|
STATEMENTS OF CASH FLOWS (USD $)
|
6 Months Ended |
18 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
| Cash Flows from Operating Activities |
|
|
|
| Net Loss |
$ (726,500) |
$ (111,187) |
$ (1,089,005) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| (Increase) decrease in accrued interest income |
16,438 |
(12,102) |
(21,538) |
| Increase in prepaid expenses |
(15,257) |
(62,063) |
(33,880) |
| Increase in accrued expenses |
453,672 |
87,042 |
629,957 |
| Net cash used in operating activities |
(271,647) |
(98,310) |
(514,466) |
| Cash Flows from Investing Activities |
|
|
|
| Investments held in Trust Account |
0 |
(80,000,000) |
(80,000,000) |
| Cash Flows from Financing Activities |
|
|
|
| Proceeds from public offering, net of underwriting discount |
|
78,000,000 |
78,000,000 |
| Proceeds from issuance of warrants |
|
3,000,000 |
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) |
(175,000) |
| Payment of offering costs |
|
(433,808) |
(433,808) |
| Net cash provided by financing activities |
0 |
80,591,192 |
80,591,192 |
| Net increase (decrease) in cash |
(271,647) |
492,882 |
76,726 |
| Cash at beginning of the period |
348,373 |
0 |
0 |
| Cash at end of the period |
76,726 |
492,882 |
76,726 |
| Supplemental disclosure of non-cash financing activities: |
|
|
|
| Deferred underwriter's fee |
$ 0 |
$ 2,000,000 |
$ 2,000,000 |