|
INTERIM BALANCE SHEETS (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
| ASSETS |
|
|
| Cash |
$ 100,155 |
$ 411,217 |
| Prepaid Lender Fees |
350,000 |
|
| Prepaid Expense |
3,755 |
3,570 |
| Total Current Assets |
453,910 |
414,787 |
| Noncurrent Assets: |
|
|
| Investments Held in Trust Account |
80,010,531 |
80,000,537 |
| Total Assets |
80,464,441 |
80,415,324 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
| Accounts Payable and Accrued Expenses |
1,466,411 |
1,334,740 |
| Notes Payable, Chief Executive Officer |
200,000 |
200,000 |
| Notes Payable, Sponsor |
1,095,000 |
460,000 |
| Total Current Liabilities |
2,761,411 |
1,994,740 |
| Other Liabilities: |
|
|
| Warrant Liability |
4,440,000 |
3,000,000 |
| Deferred Underwriter's Fee |
500,000 |
2,000,000 |
| Total Liabilities |
7,701,411 |
6,994,740 |
| Commitments and Contingencies |
|
|
| Common Stock, subject to possible redemption: 6,776,303 and 6,842,058 shares (at redemption value) as of March 31, 2013 and December 31, 2012, respectively. |
67,763,029 |
68,420,583 |
| Stockholders' Equity |
|
|
| Common Stock, $.0001 par value, 250,000,000 shares authorized; 2,867,507 and 2,681,752 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively (excluding 6,776,303 and 6,842,058 shares subject to possible redemption as of March 31, 2013 and December 31, 2012, respectively) |
287 |
268 |
| Additional Paid-in Capital |
4,999,714 |
4,999,733 |
| Deficit Accumulated during Development Stage |
0 |
0 |
| Total Stockholders' Equity |
5,000,001 |
5,000,001 |
| Total Liabilities and Stockholders' Equity |
$ 80,464,441 |
$ 80,415,324 |