|
INTERIM STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended |
27 Months Ended |
|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
| Cash Flows from Operating Activities |
|
|
|
| Net Income (Loss) |
$ (3,357,555) |
$ 369,140 |
$ (4,328,162) |
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: |
|
|
|
| Change in fair value of warrant liability |
1,440,000 |
(600,000) |
240,000 |
| Non-cash expense for stock compensation |
1,200,000 |
0 |
1,200,000 |
| Changes in Operating Assets and Liabilities |
|
|
|
| (Increase) in accrued interest income |
(9,994) |
(7,363) |
(10,532) |
| (Increase) decrease in prepaid expenses |
(185) |
13,877 |
(3,755) |
| Increase in prepaid lender fees |
(350,000) |
|
(350,000) |
| Increase in accrued expenses |
131,672 |
98,572 |
1,466,412 |
| Net cash used in operating activities |
(946,062) |
(125,774) |
(1,786,037) |
| Cash Flows from Investing Activities |
|
|
|
| Investments held in Trust Account |
0 |
|
(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, Sponsor |
635,000 |
|
1,270,000 |
| Proceeds from notes payable, Chief Executive Officer |
|
|
200,000 |
| Proceeds from issuance of stock to initial investor |
|
|
25,000 |
| Payment of note payable, Sponsor |
|
|
(175,000) |
| Payment of offering costs |
|
|
(433,808) |
| Net cash provided by financing activities |
635,000 |
|
81,886,192 |
| Net increase (decrease) in cash |
(311,062) |
(125,774) |
100,155 |
| Cash at beginning of the period |
411,217 |
348,373 |
0 |
| Cash at end of the period |
100,155 |
222,599 |
100,155 |
| Supplemental disclosure of non-cash financing activities: |
|
|
|
| Deferred underwriter's fee |
$ (1,500,000) |
$ 0 |
$ 500,000 |