Quarterly report pursuant to sections 13 or 15(d)

INVESTMENT IN TRUST ACCOUNT

v2.4.0.6
INVESTMENT IN TRUST ACCOUNT
9 Months Ended
Sep. 30, 2012
INVESTMENT IN TRUST ACCOUNT [Abstract]  
INVESTMENT IN TRUST ACCOUNT

NOTE 2 - INVESTMENT IN TRUST ACCOUNT

 

Since the closing of the Offering, the gross proceeds have been held in the Trust Account. As described in Note 1, the Trust Account may be invested in U.S. "government securities," defined as any Treasury Bill or equivalent securities issued by the United States government having a maturity of one hundred and eighty (180) days or less or money market funds meeting the conditions specified in Rule 2a-7 under the Investment Company Act of 1940, until the earlier of (i) the consummation of its initial business transaction or (ii) the distribution of the Trust Account as described below.

 

Investment securities in the Trust Account at September 30, 2012 consist of an Institutional Money Market Account that meets the conditions specified in Rule 2a-7 under the Investment Company Act of 1940 with an investment bank. The Institutional Money Market Account is classified as a Level 1 investment within the fair value hierarchy. There are no holding gains or losses to date and there has been approximately $22,000 of interest income accrued at September 30, 2012. Prior to March 20, 2012, the investment securities in the Company's Trust Account consisted of cash held in a demand deposit account which was stated at cost at December 31, 2011. There were no holding gains or losses and no interest accrued or paid on the cash.