Annual report pursuant to section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended 83 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (393,000) $ (293,000) $ (796,000)
Changes in operating assets and liabilities:      
Prepaid expenses    4,000   
Accounts payable and accrued liabilities 242,000 203,000 445,000
Accrued interest related party       9,000
Franchise tax payable 181,000 85,000 266,000
Net cash provided by (used in) operating activities 30,000 (1,000) (76,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment held in Trust Account    (28,750,000) (28,750,000)
Interest reinvested in the Trust Account (30,000)    (30,000)
Net cash used in investing activities (30,000) (28,750,000) (28,780,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock    28,750,000 28,781,000
Proceeds from note payable and advances - related party       75,000
Net cash provided by financing activities    28,750,000 28,856,000
NET DECREASE IN CASH    (1,000)   
CASH AT THE BEGINNING OF PERIOD    1,000   
CASH AT END OF PERIOD         
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid during the period for interest    1,000 1,000
NON-CASH SCHEDULE OF INVESTING AND FINANCING ACTIVITIES      
Conversion of notes payable (related party), advances (related party) and accrued interest to notes payable (related party)    120,000 120,000
Related party advances paid directly to vendors 268,000 320,000 588,000
Retirement of Treasury Stock    7,000 7,000
Related party advances to fund expenses    $ 149,000 $ 149,000