Schedule Of Restatement Of Previously Issued Financial Statements [Table Text Block] |
The following table below summarizes the effect of the restatement to the Company’s financial statements as of and for the period ended December 31, 2011 and to the Company’s quarterly financial statements issued during 2011 and 2012:
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As |
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Previously |
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As |
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Reported |
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Adjustments |
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Restated |
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Balance sheet as of June 30, 2011 (unaudited) |
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Common Stock Subject to Possible Redemption |
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178,887,175 |
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(22,093,625 |
) |
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156,793,550 |
|
Warrant Liability |
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|
- |
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22,093,625 |
|
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|
22,093,625 |
|
Common Stock |
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|
2,316 |
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(1,568 |
) |
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|
748 |
|
Additional Paid-in Capital |
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5,170,198 |
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(170,945 |
) |
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4,999,253 |
|
Retained Earnings |
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(172,513 |
) |
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172,513 |
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- |
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Three months ended June 30, 2011 (unaudited) |
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Change in fair value of warrant liability |
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- |
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2,559,250 |
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2,559,250 |
|
Net income (loss) |
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(162,396 |
) |
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(2,599,250 |
) |
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(2,761,646 |
) |
Net income (loss) per share |
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(0.03 |
) |
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(0.45 |
) |
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(0.48 |
) |
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Period from February 2, 2011 (inception) to June 30, 2011 (unaudited) |
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Change in fair value of warrant liability |
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- |
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2,599,250 |
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2,599,250 |
|
Net income (loss) |
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(172,513 |
) |
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(2,599,250 |
) |
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(2,771,763 |
) |
Net income (loss) per share |
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(0.04 |
) |
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(0.49 |
) |
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(0.53 |
) |
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Balance sheet as of September 30, 2011 (unaudited) |
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Common Stock Subject to Possible Redemption |
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178,574,414 |
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(19,494,375 |
) |
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159,080,039 |
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Warrant Liability |
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- |
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19,494,375 |
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19,494,375 |
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Common Stock |
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2,316 |
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(1,591 |
) |
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|
725 |
|
Additional Paid-in Capital |
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5,482,959 |
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(483,683 |
) |
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4,999,276 |
|
Retained Earnings |
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(485,274 |
) |
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|
485,274 |
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- |
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Three months ended September 30, 2011 (unaudited) |
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Change in fair value of warrant liability |
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- |
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(2,599,250 |
) |
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(2,599,250 |
) |
Net income (loss) |
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(312,761 |
) |
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2,599,250 |
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|
2,286,489 |
|
Net income (loss) per share |
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(0.06 |
) |
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0.37 |
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|
0.31 |
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Period from February 2, 2011 (inception) to September 30, 2011 (unaudited) |
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Change in fair value of warrant liability |
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- |
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- |
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|
- |
|
Net income (loss) |
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(485,274 |
) |
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- |
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(485,274 |
) |
Net income (loss) per share |
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(0.10 |
) |
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0.01 |
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(0.09 |
) |
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|
Balance sheet as of December 31, 2011 (audited) |
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Common Stock Subject to Possible Redemption |
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178,278,367 |
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(15,075,650 |
) |
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163,202,717 |
|
Warrant Liability |
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- |
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15,075,650 |
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|
15,075,650 |
|
Common Stock |
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2,316 |
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(1,632 |
) |
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|
684 |
|
Additional Paid-in Capital |
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5,482,959 |
|
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(483,640 |
) |
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4,999,319 |
|
Retained Earnings |
|
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(781,319 |
) |
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|
781,319 |
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|
- |
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Period from February 2, 2011 (inception) to December 31, 2011 (audited) |
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Change in fair value of warrant liability |
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- |
|
|
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(4,418,725 |
) |
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(4,418,725 |
) |
Net income (loss) |
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(781,319 |
) |
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4,418,725 |
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|
3,637,406 |
|
Net income (loss) per share |
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(0.05 |
) |
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|
0.65 |
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|
0.60 |
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As |
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Previously |
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As |
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Reported |
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Adjustments |
|
|
Restated |
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Balance sheet as of March 31, 2012 (unaudited) |
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Common Stock Subject to Possible Redemption |
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177,981,042 |
|
|
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(12,736,325 |
) |
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165,244,717 |
|
Warrant Liability |
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- |
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12,736,325 |
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|
12,736,325 |
|
Common Stock |
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2,316 |
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(1,652 |
) |
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|
664 |
|
Additional Paid-in Capital |
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6,076,329 |
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(1,076,992 |
) |
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4,999,337 |
|
Retained Earnings |
|
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(1,078,644 |
) |
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1,078,644 |
|
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|
- |
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Three months ended March 31, 2012 (unaudited) |
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Change in fair value of warrant liability |
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|
- |
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(2,339,325 |
) |
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(2,339,325 |
) |
Net income (loss) |
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(297,325 |
) |
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|
2,339,325 |
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|
2,042,000 |
|
Net income (loss) per share |
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(0.01 |
) |
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|
0.31 |
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|
0.30 |
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|
Balance sheet as of June 30, 2012 (unaudited) |
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Common Stock Subject to Possible Redemption |
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|
177,661,208 |
|
|
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(13,366,325 |
) |
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|
164,294,883 |
|
Warrant Liability |
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|
- |
|
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|
12,736,325 |
|
|
|
12,736,325 |
|
Common Stock |
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|
536 |
|
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|
131 |
|
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|
667 |
|
Additional Paid-in Capital |
|
|
6,397,947 |
|
|
|
(1,398,611 |
) |
|
|
4,999,336 |
|
Retained Earnings |
|
|
(1,398,480 |
) |
|
|
1,398,480 |
|
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|
- |
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|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2012 (unaudited) |
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|
|
|
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|
Change in fair value of warrant liability |
|
|
- |
|
|
|
- |
|
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|
- |
|
Net income (loss) |
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|
(319,836 |
) |
|
|
- |
|
|
|
(319,836 |
) |
Net income (loss) per share |
|
|
(0.06 |
) |
|
|
0.01 |
|
|
|
(0.05 |
) |
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|
|
|
|
|
|
|
|
Six months ended June 30, 2012 (unaudited) |
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|
|
|
|
|
|
|
|
|
|
|
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 |
|
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|
|
|
|
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|
|
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|
|
|
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 |
|
|