|
BALANCE SHEETS (USD $)
|
Mar. 31, 2012
|
Dec. 31, 2011
|
| Current Assets: |
|
|
| Cash |
$ 222,599 |
$ 348,373 |
| Prepaid Expense |
4,746 |
18,622 |
| Total Current Assets |
227,345 |
366,995 |
| Noncurrent Assets: |
|
|
| Investments Held in Trust |
80,045,339 |
80,037,977 |
| Total Assets |
80,272,684 |
80,404,972 |
| Current Liabilities: |
|
|
| Accrued Expenses |
274,857 |
176,285 |
| Other Liabilities: |
|
|
| Deferred Underwriter's Fee |
2,000,000 |
2,000,000 |
| Total Liabilities |
2,274,857 |
2,176,285 |
| Commitments and Contingencies |
|
|
| Common Stock, subject to possible redemption: 7,299,783 and 7,322,869 shares (at redemption value) as of March 31, 2012 and December 31, 2011, respectively. |
72,997,826 |
73,228,686 |
| Stockholders' Equity |
|
|
| Common Stock, $.0001 par value, 250,000,000 shares authorized; 9,523,810 shares issued and outstanding (including 7,299,783 and 7,322,869 subject to possible redemption as of March 31, 2012 and December 31, 2012, respectively) |
952 |
952 |
| Additional Paid-in Capital |
5,592,414 |
5,361,554 |
| Deficit Accumulated during Development Stage |
(593,365) |
(362,505) |
| Total Stockholders' Equity |
5,000,001 |
5,000,001 |
| Total Liabilities and Stockholders' Equity |
$ 80,272,684 |
$ 80,404,972 |