Quarterly report pursuant to sections 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended 74 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (55,000) $ (12,000) $ (458,000)
Changes in operating assets and liabilities:      
Prepaid expenses   4,000  
Accounts payable and accrued liabilities 16,000   219,000
Accrued interest related party   1,000 9,000
Franchise tax payable 40,000   125,000
Net cash provided by (used in) operating activities 1,000 (7,000) (105,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Cash held in Trust Account     (28,750,000)
Interest reinvested in the Trust Account (1,000)   (1,000)
Net cash used by investing activities (1,000)   (28,751,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock     28,781,000
Payments for Treasury stock   (6,000)  
Proceeds from note payable and advances - related party   13,000 75,000
Net cash provided by financing activities   7,000 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
Retirement of Treasury Stock     7,000
Paid directly to vendors
      
NON-CASH SCHEDULE OF INVESTING AND FINANCING ACTIVITIES      
Related party advances 60,000   380,000
Paid to fund expenses
      
NON-CASH SCHEDULE OF INVESTING AND FINANCING ACTIVITIES      
Related party advances     $ 149,000