|
STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended |
15 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
| Cash Flows from Operating Activities |
|
|
|
| Net Loss |
$ (230,860) |
|
$ (593,365) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Increase in accrued interest income |
(7,363) |
|
(45,339) |
| (Increase) decrease in prepaid expenses |
13,877 |
|
(4,746) |
| Increase in accrued expenses |
98,572 |
|
274,857 |
| Net cash used in operating activities |
(125,774) |
|
(368,593) |
| Cash Flows from Investing Activities |
|
|
|
| Investments held in Trust Account |
|
|
(80,000,000) |
| Cash Flows from Financing Activities |
|
|
|
| Proceeds from public offering, net of underwriting discount |
|
|
78,000,000 |
| Proceeds from issuance of warrants |
|
|
3,000,000 |
| Proceeds from notes payable, stockholder |
|
175,000 |
175,000 |
| Proceeds from issuance of stock to initial investor |
|
25,000 |
25,000 |
| Payment of note payable, stockholder |
|
|
(175,000) |
| Payment of offering costs |
|
(116,676) |
(433,808) |
| Net cash provided by financing activities |
|
83,324 |
80,591,192 |
| Net increase (decrease) in cash |
(125,774) |
83,324 |
222,599 |
| Cash at beginning of the period |
348,373 |
|
|
| Cash at end of the period |
222,599 |
83,324 |
222,599 |
| Supplemental disclosure of non-cash financing activities: |
|
|
|
| Deferred underwriter's fee |
|
|
$ 2,000,000 |