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 71 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (293,000) $ (30,000) $ (403,000)
Changes in operating assets and liabilities:      
Prepaid expenses 4,000 (5,000)  
Accounts payable and accrued liabilities 203,000 (1,000) 203,000
Accrued interest related party   4,000 9,000
Franchise tax payable 85,000   85,000
Net cash used in operating activities (1,000) (32,000) (106,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Cash held in Trust account (28,750,000)   (28,750,000)
Net cash used by investing activities (28,750,000)   (28,750,000)
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   26,000 75,000
Net cash provided by financing activities 28,750,000 26,000 28,856,000
NET DECREASE IN CASH (1,000) (6,000)  
CASH AT THE BEGINNING OF PERIOD 1,000 7,000  
CASH AT END OF PERIOD   1,000  
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
Retirement of Treasury Stock 7,000   7,000
Paid directly to vendors
      
NON-CASH SCHEDULE OF INVESTING AND FINANCING ACTIVITIES      
Related party advances 320,000   320,000
Paid to fund expenses
      
NON-CASH SCHEDULE OF INVESTING AND FINANCING ACTIVITIES      
Related party advances $ 149,000   $ 149,000