Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements

v2.4.0.6
Fair Value Measurements
 12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
8.  Fair Value Measurements

 

The Company has adopted ASC 820, “Fair Value Measurement” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The adoption of ASC 820 did not have an impact on the Company’s financial position or results of operations.

 

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2012, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:

 

Description   December 31,
2012		    

Quoted Prices

in Active

Markets

(Level 1)

    

Significant

Other

Observable

Inputs

(Level 2)

    

Significant

Other

Unobservable

Inputs

(Level 3)

  
Assets:                                
Restricted cash equivalents held in Trust Account   $ 189,645,089     $ 189,645,089     $ -     $ -  
Liabilities:                                
Warrant Liability   $ 19,234,450     $ -     $ 19,234,450     $ -  

 

Description  

December 31,
2011

(as restated)

    

Quoted Prices

in Active

Markets

(Level 1)

    

Significant

Other

Observable

Inputs

(Level 2)

    

Significant

Other

Unobservable

Inputs

(Level 3)

  
Assets:                            
Restricted cash equivalents held in Trust Account   $ 189,634,541     $ 189,634,541     $ -     $ -  
Liabilities:                                
Warrant Liability   $ 15,075,650     $ -     $ 15,075,650     $ -  

 

The fair value of the derivative warrant liability was determined by the Company using the quoted market prices for the publicly traded warrants. On reporting dates where there are no active trades the Company uses the last reported closing trade price of the warrants to determine the fair value (Level 2).