Quarterly report pursuant to sections 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended 77 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (146,000) $ (18,000) $ (549,000)
Changes in operating assets and liabilities:      
Prepaid expenses    4,000   
Accounts payable and accrued liabilities 78,000 5,000 281,000
Accrued interest related party    9,000 9,000
Franchise tax payable 80,000    165,000
Net cash provided by (used in) operating activities 12,000    (94,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment held in Trust Account       (28,750,000)
Interest reinvested in the Trust Account (12,000)    (12,000)
Net cash used in investing activities (12,000)    (28,762,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock       28,781,000
Proceeds from note payable and advances - related party       75,000
Net cash provided by financing activities       28,856,000
NET DECREASE IN CASH         
CASH AT THE BEGINNING OF PERIOD         
CASH AT END OF PERIOD         
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid during the period for interest       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 123,000    443,000
Deferred offering costs included in accounts payable    75,000   
Retirement of Treasury Stock   7,000 7,000
Related party advances to fund expenses    $ 74,000 $ 149,000