Quarterly report pursuant to Section 13 or 15(d)

Condensed Interim Balance Sheets

v2.4.0.6
Condensed Interim Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash $ 132,862 $ 446,281
Prepaid insurance 0 31,712
Total current assets 132,862 477,993
Non-current assets:    
Investments held in trust 189,639,786 189,634,541
Total assets 189,772,648 190,112,534
Current liabilities:    
Accrued operating expenses and accounts payable 260,840 73,567
Franchise tax payable 203,222 113,222
Total current liabilities 464,062 186,789
Deferred underwriter compensation 6,647,375 6,647,375
Commitment and contingencies:    
Common stock subject to possible redemption: 17,794,592 and 17,856,407 shares (at redemption value) as of June 30, 2012 and December 31, 2011 respectively 177,661,208 178,278,367
Stockholders’ equity:    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.0001 par value; 400,000,000 shares authorized; 5,366,993 and 5,305,178 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively (excluding 17,794,592 and 17,856,407 shares subject to possible redemption, respectively) 536 530
Additional paid-in capital 6,397,947 5,780,792
Deficit accumulated during the development stage (1,398,480) (781,319)
Total stockholders’ equity, net 5,000,003 5,000,003
Total liabilities and stockholders’ equity $ 189,772,648 $ 190,112,534