements

Restatement of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2012

Restatement Of Previously Issued Financial Statements [Abstract]

Restatement Of Previously Issued Financial Statement [Text Block]

2. Restatement of Previously Issued Financial Statements

In February 2013, the Company concluded it should correct its accounting related to the Company’s outstanding warrants. The Company had initially accounted for the warrants as a component of equity but upon further evaluation of the terms of the warrant, concluded that the warrants should be accounted for as a derivative liability. The warrants contain a restructuring price adjustment provision, such that, in the event the Company completes a business combination subsequent to the initial Business Combination which results in the Company’s shares no longer being listed on a national exchange or the OTC Bulletin Board, the exercise price of the warrants will decrease by formula that causes the warrants to not be indexed to the Company’s own shares. As a result of this provision, the Company has restated its financial statements to reflect the Company’s warrants as a derivative liability with changes in the fair value recorded in the current period earnings.

The following table below summarizes the effect of the restatement to the Company’s financial statements for the period ended December 31, 2011 and to the Company’s quarterly financial statements issued during 2011 and 2012:

	As
	Previously						As
	Reported			Adjustments			Restated

Balance sheet as of June 30, 2011 (unaudited)
Common Stock Subject to Possible Redemption		178,887,175			(22,093,625	)		156,793,550
Warrant Liability		-			22,093,625			22,093,625
Common Stock		2,316			(1,568	)		748
Additional Paid-in Capital		5,170,198			(170,945	)		4,999,253
Retained Earnings		(172,513	)		172,513			-

Three months ended June 30, 2011 (unaudited)
Change in fair value of warrant liability		-			2,559,250			2,559,250
Net income (loss)		(162,396	)		(2,599,250	)		(2,761,646	)
Net income (loss) per share		(0.03	)		(0.45	)		(0.48	)

Period from February 2, 2011 (inception) to June 30, 2011 (unaudited)
Change in fair value of warrant liability		-			2,599,250			2,599,250
Net income (loss)		(172,513	)		(2,599,250	)		(2,771,763	)
Net income (loss) per share		(0.04	)		(0.49	)		(0.53	)

Balance sheet as of September 30, 2011 (unaudited)
Common Stock Subject to Possible Redemption		178,574,414			(19,494,375	)		159,080,039
Warrant Liability		-			19,494,375			19,494,375
Common Stock		2,316			(1,591	)		725
Additional Paid-in Capital		5,482,959			(483,683	)		4,999,276
Retained Earnings		(485,274	)		485,274			-

Three months ended September 30, 2011 (unaudited)
Change in fair value of warrant liability		-			(2,599,250	)		(2,599,250	)
Net income (loss)		(312,761	)		2,599,250			2,286,489
Net income (loss) per share		(0.06	)		0.37			0.31

Period from February 2, 2011 (inception) to September 30, 2011 (unaudited)
Change in fair value of warrant liability		-			-			-
Net income (loss)		(485,274	)		-			(485,274	)
Net income (loss) per share		(0.10	)		0.01			(0.09	)

Balance sheet as of December 31, 2011 (audited)
Common Stock Subject to Possible Redemption		178,278,367			(15,075,650	)		163,202,717
Warrant Liability		-			15,075,650			15,075,650
Common Stock		2,316			(1,632	)		684
Additional Paid-in Capital		5,482,959			(483,640	)		4,999,319
Retained Earnings		(781,319	)		781,319			-

Period from February 2, 2011 (inception) to December 31, 2011 (audited)
Change in fair value of warrant liability		-			(4,418,725	)		(4,418,725	)
Net income (loss)		(781,319	)		4,418,725			3,637,406
Net income (loss) per share		(0.05	)		0.65			0.60

	As
	Previously						As
	Reported			Adjustments			Restated

Balance sheet as of March 31, 2012 (unaudited)
Common Stock Subject to Possible Redemption		177,981,042			(12,736,325	)		165,244,717
Warrant Liability		-			12,736,325			12,736,325
Common Stock		2,316			(1,652	)		664
Additional Paid-in Capital		6,076,329			(1,076,992	)		4,999,337
Retained Earnings		(1,078,644	)		1,078,644			-

Three months ended March 31, 2012 (unaudited)
Change in fair value of warrant liability		-			(2,339,325	)		(2,339,325	)
Net income (loss)		(297,325	)		2,339,325			2,042,000
Net income (loss) per share		(0.01	)		0.31			0.30

Balance sheet as of June 30, 2012 (unaudited)
Common Stock Subject to Possible Redemption		177,661,208			(13,366,325	)		164,294,883
Warrant Liability		-			12,736,325			12,736,325
Common Stock		536			131			667
Additional Paid-in Capital		6,397,947			(1,398,611	)		4,999,336
Retained Earnings		(1,398,480	)		1,398,480			-

Three months ended June 30, 2012 (unaudited)
Change in fair value of warrant liability		-			-			-
Net income (loss)		(319,836	)		-			(319,836	)
Net income (loss) per share		(0.06	)		0.01			(0.05	)

Six months ended June 30, 2012 (unaudited)
Change in fair value of warrant liability		-			(2,339,325	)		(2,339,325	)
Net income (loss)		(617,161	)		2,339,325			1,722,164
Net income (loss) per share		(0.12	)		0.38			0.26

Balance sheet as of September 30, 2012 (unaudited)
Common Stock Subject to Possible Redemption		177,301,453			(8,057,675	)		169,243,778
Warrant Liability		-			8,057,675			8,057,675
Common Stock		540			84			624
Additional Paid-in Capital		6,757,696			(1,758,313	)		4,999,383
Retained Earnings		(1,758,229	)		1,758,229			-

Three months ended September 30, 2012 (unaudited)
Change in fair value of warrant liability		-			(4,678,650	)		(4,678,650	)
Net income (loss)		(359,749	)		4,678,650			4,318,901
Net income (loss) per share		(0.07	)		0.72			0.65

Nine months ended September 30, 2012 (unaudited)
Change in fair value of warrant liability		-			(7,017,975	)		(7,017,975	)
Net income (loss)		(976,910	)		7,017,975			6,041,065
Net income (loss) per share		(0.18	)		1.08			0.90