Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Financial Statements (Tables)

v2.4.0.6
Restatement of Previously Issued Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2012
Restatement Of Previously Issued Financial Statements [Abstract]  
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:

 

    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