0001144204-13-014788.txt : 20130313 0001144204-13-014788.hdr.sgml : 20130313 20130313150124 ACCESSION NUMBER: 0001144204-13-014788 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20130313 DATE AS OF CHANGE: 20130313 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCG Financial Acquisition Corp. CENTRAL INDEX KEY: 0001512074 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 274452594 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-35534 FILM NUMBER: 13687300 BUSINESS ADDRESS: STREET 1: 615 N. WABASH CITY: CHICAGO STATE: IL ZIP: 60611 BUSINESS PHONE: 312-784-3960 MAIL ADDRESS: STREET 1: 615 N. WABASH CITY: CHICAGO STATE: IL ZIP: 60611 10-Q/A 1 v337230_10qa.htm FORM 10-Q/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q/A

(Amendment No 1) 

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2011

 

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to_________________

 

Commission File Number: 000-54339

 

SCG FINANCIAL ACQUISITION CORP.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   27-4452594
(State or Other Jurisdiction of Incorporation or
Organization)		   (I.R.S. Employer Identification No.)
     
615 N. Wabash, Chicago, IL   60611
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s Telephone Number, Including Area Code   (312) 784-3960

 

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes   ¨ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨ Accelerated filer ¨
   
Non-accelerated filer x Smaller Reporting Company ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  x   No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   x

 

As of November 10, 2011, the registrant had 9,523,810 shares of Common Stock outstanding.

 

 
 

 

Explanatory Note

 

SCG Financial Acquisition Corp. (“we,” “us,” or the “Company”) is filing this Amendment No. 1 to Quarterly Report on Form 10-Q/A (this “Amendment”) to amend and restate its Quarterly Report on Form 10-Q for the period ended September 30, 2011, originally filed on November 10, 2011 (the “Original Filing”). For the convenience of the reader, this Amendment sets forth the Original Filing in its entirety, as amended by the Amendment. However, this Amendment is being filed to (i) amend the disclosure in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (ii) amend and restate the interim financial statements and related disclosure in Item 1. Financial Statements and Supplementary Data. In addition, as required by Rule 12b-15 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), new certifications by the Company’s principal executive officer and principal financial officer are filed as exhibits to this Amendment.

 

This Amendment is being filed to restate our unaudited interim financial statements as of September 30, 2011 to correct the accounting for adjustment made on our warrants. Our original accounting treatment did not recognize a liability for the warrant liability and did not recognize changes in the fair value of that warrant liability in our audited statement of operations. For additional information regarding this restatement, see “Note C – Restatement of Previously Issued Financial Statements” in the Notes to the Financial Statements contained in Item 1.

 

Although this Amendment amends and restates the Original Filing in its entirety, except for the information described above, this Amendment does not reflect events occurring after the filing of the Original Filing and unless otherwise stated herein, the information contained in the Amendment is current only as of the time of the Original Filing. Except as described above, no other changes have been made to the Original Filing. Accordingly, the Amendment should be read in conjunction with the Company’s filings made with the Securities and Exchange Commission subsequent to the filing of the Original Filing. The sections of the Original Filing affected by the restatement should no longer be relied upon.

 

 
 

 

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION  
     
ITEM 1. FINANCIAL STATEMENTS 1
     
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14
     
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 17
     
ITEM 4. CONTROLS AND PROCEDURES 17
     
PART II. OTHER INFORMATION  
     
ITEM 1. LEGAL PROCEEDINGS 18
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 18
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 18
ITEM 4. REMOVED AND RESERVED 18
ITEM 5. OTHER INFORMATION 18
ITEM 6. EXHIBITS 18

 

 
 

 

ITEM 1. FINANCIAL STATEMENTS

 

SCG FINANCIAL ACQUISITION CORP.

(a development stage company)

INTERIM BALANCE SHEET

September 30, 2011

(Unaudited)

As Restated

 

ASSETS        
Current Assets:        
Cash   $ 437,106  
Prepaid Expense     36,350  
Total Current Assets     473,456  
         
Noncurrent Assets:        
Investments Held in Trust     80,028,669  
         
Total Assets   $ 80,502,125  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current Liabilities:        
Accrued Expenses   $ 124,113  
         
Other Liabilities:        
Warrant Liability     4,200,000  
Deferred Underwriter's Fee     2,000,000  
         
Total Liabilities     6,324,113  
         
Commitments and Contingencies        
         
Common Stock, subject to possible redemption: 6,917,801 shares (at redemption value)     69,178,011  
         
Stockholders' Equity        
         
Common Stock, $.0001 par value, 250,000,000 shares authorized; 2,606,009 shares issued and outstanding (excluding 6,917,801 subject to possible redemption)     261  
Additional Paid-in Capital     4,999,740  
Deficit Accumulated during Development Stage    
Total Stockholders' Equity     5,000,001  
         
Total Liabilities and Stockholders' Equity   $ 80,502,125  

 

The accompanying notes are an integral part of the interim financial statements.

 

-1-
 

 

SCG FINANCIAL ACQUISITION CORP.

(a development stage company)

INTERIM STATEMENT OF OPERATIONS

(Unaudited)

As Restated

 

          For the Period from  
    Three Months Ended     January 5, 2011 (date of incorporation)  
    September 30, 2011     to September 30, 2011  
             
Revenue   $ -     $ -  
                 
Expenses:                
General and Administrative Expenses     (118,560 )     (241,849 )
                 
Loss from Operations     (118,560 )     (241,849 )
Interest Income     16,568       28,669  
                 
Net Loss Attributable to Common Stockholder   $ (101,992 )   $ (213,180 )
                 
Weighted Average Number of Common Shares Outstanding     2,606,009       2,164,754  
                 
Basic and Diluted Net Loss per Share Attributable to Other Stockholders   $ (0.04 )   $ (0.10 )

 

The accompanying notes are an integral part of the interim financial statements.

 

-2-
 

 

SCG FINANCIAL ACQUISITION CORP.

(a development stage company)

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the Period from January 5, 2011 (date of incorporation) to September 30, 2011

(Unaudited)

As Restated

 

                      Deficit        
                      Accumulated        
                Additional     During     Total  
    Common Stock     Paid-in     Development     Stockholders'  
    Shares     Amount $.0001 Par     Capital     Stage     Equity  
                               
Sale of common stock issued to initial stockholders on January 28, 2011     1,752,381     $ 175     $ 24,825     $ -     $ 25,000  
                                         
Sale of 8,000,000 units on April 18, 2011, net of underwriter’s discount, warrant liability, and offering costs     8,000,000       800       73,591,191               73,591,991  
                                         
Forfeiture of sponsor shares in connection with the underwriter's election to not exercise their over-allotment option     (228,571 )     (23 )     23                  
                                         
Net loss attributable to common stockholders                             (213,180 )     (213,180 )
                                         
Sale of private placement warrants                     3,000,000               3,000,000  
                                         
Net proceeds subject to possible redemption of 6,917,801 shares at redemption value     (6,917,801 )     (691 )     (71,616,299 )     213,180       (71,403,810 )
                                         
Balance, September 30, 2011     2,606,009     $ 261     $ 4,999,740     $ -     $ 5,000,001  

 

The accompanying notes are an integral part of the interim financial statements.

 

-3-
 

 

SCG FINANCIAL ACQUISITION CORP.

(a development stage company)

INTERIM STATEMENT OF CASH FLOWS

(Unaudited)

As Restated

 

          For the Period from  
    Three Months Ended     January 5, 2011 (date of incorporation)  
    September 30, 2011     to September 30, 2011  
             
Cash Flows from Operating Activities                
Net Loss   $ (101,992 )   $ (213,180 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Increase in accrued interest income     (16,568 )     (28,669 )
(Increase) decrease in prepaid expenses     25,714       (36,350 )
Increase in accrued expenses     37,070       124,113  
                 
Net cash used in operating activities     (55,776 )     (154,086 )
                 
Cash Flows from Investing Activities                
Investments held in Trust Account             (80,000,000 )
                 
Cash Flows from Financing Activities                
Proceeds from public offering, net of underwriting discount             78,000,000  
Proceeds from issuance of warrants             3,000,000  
Proceeds from notes payable, stockholder             175,000  
Proceeds from issuance of stock to initial investor             25,000  
Payment of note payable, stockholder             (175,000 )
Payment of offering costs             (433,808 )
                 
Net cash provided by financing activities             80,591,192  
                 
Net increase (decrease)  in cash     (55,776 )     437,106  
                 
Cash at beginning of the period     492,882       -  
                 
Cash at end of the period   $ 437,106     $ 437,106  
                 
Supplemental disclosure of non-cash financing activities:                
Deferred underwriter’s fee   $ 2,000,000     $ 2,000,000  
Adjustment for warrant liability in connection with the public offering   $  -     $ 4,200,000  

 

The accompanying notes are an integral part of the interim financial statements.

 

-4-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

(Unaudited)

 

NOTE A—DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

 

SCG Financial Acquisition Corp. (a corporation in the development stage) (the “Company”) was incorporated in Delaware on January 5, 2011. The Company was formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, exchangeable share transaction or other similar business transaction, one or more operating businesses or assets that the Company has not yet identified (“Initial Business Combination”). The Company has neither engaged in any operations nor generated any income, other than interest on the trust account assets (the “Trust Account”). The Company is focused on identifying a prospective target business or asset with which to consummate an Initial Business Combination. The Company is considered to be in the development stage as defined in FASB Accounting Standard Codification, or ASC 915, “Development Stage Entities,” and is subject to the risks associated with activities of development stage companies. The Company has selected December 31 as its fiscal year end.

 

The Company is currently evaluating Initial Business Combination candidates. All activity through September 30, 2011 relates to the Company’s formation, initial public offering (“Offering”) and identification and investigation of prospective target businesses with which to consummate an Initial Business Combination.

 

The registration statement for the Offering was declared effective April 8, 2011. The Company consummated the Offering on April 18, 2011 and received net proceeds of approximately $82,566,000, before deducting underwriting compensation of $4,000,000 (which includes $2,000,000 of deferred contingent underwriting compensation payable upon consummation of an Initial Business Combination) and includes $3,000,000 received for the purchase of 4,000,000 warrants by SCG Financial Holdings LLC (the “Sponsor”). Total offering costs (excluding $2,000,000 in underwriting fees) was $433,808.

 

On April 12, 2011, the Sponsor purchased 4,000,000 warrants (“Sponsor Warrants”) from the Company for an aggregate purchase price of $3,000,000. The Sponsor Warrants are identical to the warrants sold in the Offering, except that if held by the original holder or its permitted assigns, they (i) may be exercised for cash or on a cashless basis and (ii) are not subject to being called for redemption.

 

Total gross proceeds to the Company from the 8,000,000 units sold in the offering was $80,000,000. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Offering, although substantially all of the net proceeds of the Offering are intended to be generally applied toward consummating an Initial Business Combination. Furthermore, there is no assurance that the Company will be able to successfully consummate an Initial Business Combination.

 

On April 27, 2011, $80,000,000 from the Offering and Sponsor Warrants that was placed in a trust account (“Trust Account”) was invested, as provided in the Company’s registration statement. The Company is permitted to invest the proceeds of the Trust Account in U.S. “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (the “1940 Act”) with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the 1940 Act. The Trust Account assets will be maintained until the earlier of (i) the consummation of an Initial Business Combination or (ii) the distribution of the Trust Account as described below.

 

-5-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

The Company, after signing a definitive agreement for the acquisition of one or more target businesses or assets, will not submit the transaction for stockholder approval, unless otherwise required by law. The Company will proceed with an Initial Business Combination if it is approved by the board of directors. Only in the event that the Company is required to seek stockholder approval in connection with its Initial Business Combination, the Company will proceed with an Initial Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Initial Business Combination. In connection with such a vote, if an Initial Business Combination is approved and consummated, stockholders that elect to redeem their shares of common stock will be entitled to receive their pro-rata portion of the Trust Account as follows: (i) public stockholders voting against the Initial Business Combination and electing to redeem shares of common stock shall be entitled to receive a per share pro rata portion of the Trust Account (excluding interest and net of taxes) and (ii) public stockholders voting in favor of the Initial Business Combination and electing to redeem shares of common stock shall be entitled to receive a per share pro rata portion of the Trust Account (together with interest thereon which was not previously used for working capital but net of taxes). These shares of common stock are recorded at a fair value and classified as temporary equity, in accordance with ASC 480. The Sponsor, Gregory H. Sachs and each member of the Sponsor have agreed, in the event the Company is required to seek stockholder approval of its Initial Business Combination, to vote the initial shares in favor of approving an Initial Business Combination. The Sponsor, Gregory H. Sachs and each member of the Sponsor have also agreed to vote shares of common stock acquired by them in this offering or in the aftermarket in favor of an Initial Business Combination submitted to the Company’s stockholders for approval.

 

The Company’s Sponsor, officers and directors have agreed that the Company will have until January 12, 2013 to consummate an Initial Business Combination and one additional three month extension subject to (i) a signed letter of intent to consummate its Initial Business Combination by January 12, 2013 (and an Initial Business Combination relating thereto has not been consummated) and (ii) the approval of at least 65% of the holders of the Company’s common stock. If the Company does not consummate an Initial Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up, (ii) redeem the public shares of common stock for a per share pro rata portion of the Trust Account, including a portion of the interest earned thereon which was not previously used for working capital, but net of any taxes (which redemption would completely extinguish such holders’ rights as stockholders, including the right to receive further liquidation distributions, if any) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its remaining stockholders, as part of its plan of dissolution and liquidation. The Sponsor, Gregory H. Sachs and each member of the Sponsor have waived their rights to participate in any redemption with respect to its initial shares. However, if the Sponsor, Gregory H. Sachs or any member of the Sponsor acquire shares of common stock in or after the Offering, they will be entitled to a pro rata share of the Trust Account upon the Company’s redemption or liquidation in the event the Company does not consummate an Initial Business Combination within the required time period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per unit in the Offering.

 

-6-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange of Commission (SEC), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of September 30, 2011 and the results of operations for the period from January 5, 2011 (date of inception) to September 30, 2011 and the three months ended September 30, 2011. Certain information and disclosures normally included in interim financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the period January 5, 2011 (date of incorporation) to September 30, 2011 are not necessarily indicative of the results of operations to be expected for a full fiscal year.

 

Development stage company

 

The Company complies with the reporting requirements of FASB ASC 915, “Development Stage Entities.” At September 30, 2011, the Company had not commenced any operations nor generated revenue to date, other than interest on the Trust Account balance. All activity through September 30, 2011 relates to the Company’s formation, the Offering and the investigation of prospective target businesses with which to consummate an Initial Business Combination.

 

Net loss per common share

 

The Company complies with accounting and disclosure requirements of FASB ASC 260, “Earnings Per Share.” Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. At September 30, 2011, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. At September 30, 2011, the Company had outstanding warrants to purchase 12,000,000 shares of common stock. For the period presented, the weighted average of these shares was excluded from the calculation of diluted loss per common share because their inclusion would have been anti-dilutive. As a result, diluted loss per common share is the same as basic loss per common share for the period.

 

Concentration of credit risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

 

Restricted cash equivalents held in the Trust Account

 

The amounts held in the Trust Account represent substantially all of the proceeds of the Offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of an Initial Business Combination. The funds held in the Trust Account are invested primarily in United States Treasury Securities.

 

-7-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

Warrant Liability

 

The Company accounts for the 12,000,000 warrants issued in connection with its Offering (consisting of 8,000,000 warrants issued in the Offering and the 4,000,000 Sponsor Warrants) in accordance with the guidance contained in 815-40-15-7D, “Contracts in Entity's Own Equity” whereby under that provision they do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at its fair value and adjusts the instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company's statement of operations. The fair value of warrants issued by the Company in connection with the Offering has been estimated using the warrants quoted market price.

 

Fair value of financial instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.

 

Use of estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Redeemable common stock

 

The 8,000,000 common shares sold as part the Offering contain a redemption feature which allows for the redemption of common shares under the Company’s liquidation or tender offer/stockholder approval provisions. In accordance with ASC 480 “Distinguishing Liabilities from Equity”, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company does not specify a maximum redemption threshold, its Charter provides that in no event will they redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001.

 

The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock shall be affected by charges against the par value of common stock and retained earnings, or in the absence of retained earnings, by charges against paid-in capital in accordance with ASC 480-10-S99. During the period from January 5, 2011 (date of inception) to September 30, 2011, the change from the initial redemption value was ($213,180) while the change from the initial number of shares subject to redemption was (21,318). Changes in redemption value and amounts are primarily due to the net loss of the Company. Accordingly, at September 30, 2011, 6,917,801 public shares are classified outside of permanent equity at its redemption value. The redemption value is equal to the pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less franchise and income taxes payable (approximately $10.00 at September 30, 2011).

 

Securities held in Trust Account

 

Investment securities consist of United States Treasury securities. The Company classifies its securities as held-to-maturity in accordance with FASB ASC 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.

 

-8-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

A decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities' fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest method. Such amortization and accretion is included in the “interest income” line item in the statements of operations. Interest income is recognized when earned.

 

Income tax

 

The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the interim financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

There were no unrecognized tax benefits as of September 30, 2011. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the interim financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at September 30, 2011. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The adoption of the provisions of FASB ASC 740 did not have a material impact on the Company’s financial position and results of operation and cash flows as of and for the period ended September 30, 2011.

 

The Company is subject to income tax examinations by major taxing authorities since its inception.

 

-9-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

Recently issued accounting standards

 

In January 2010, the FASB issued “Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements,” which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose (i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, (ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and (iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 roll forward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009. However, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. The adoption of the amendment did not have a material impact on the Company’s interim financial statements.

 

The Company does not believe that the adoption of any other recently issued, but not yet effective, accounting standards will have a material impact on its financial position and results of operations.

 

NOTE C - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

 

The Company has restated its financial statements as of September 30, 2011 to correct its accounting for an adjustment related to the warrants issued in connection with the Offering. The Company’s original accounting treatment did not recognize a derivative liability and did not recognize any changes in the fair value of that derivative liability in its statements of operations. There were no changes in the fair value of the warrants during any period presented, therefore, there is no effect to the Company's statements of operations previously filed.

 

In March 2013, the Company concluded it should correct its accounting related to the Company’s outstanding warrants. The Company had initially accounted for the warrants as a component of equity but upon further evaluation of the terms of the warrant, concluded that the warrants should be accounted for as a derivative liability. The warrants contain a price adjustment provision, such that, in the event the Company completes a business combination subsequent to the initial business combination which results in the Company’s shares no longer being listed on a national exchange or the OTC Bulletin Board, the exercise price of the warrants will decrease by formula that causes the warrants to not be indexed to the Company’s own stock. As a result of this provision, the Company has restated its financial statements to reflect the Company’s warrants as a derivative liability with changes in the fair value recorded in the current period earnings.

 

The following tables summarize the adjustments made to the previously reported September 30, 2011 balance sheet, statements of operations and statements of cash flows:

 

September 30, 2011

 

Selected balance sheet information

 

    (as previously
reported) 		    Effect of
Restatement 		    (as restated)  
                   
Warrant liability   $ -     $ 4,200,000     $ 4,200,000  
Total Liabilities     2,124,113       4,200,000       6,324,113  
                         
Common Stock, subject to possible redemption     73,378,011       (4,200,000 )     69,178,011  
                         
Common Stock     952       (692 )     260  
Additional Paid-in Capital     5,212,229       (212,488 )     4,999,741  
Deficit Accumulated during the Development Stage     (213,180 )     213,180       -  
Total Stockholders' Equity     5,000,001       -       5,000,001  
                         
Total Liabilities and Stockholders' Equity   $ 80,502,125     $ -     $ 80,502,125  

 

-10-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

From the period from January 5, 2011 (date of inception) to September 30, 2011

 

Selected statement of operations

 

    (as previously
reported) 		    Effect of
Restatement 		    (as restated)  
                         
Basic and Diluted Net Loss per common share,
excludes shares subject to possible redemption - basic and diluted 		  $ (0.11 )   $ 0.01     $ (0.10 )

 

 

Selected statement of cash flows

 

    (as previously
reported) 		    Effect of
Restatement 		    (as restated)  
Supplemental disclosure of non-cash financing activities:                        
                         
Adjustment for warrant liability in connection  with the public offering   $ -     $ 4,200,000     $ 4,200,000  

 

For the three months ended September 30, 2011

 

Selected statement of operations  

 

    (as previously
reported) 		    Effect of
Restatement 		    (as restated)  
                   
Weighted Average Number of Common Shares Outstanding, excludes shares subject to possible redemption - basic and diluted     2,186,009       420,000       2,606,009  
                         
Basic and Diluted Net Loss per common share, excludes shares subject to possible redemption - basic and diluted   $ (0.05 )   $ 0.01     $ (0.04 )

 

NOTE D – WARRANT LIABILITY

 

Pursuant to the Company’s Offering, the Company sold 8,000,000 units, which subsequently separated into one warrant at an initial exercise price of $11.50 and one share of common stock. The Sponsor also purchased 4,000,000 warrants in a private placement in connection with the Offering. The warrants expire five years after the date of the Company’s initial business combination. The warrants issued contain a restructuring price adjustment provision in the event of any merger or consolidation of the Company with or into another corporation, subsequent to the initial business combination, where the surviving entity is not the Company and whose stock is not listed for trading on a national securities exchange or on the OTC Bulletin Board, or is not to be so listed for trading immediately following such event (the “Applicable Event”). The exercise price of the warrant is decreased immediately following an Applicable Event by a formula that causes the warrants to not be indexed to the Company’s own stock. Management used the quoted market price for the valuation of the warrants to determine the warrant liability to be $4,200,000 as of September 30, 2011. This valuation is revised on a quarterly basis until the warrants are exercised or they expire with the changes in fair value recorded in the statement of operations.

 

-11-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

NOTE E—INITIAL PUBLIC OFFERING

 

The Company consummated its Offering on April 18, 2011. Pursuant to the Offering, the Company sold 8,000,000 units at $10.00 per unit (“Units”). Each Unit consists of one share of the Company’s common stock, $0.0001 par value, and one redeemable common stock purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase from the Company one share of common stock at an exercise price of $11.50 commencing on the later of (a) one year from the date of the prospectus for the Offering (April 12, 2012) or (b) 30 days after the completion of an Initial Business Combination, and will expire five years from the date of the consummation of the Initial Business Combination. The Warrants will be redeemable by the Company at a price of $0.01 per Warrant upon 30 days prior notice after the Warrants become exercisable, only in the event that the last sale price of the common stock is at least $17.50 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given.

 

NOTE F—RELATED PARTY TRANSACTIONS

 

The Company issued $75,000 and $100,000 unsecured promissory notes to the Sponsor on January 28, 2011 and February 9, 2011, respectively. The notes were non-interest bearing and were payable on the earlier of December 30, 2011 or the consummation of the Offering. The notes were repaid from the proceeds of the Company’s Offering.

 

On January 28, 2011, the Company issued to the Sponsor 1,752,381 shares of restricted common stock for an aggregate purchase price of $25,000 in cash. The purchase price for each share of common stock was approximately $0.0001 per share. These shares included 228,571 shares of common stock that were forfeited on June 2, 2011 (as a result of the underwriters not exercising their overallotment option) upon the expiration of the underwriter’s overallotment option. The Sponsor and its permitted transferees own 16% of the Company’s issued and outstanding shares after the Offering. A portion of the Sponsor’s shares in an amount equal to 3% of the Company’s issued and outstanding shares will be subject to forfeiture by the Sponsor in the event the last sales price of the Company’s stock does not equal or exceed $12.00 per share for any 20 trading days within any 30 trading day period within 24 months following the closing of an Initial Business Combination. The Sponsor, Gregory H. Sachs and each member of the Sponsor have agreed that they will not sell or transfer their initial shares until one year following consummation of an Initial Business Combination, subject to earlier release in certain circumstances.  

 

-12-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

The Sponsor purchased, in a private placement, 4,000,000 warrants prior to the Offering at a price of $0.75 per warrant (a purchase price of $3,000,000) from the Company. Based on the observable market prices, the Company believes that the purchase price of $0.75 per warrant for such warrants exceeded the fair value of such warrants on the date of the purchase. The valuation was based on comparable initial public offerings by previous blank check companies. The Sponsor has agreed that the warrants purchased will not be sold or transferred until 30 days following consummation of an Initial Business Combination, subject to certain limited exceptions. If the Company does not complete an Initial Business Combination, then the proceeds will be part of the liquidating distribution to the public stockholders and the warrants issued to the Sponsor will expire worthless. The private placement warrants are classified within permanent equity as additional paid-in capital in accordance with ASC 815-40-25-13.

 

The Company has entered into an Administrative Services Agreement, effective as of April 12 2011, with Sachs Capital Group, LP, an affiliate of the Sponsor, for an estimated aggregate monthly fee of $7,500 for office space, secretarial, and administrative services, with up to an additional $7,500 for its other operating expenses incurred by the Sponsor. This agreement will expire upon the earlier of: (a) the successful completion of our Company’s Initial Business Combination, (b) January 12, 2013 (plus one additional 3 month extension subject to (i) a signed letter of intent and (ii) approval of at least 65% of the holders of the Company’s common stock), or (c) the date on which the Company is dissolved and liquidated.

 

The Sponsor is entitled to registration rights pursuant to a registration rights agreement. The Sponsor will be entitled to demand registration rights and certain “piggy-back” registration rights with respect to its shares of common stock, the Sponsor Warrants and the common stock underlying the Sponsor Warrants, commencing on the date such common stock or Sponsor Warrants are released from escrow. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

 

NOTE G—COMMITMENTS AND CONTINGENCIES

 

In conjunction with the Offering on April 18, 2011, the Company granted the underwriters a 45-day option to purchase up to 1,200,000 additional Units to cover the over-allotment at the initial offering price less the underwriting discounts and commissions.  This option expired unexercised on June 2, 2011.

 

A contingent fee payable to the underwriters of the Offering equal to 2.50% of the gross proceeds from the sale of the Units sold in the Offering will become payable from the amounts held in the Trust Account solely in the event the Company consummates its Initial Business Combination.  Such contingent fee is reflected as deferred underwriter’s fee of $2,000,000 on the accompanying September 30, 2011 interim balance sheet.

 

-13-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

NOTE H—INVESTMENT IN TRUST ACCOUNT

 

On April 27, 2011, $80,000,000 from the Offering and sale of the Sponsor Warrants that was placed in a Trust Account was invested, as provided in the Company’s registration statement.  The Company is permitted to invest the proceeds of the Trust Account in U.S. “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (the “1940 Act”) with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the 1940 Act.  The Trust Account assets will be maintained until the earlier of (i) the consummation of an Initial Business Combination or (ii) the distribution of the Trust Account.  

 

As of September 30, 2011, investment securities in the Company’s Trust Account consist of $80,031,900 in United States Treasury Bills and $385 of cash equivalents. The Company classifies its United States Treasury and equivalent securities as held-to-maturity in accordance with FASB ASC 320, "Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheets and adjusted for the amortization or accretion of premiums or discounts. The carrying amount, excluding accrued interest income, gross unrealized holding gains and fair value of held to maturity securities at September 30, 2011 are as follows:

 

   Carrying
Amount		   Gross
Unrealized
Holding
Gains		   Fair Value 
Held-to-maturity:               
U.S. Treasury Securities  $80,028,284   $3,616   $80,031,900 

 

NOTE I—FAIR VALUE MEASUREMENTS

 

The Company adopted ASC 820, “Fair Value Measurements” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The adoption of ASC 820 did not have an impact on the Company’s financial position or results of operations.

 

The Company defines fair value as the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The fair value estimates presented in the table below are based on information available to the Company as of September 30, 2011.

 

The accounting standard regarding fair value measurements discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

• Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

 

• Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

 

• Level 3: Unobservable inputs that reflect the reporting entity's own assumptions.

 

Warrant Liability

 

The fair value of the derivative warrant liability was determined by the Company using the quoted market prices for the publicly traded warrants. On reporting dates where there are no active trades the Company uses the last reported closing trade price of the warrants to determine the fair value (Level 2). There were no transfers between Level 1, 2 or 3 during any periods presented. There are no assets written down to fair value on non-recurring basis.

 

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2011, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:

 

-14-
 

 

SCG Financial Acquisition Corp.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

For the period from January 5, 2011 (date of inception) to September 30, 2011

 

Description   September
 30, 2011 		    Quoted Prices
In
Active
Markets
(Level 1) 		    Significant
Other
Observable
Inputs
(Level 2) 		    Significant
Other
Unobservable
Inputs
(Level 3) 		 
Assets:                                
Restricted cash equivalents held in Trust Account   $ 80,031,900     $ 80,031,900       —       —  
Liabilities:                                
Warrant Liability   $ 4,200,000       —     $ 4,200,000       —  

 

NOTE J—PREFERRED STOCK

 

The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. As of September 30, 2011, the Company has not issued any shares of preferred stock.

 

-15-
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

References to the “Company,” “us” or “we” refer to SCG Financial Acquisition Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the interim financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

 

Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “expect,” “anticipate,” “project,” “target,” “optimistic,” “intend,” “aim,” “will” or similar expressions are intended to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. These statements are based on the beliefs of our management as well as assumptions made by and information currently available to us and reflect our current view concerning future events. As such, they are subject to risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: our ability to consummate a successful business transaction; uncertainty of capital resources; the speculative nature of our business; our ability to successfully implement new strategies; present and possible future governmental regulations; operating hazards; competition; the loss of key personnel; any of the factors in the “Risk Factors” section of our Registration Statement File No. 333-172085; other risks identified in this Report; and any statements of assumptions underlying any of the foregoing. You should also carefully review other reports that we file with the Securities and Exchange Commission. We assume no obligation and do not intend to update these forward-looking statements, except as required by law.

 

Overview

 

We are a newly organized blank check company formed on January 5, 2011 for the purpose of effecting the Initial Business Combination. We are not limited to a particular industry, geographic region or minimum transaction value for purposes of consummating an Initial Business Combination, except that we will seek to capitalize on the substantial deal sourcing, investing and operating expertise of our management team to identify, acquire and operate a business located within or outside North America. In addition, we will not effect an Initial Business Combination with another blank check company or a similar company with nominal operations. We anticipate structuring an Initial Business Combination to acquire 100% of the equity interest or assets of the target business or businesses. We may, however, structure an Initial Business Combination to acquire less than 100% of such interests or assets of the target business, but we will only consummate such business combination if we (or any entity that is a successor to us in such business combination) will become the majority (50.1%) stockholder of the target. We will not consider any transaction that does not meet such criteria.

 

-16-
 

 

Results of Operations

 

We have neither engaged in any operations nor generated any revenues to date. Our entire activity since inception up to the closing of our Offering has been in preparation of the Offering. Since the completion and closing of our Offering, our activity has been limited to evaluating business transaction candidates.  We will not generate any operating revenues until after completion of our Initial Business Combination. We expect to generate small amounts of non-operating income in the form of interest income on cash and cash equivalents. Interest income is not expected to be significant in view of current low interest rates on risk-free investments (i.e. United States Treasury Bills.)

 

For the period January 5, 2011 through September 30, 2011 and for the three months ended September 30, 2011, we had net losses of $213,180 and $101,992, respectively.  For the period January 5, 2011 through September 30, 2011, we had expenses of $241,849 offset by accrued interest on the trust fund of $28,669. For the three months ended September 30, 2011, we had expenses of $118,560 offset by accrued interest on the trust fund of $16,568.  As a result of being a public company, we expect to incur increased expenses in the future for legal, financial reporting, accounting and due diligence.

 

Liquidity and Capital Resources

 

As of September 30, 2011 we had $437,106 in a bank account which is available for use by management to cover the costs associated with identifying a target business and negotiating an acquisition or merger. Out of the proceeds of our Offering which remained available outside of the trust account, we obtained officers and directors insurance covering a 12 month period from April 12, 2011 through April 12, 2012 for a cost of $65,000, with a prepaid balance at September 30, 2011 of $34,486.

 

The cash balance as of September 30, 2011 is $437,106, which includes 1) receipt of $81,025,000 from the public and private sale of securities, net of underwriter fees, 2) payment of $433,808 of expenses associated with the offering, 3) payment of $154,086 in operating expenditures and 4) investment of $80,000,000 in the trust account.

 

We intend to use substantially all of the funds held in the trust account (net of taxes), to consummate our Initial Business Combination. To the extent that our capital stock or debt is used, in whole or in part, as consideration to consummate our Initial Business Combination, the remaining proceeds held in the trust account will be used as working capital, to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

 

We believe that the $437,106 not held in trust as of September 30, 2011 will be sufficient to allow us to operate until January 12, 2013, the date by which we must consummate an Initial Business Combination. Over this time period, we will be using these funds for identifying and evaluating prospective acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the property and asset locations of prospective target businesses, reviewing corporate, title, environmental, financial documents and material agreements regarding prospective target businesses, audit fees and structuring, negotiating and consummating the business transaction. In order to meet our working capital needs following the consummation of our Offering, SCG Financial Holdings LLC may, but is not obligated to, loan us funds, from time to time, or at any time, in whatever amount it deems reasonable in its sole discretion, which may be convertible into warrants of the post business transaction entity at a price of $0.75 per warrant at the option of the lender. The warrants would be identical to the Sponsor Warrants. The holders of a majority of such warrants (or underlying shares) will be entitled to demand that we register these securities pursuant to an agreement to be entered into at the time of the loan. The holders of a majority of these securities would have certain “piggy-back” registration rights with respect to registration statements filed subsequent to such date. We will bear the expense incurred with the filing of any such registration statements.

 

-17-
 

 

We do not believe we will need to raise additional funds until the consummation of our Initial Business Combination to meet the expenditures required for operating our business. However, we may need to raise additional funds through a private offering of debt or equity securities if such funds are required to consummate a business transaction that is presented to us. Subject to compliance with applicable securities laws, we would only consummate such financing simultaneously with the consummation of our Initial Business Combination.

 

We have evaluated the appropriate accounting treatment for the Sponsor Warrants and the warrants attached to the public units. As we are not required to net-cash settle such warrants under any circumstances, including when we are unable to maintain sufficient registered shares to settle such warrants, the terms of the warrants satisfy the applicable requirements of FASB ASC 815, which provides guidance on identifying those contracts that should not be accounted for as derivative instruments, in accordance with FASB ASC 815. Accordingly, we intend to classify such instruments within permanent equity as additional paid-in capital.

 

We believe the purchase price of the Sponsor Warrants was greater than the fair value of such warrants when purchased.  Therefore, we will not be required to incur a compensation expense in connection with the purchase by our Sponsor of the Sponsor Warrants.

 

Off-balance sheet arrangements:

 

We have no obligations, assets or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or entered into any non-financial assets.

 

Contractual obligations:

 

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities other than a monthly fee of $7,500 payable to Sachs Capital Group, LP, an affiliate of the Sponsor, for office space, secretarial, and administrative expenses, with up to an additional $7,500 for its other operating expenses incurred by the Sponsor. We began incurring these fees on April 18, 2011 (the date the Company’s securities were first quoted on the OTCBB).   This agreement will expire upon the earlier of: (a) the successful completion of the Company’s Initial Business Combination, (b) January 12, 2013 (plus one additional 3 month extension subject to (i) a signed letter of intent and (ii) approval of at least 65% of the holders of the Company’s common stock), or (c) the date on which the Company is dissolved and liquidated.

 

Critical Accounting Policies

 

The preparation of interim financial statements and related disclosures in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the interim financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following as our critical accounting policies:

 

Loss per common share:

 

Loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period.

 

-18-
 

 

Recent accounting pronouncements:

 

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s interim financial statements.

 

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

 

The net proceeds of our Offering that were put in the trust account have been invested, as provided in the Company’s registration statement.  The Company is permitted to invest the proceeds of the Trust Account in U.S. “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (the “1940 Act”) with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the 1940 Act.  The Trust Account assets will be maintained until the earlier of (i) the consummation of the Initial Business Combination or (ii) the distribution of the Trust Account.   Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures:

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s (the “SEC”) rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2011. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective.

 

Changes in Internal Control:

 

During the most recently completed fiscal quarter, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

 

-19-
 

 

PART II. OTHER INFORMATION

 

ITEM 1A.  RISK FACTORS.

 

Factors that could cause the Company’s actual results to differ materially from those in this report are any of the risks described in our prospectus dated April 12, 2011 filed with the SEC, which is incorporated here by reference. Any of these factors could result in a significant or material adverse effect on the Company’s results of operations or financial condition. Additional risk factors not presently known to the Company or that the Company currently deems immaterial may also impair its business or results of operations.

 

As of the date of this Report, there have been no material changes to the risk factors disclosed in the Company’s prospectus dated April 12, 2011 filed with the SEC, except the Company may disclose changes to such factors or disclose additional factors from time to time in its future filings with the SEC.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

None  

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4.  REMOVED AND RESERVED

 

ITEM 5. OTHER INFORMATION

 

None

 

ITEM 6.EXHIBITS.

 

(a)  Exhibits.

 

Exhibit

Number

   Description
31.1*   Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).
31.2*   Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).
32.1*   Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350
32.2*   Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.
101.INS**   XBRL Instance Document
101.SCH**   XBRL Taxonomy Extension Schema Document
101.CAL**   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**   XBRL Taxonomy Extension Label Linkbase Document
101.PRE**   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith.

 

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

-20-
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date:  March 13, 2013   SCG Financial Acquisition Corp.
     
  By:  /s/ Gregory H. Sachs
    Gregory H. Sachs
    Chief Executive Officer

 

-21-

 

 

 

  

 EX-31.1 2 v337230_ex31-1.htm EXHIBIT 31.1

 

Certification Pursuant to Rule 13a-14(a)

 

I, Gregory H. Sachs, hereby certify that:

 

  1. I have reviewed this Quarterly Report on Form 10-Q/A of SCG Financial Acquisition Corp.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. (Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the registrant’s board of directors:

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  March 13, 2013 /s/ Gregory H. Sachs  
  Gregory H. Sachs  
  President and Chief Executive Officer  
  (principal executive officer)  

 

 

 

 

  

 EX-31.2 3 v337230_ex31-2.htm EXHIBIT 31.2

 

Certification Pursuant to Rule 13a-14(a)

 

I, Michelle Sibley, hereby certify that:

 

  1. I have reviewed this Quarterly Report on Form 10-Q/A of SCG Financial Acquisition Corp.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. (Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date:  March 13, 2013 /s/ Michelle Sibley  
  Michelle Sibley, Chief Financial Officer  
  (principal financial officer)  

 

 

 

 

 

 EX-32.1 4 v337230_ex32-1.htm EXHIBIT 32.1

 

CERTIFICATION

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

(18 U.S.C. 1350)

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of (18 U.S.C. 1350), the undersigned officer of SCG Financial Acquisition Corp., a Delaware corporation (the “Company”), does hereby certify, to the best of such officer’s knowledge and belief, that:

 

(1)           The Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2011 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)           The information contained in the Form 10-Q/A fairly presents, in all materials respects, the financial condition and results of operations of the Company.

 

Date: March 13, 2013 /s/ Gregory H. Sachs  
 

Gregory H. Sachs

President and Chief Executive Officer

(principal executive officer)

  

 

This certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liability of that section.  Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Securities Exchange Act.

 

 

 

  

 EX-32.2 5 v337230_ex32-2.htm EXHIBIT 32.2

 

CERTIFICATION

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

(18 U.S.C. 1350)

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), the undersigned officer of SCG Financial Acquisition Corp., a Delaware corporation (the “Company”), does hereby certify, to the best of such officer’s knowledge and belief, that:

 

(1)           The Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2011 (the “Form 10-Q/A”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)           The information contained in the Form 10-Q/A fairly presents, in all materials respects, the financial condition and results of operations of the Company.

 

Date:  March 13, 2013 /s/ Michelle Sibley  
 

Michelle Sibley

Chief Financial Officer

(principal financial officer)

  

 

This certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liability of that section.  Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Securities Exchange Act.

 

 

 

 

 

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In connection with such a vote, if an Initial Business Combination is approved and consummated, stockholders that elect to redeem their shares of common stock will be entitled to receive their pro-rata portion of the Trust Account as follows: (i) public stockholders voting against the Initial Business Combination and electing to redeem shares of common stock shall be entitled to receive a per share pro rata portion of the Trust Account (excluding interest and net of taxes) and (ii) public stockholders voting in favor of the Initial Business Combination and electing to redeem shares of common stock shall be entitled to receive a per share pro rata portion of the Trust Account (together with interest thereon which was not previously used for working capital but net of taxes). These shares of common stock are recorded at a fair value and classified as temporary equity, in accordance with ASC 480. The Sponsor, Gregory H. 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Sachs or any member of the Sponsor acquire shares of common stock in or after the Offering, they will be entitled to a pro rata share of the Trust Account upon the Company&#8217;s redemption or liquidation in the event the Company does not consummate an Initial Business Combination within the required time period. 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Certain information and disclosures normally included in interim financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the period January 5, 2011 (date of incorporation) to September 30, 2011 are not necessarily indicative of the results of operations to be expected for a full fiscal year.</p><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Development stage company</b></p><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company complies with the reporting requirements of FASB ASC 915, &#8220;Development Stage Entities.&#8221; At September 30, 2011, the Company had not commenced any operations nor generated revenue to date, other than interest on the Trust Account balance. All activity through September 30, 2011 relates to the Company&#8217;s formation, the Offering and the investigation of prospective target businesses with which to consummate an Initial Business Combination.</p><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>Net loss per common share</b></p><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company complies with accounting and disclosure requirements of FASB ASC 260, &#8220;Earnings Per Share.&#8221; Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. At September 30, 2011, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. At September 30, 2011, the Company had outstanding warrants to purchase 12,000,000 shares of common stock. For the period presented, the weighted average of these shares was excluded from the calculation of diluted loss per common share because their inclusion would have been anti-dilutive. 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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2011
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange of Commission (SEC), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of September 30, 2011 and the results of operations for the period from January 5, 2011 (date of inception) to September 30, 2011 and the three months ended September 30, 2011. Certain information and disclosures normally included in interim financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the period January 5, 2011 (date of incorporation) to September 30, 2011 are not necessarily indicative of the results of operations to be expected for a full fiscal year.

 

Development stage company

 

The Company complies with the reporting requirements of FASB ASC 915, “Development Stage Entities.” At September 30, 2011, the Company had not commenced any operations nor generated revenue to date, other than interest on the Trust Account balance. All activity through September 30, 2011 relates to the Company’s formation, the Offering and the investigation of prospective target businesses with which to consummate an Initial Business Combination.

 

Net loss per common share

 

The Company complies with accounting and disclosure requirements of FASB ASC 260, “Earnings Per Share.” Net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. At September 30, 2011, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. At September 30, 2011, the Company had outstanding warrants to purchase 12,000,000 shares of common stock. For the period presented, the weighted average of these shares was excluded from the calculation of diluted loss per common share because their inclusion would have been anti-dilutive. As a result, diluted loss per common share is the same as basic loss per common share for the period.

 

Concentration of credit risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

 

Restricted cash equivalents held in the Trust Account

 

The amounts held in the Trust Account represent substantially all of the proceeds of the Offering and are classified as restricted assets since such amounts can only be used by the Company in connection with the consummation of an Initial Business Combination. The funds held in the Trust Account are invested primarily in United States Treasury Securities.

  

Warrant Liability

 

The Company accounts for the 12,000,000 warrants issued in connection with its Offering (consisting of 8,000,000 warrants issued in the Offering and the 4,000,000 Sponsor Warrants) in accordance with the guidance contained in 815-40-15-7D, “Contracts in Entity's Own Equity” whereby under that provision they do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at its fair value and adjusts the instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company's statement of operations. The fair value of warrants issued by the Company in connection with the Offering has been estimated using the warrants quoted market price.

 

Fair value of financial instruments

 

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.

 

Use of estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Redeemable common stock

 

The 8,000,000 common shares sold as part the Offering contain a redemption feature which allows for the redemption of common shares under the Company’s liquidation or tender offer/stockholder approval provisions. In accordance with ASC 480 “Distinguishing Liabilities from Equity”, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company does not specify a maximum redemption threshold, its Charter provides that in no event will they redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001.

 

The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock shall be affected by charges against the par value of common stock and retained earnings, or in the absence of retained earnings, by charges against paid-in capital in accordance with ASC 480-10-S99. During the period from January 5, 2011 (date of inception) to September 30, 2011, the change from the initial redemption value was ($213,180) while the change from the initial number of shares subject to redemption was (21,318). Changes in redemption value and amounts are primarily due to the net loss of the Company. Accordingly, at September 30, 2011, 6,917,801 public shares are classified outside of permanent equity at its redemption value. The redemption value is equal to the pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less franchise and income taxes payable (approximately $10.00 at September 30, 2011).

 

Securities held in Trust Account

 

Investment securities consist of United States Treasury securities. The Company classifies its securities as held-to-maturity in accordance with FASB ASC 320 “Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.

  

A decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment that reduces the carrying costs to such securities' fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest method. Such amortization and accretion is included in the “interest income” line item in the statements of operations. Interest income is recognized when earned.

 

Income tax

 

The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the interim financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

There were no unrecognized tax benefits as of September 30, 2011. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the interim financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at September 30, 2011. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The adoption of the provisions of FASB ASC 740 did not have a material impact on the Company’s financial position and results of operation and cash flows as of and for the period ended September 30, 2011.

 

The Company is subject to income tax examinations by major taxing authorities since its inception.

  

Recently issued accounting standards

 

In January 2010, the FASB issued “Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements,” which provides guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose (i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, (ii) transfers between all levels (including Level 1 and Level 2) will be required to be disclosed on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and (iii) purchases, sales, issuances and settlements must be shown on a gross basis in the Level 3 roll forward rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009. However, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. The adoption of the amendment did not have a material impact on the Company’s interim financial statements.

 

The Company does not believe that the adoption of any other recently issued, but not yet effective, accounting standards will have a material impact on its financial position and results of operations.
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DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
 9 Months Ended
Sep. 30, 2011
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

NOTE A—DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

 

SCG Financial Acquisition Corp. (a corporation in the development stage) (the “Company”) was incorporated in Delaware on January 5, 2011. The Company was formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, exchangeable share transaction or other similar business transaction, one or more operating businesses or assets that the Company has not yet identified (“Initial Business Combination”). The Company has neither engaged in any operations nor generated any income, other than interest on the trust account assets (the “Trust Account”). The Company is focused on identifying a prospective target business or asset with which to consummate an Initial Business Combination. The Company is considered to be in the development stage as defined in FASB Accounting Standard Codification, or ASC 915, “Development Stage Entities,” and is subject to the risks associated with activities of development stage companies. The Company has selected December 31 as its fiscal year end.

 

The Company is currently evaluating Initial Business Combination candidates. All activity through September 30, 2011 relates to the Company’s formation, initial public offering (“Offering”) and identification and investigation of prospective target businesses with which to consummate an Initial Business Combination.

 

The registration statement for the Offering was declared effective April 8, 2011. The Company consummated the Offering on April 18, 2011 and received net proceeds of approximately $82,566,000, before deducting underwriting compensation of $4,000,000 (which includes $2,000,000 of deferred contingent underwriting compensation payable upon consummation of an Initial Business Combination) and includes $3,000,000 received for the purchase of 4,000,000 warrants by SCG Financial Holdings LLC (the “Sponsor”). Total offering costs (excluding $2,000,000 in underwriting fees) was $433,808.

 

On April 12, 2011, the Sponsor purchased 4,000,000 warrants (“Sponsor Warrants”) from the Company for an aggregate purchase price of $3,000,000. The Sponsor Warrants are identical to the warrants sold in the Offering, except that if held by the original holder or its permitted assigns, they (i) may be exercised for cash or on a cashless basis and (ii) are not subject to being called for redemption.

 

Total gross proceeds to the Company from the 8,000,000 units sold in the offering was $80,000,000. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Offering, although substantially all of the net proceeds of the Offering are intended to be generally applied toward consummating an Initial Business Combination. Furthermore, there is no assurance that the Company will be able to successfully consummate an Initial Business Combination.

 

On April 27, 2011, $80,000,000 from the Offering and Sponsor Warrants that was placed in a trust account (“Trust Account”) was invested, as provided in the Company’s registration statement. The Company is permitted to invest the proceeds of the Trust Account in U.S. “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (the “1940 Act”) with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the 1940 Act. The Trust Account assets will be maintained until the earlier of (i) the consummation of an Initial Business Combination or (ii) the distribution of the Trust Account as described below.

  

The Company, after signing a definitive agreement for the acquisition of one or more target businesses or assets, will not submit the transaction for stockholder approval, unless otherwise required by law. The Company will proceed with an Initial Business Combination if it is approved by the board of directors. Only in the event that the Company is required to seek stockholder approval in connection with its Initial Business Combination, the Company will proceed with an Initial Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Initial Business Combination. In connection with such a vote, if an Initial Business Combination is approved and consummated, stockholders that elect to redeem their shares of common stock will be entitled to receive their pro-rata portion of the Trust Account as follows: (i) public stockholders voting against the Initial Business Combination and electing to redeem shares of common stock shall be entitled to receive a per share pro rata portion of the Trust Account (excluding interest and net of taxes) and (ii) public stockholders voting in favor of the Initial Business Combination and electing to redeem shares of common stock shall be entitled to receive a per share pro rata portion of the Trust Account (together with interest thereon which was not previously used for working capital but net of taxes). These shares of common stock are recorded at a fair value and classified as temporary equity, in accordance with ASC 480. The Sponsor, Gregory H. Sachs and each member of the Sponsor have agreed, in the event the Company is required to seek stockholder approval of its Initial Business Combination, to vote the initial shares in favor of approving an Initial Business Combination. The Sponsor, Gregory H. Sachs and each member of the Sponsor have also agreed to vote shares of common stock acquired by them in this offering or in the aftermarket in favor of an Initial Business Combination submitted to the Company’s stockholders for approval.

 

The Company’s Sponsor, officers and directors have agreed that the Company will have until January 12, 2013 to consummate an Initial Business Combination and one additional three month extension subject to (i) a signed letter of intent to consummate its Initial Business Combination by January 12, 2013 (and an Initial Business Combination relating thereto has not been consummated) and (ii) the approval of at least 65% of the holders of the Company’s common stock. If the Company does not consummate an Initial Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up, (ii) redeem the public shares of common stock for a per share pro rata portion of the Trust Account, including a portion of the interest earned thereon which was not previously used for working capital, but net of any taxes (which redemption would completely extinguish such holders’ rights as stockholders, including the right to receive further liquidation distributions, if any) and (iii) as promptly as possible following such redemption, dissolve and liquidate the balance of the Company’s net assets to its remaining stockholders, as part of its plan of dissolution and liquidation. The Sponsor, Gregory H. Sachs and each member of the Sponsor have waived their rights to participate in any redemption with respect to its initial shares. However, if the Sponsor, Gregory H. Sachs or any member of the Sponsor acquire shares of common stock in or after the Offering, they will be entitled to a pro rata share of the Trust Account upon the Company’s redemption or liquidation in the event the Company does not consummate an Initial Business Combination within the required time period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per unit in the Offering.
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTERIM BALANCE SHEET (USD $)
Sep. 30, 2011
Current Assets:  
Cash $ 437,106
Prepaid Expense 36,350
Total Current Assets 473,456
Noncurrent Assets:  
Investments Held in Trust 80,028,669
Total Assets 80,502,125
Current Liabilities:  
Accrued Expenses 124,113
Other Liabilities:  
Warrant Liability 4,200,000
Deferred Underwriter's Fee 2,000,000
Total Liabilities 6,324,113
Commitments and Contingencies   
Common Stock, subject to possible redemption: 6,917,801 shares (at redemption value) 69,178,011
Stockholders' Equity  
Common Stock, $.0001 par value, 250,000,000 shares authorized; 2,606,009 shares issued and outstanding (excluding 6,917,801 subject to possible redemption) 261
Additional Paid-in Capital 4,999,740
Deficit Accumulated during Development Stage 0
Total Stockholders' Equity 5,000,001
Total Liabilities and Stockholders' Equity $ 80,502,125
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)
 9 Months Ended
Sep. 30, 2011
First Issuance [Member]
  
Sale of common stock, issuance date Jan. 28, 2011
Second Issuance [Member]
  
Sale of common stock, issuance date Apr. 18, 2011
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INTERIM STATEMENT OF CASH FLOWS (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2011
Cash Flows from Operating Activities    
Net Loss $ (101,992) $ (213,180)
Adjustments to reconcile net loss to net cash used in operating activities:    
Increase in accrued interest income (16,568) (28,669)
(Increase) decrease in prepaid expenses 25,714 (36,350)
Increase in accrued expenses 37,070 124,113
Net cash used in operating activities (55,776) (154,086)
Cash Flows from Investing Activities    
Investments held in Trust Account   (80,000,000)
Cash Flows from Financing Activities    
Proceeds from public offering, net of underwriting discount   78,000,000
Proceeds from issuance of warrants   3,000,000
Proceeds from notes payable, stockholder   175,000
Proceeds from issuance of stock to initial investor   25,000
Payment of note payable, stockholder   (175,000)
Payment of offering costs   (433,808)
Net cash provided by financing activities   80,591,192
Net increase (decrease) in cash (55,776) 437,106
Cash at beginning of the period 492,882  
Cash at end of the period 437,106 437,106
Supplemental disclosure of non-cash financing activities:    
Deferred underwriter's fee 2,000,000 2,000,000
Adjustment for warrant liability in connection with the public offering   $ 4,200,000
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTERIM BALANCE SHEET (Parenthetical) (USD $)
Sep. 30, 2011
Common Stock subject to possible redemption, shares 6,917,801
Common Stock, par value (in dollars per share) $ 0.0001
Common Stock, shares authorized 250,000,000
Common Stock, shares issued 2,606,009
Common Stock, shares outstanding 2,606,009
XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
PREFERRED STOCK
 9 Months Ended
Sep. 30, 2011
PREFERRED STOCK
NOTE J—PREFERRED STOCK

 

The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. As of September 30, 2011, the Company has not issued any shares of preferred stock.
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 9 Months Ended
Sep. 30, 2011
Nov. 10, 2011
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag true  
Document Period End Date Sep. 30, 2011  
Document Fiscal Year Focus 2011  
Document Fiscal Period Focus Q3  
Trading Symbol SCGQ  
Entity Registrant Name SCG FINANCIAL ACQUISITION CORP.  
Entity Central Index Key 0001512074  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Common Stock, Shares Outstanding   9,523,810
Amendment Description SCG Financial Acquisition Corp. ("we," "us," or the "Company") is filing this Amendment No. 1 to Quarterly Report on Form 10-Q/A (this "Amendment") to amend and restate its Quarterly Report on Form 10-Q for the period ended September 30, 2011, originally filed on November 10, 2011 (the "Original Filing"). For the convenience of the reader, this Amendment sets forth the Original Filing in its entirety, as amended by the Amendment. However, this Amendment is being filed to (i) amend the disclosure in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and (ii) amend and restate the interim financial statements and related disclosure in Item 1. Financial Statements and Supplementary Data. In addition, as required by Rule 12b-15 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), new certifications by the Company's principal executive officer and principal financial officer are filed as exhibits to this Amendment.This Amendment is being filed to restate our unaudited interim financial statements as of September 30, 2011 to correct the accounting for adjustment made on our warrants. Our original accounting treatment did not recognize a liability for the warrant liability and did not recognize changes in the fair value of that warrant liability in our audited statement of operations. For additional information regarding this restatement, see "Note C - Restatement of Previously Issued Financial Statements" in the Notes to the Financial Statements contained in Item 1.Although this Amendment amends and restates the Original Filing in its entirety, except for the information described above, this Amendment does not reflect events occurring after the filing of the Original Filing and unless otherwise stated herein, the information contained in the Amendment is current only as of the time of the Original Filing. Except as described above, no other changes have been made to the Original Filing. Accordingly, the Amendment should be read in conjunction with the Company's filings made with the Securities and Exchange Commission subsequent to the filing of the Original Filing. The sections of the Original Filing affected by the restatement should no longer be relied upon.  
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INTERIM STATEMENT OF OPERATIONS (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2011
Revenue $ 0 $ 0
Expenses:    
General and Administrative Expenses (118,560) (241,849)
Loss from Operations (118,560) (241,849)
Interest Income 16,568 28,669
Net Loss Attributable to Common Stockholder $ (101,992) $ (213,180)
Weighted Average Number of Common Shares Outstanding 2,606,009 2,164,754
Basic and Diluted Net Loss per Share Attributable to Other Stockholders $ (0.04) $ (0.10)
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INITIAL PUBLIC OFFERING
 9 Months Ended
Sep. 30, 2011
INITIAL PUBLIC OFFERING
NOTE E—INITIAL PUBLIC OFFERING

 

The Company consummated its Offering on April 18, 2011. Pursuant to the Offering, the Company sold 8,000,000 units at $10.00 per unit (“Units”). Each Unit consists of one share of the Company’s common stock, $0.0001 par value, and one redeemable common stock purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase from the Company one share of common stock at an exercise price of $11.50 commencing on the later of (a) one year from the date of the prospectus for the Offering (April 12, 2012) or (b) 30 days after the completion of an Initial Business Combination, and will expire five years from the date of the consummation of the Initial Business Combination. The Warrants will be redeemable by the Company at a price of $0.01 per Warrant upon 30 days prior notice after the Warrants become exercisable, only in the event that the last sale price of the common stock is at least $17.50 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given.
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WARRANT LIABILITY
 9 Months Ended
Sep. 30, 2011
Notes To Financial Statements [Abstract]  
Warrant Liability Disclosure [Text Block]

NOTE D – WARRANT LIABILITY

 

Pursuant to the Company’s Offering, the Company sold 8,000,000 units, which subsequently separated into one warrant at an initial exercise price of $11.50 and one share of common stock. The Sponsor also purchased 4,000,000 warrants in a private placement in connection with the Offering. The warrants expire five years after the date of the Company’s initial business combination. The warrants issued contain a restructuring price adjustment provision in the event of any merger or consolidation of the Company with or into another corporation, subsequent to the initial business combination, where the surviving entity is not the Company and whose stock is not listed for trading on a national securities exchange or on the OTC Bulletin Board, or is not to be so listed for trading immediately following such event (the “Applicable Event”). The exercise price of the warrant is decreased immediately following an Applicable Event by a formula that causes the warrants to not be indexed to the Company’s own stock. Management used the quoted market price for the valuation of the warrants to determine the warrant liability to be $4,200,000 as of September 30, 2011. This valuation is revised on a quarterly basis until the warrants are exercised or they expire with the changes in fair value recorded in the statement of operations.
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INVESTMENT IN TRUST ACCOUNT
 9 Months Ended
Sep. 30, 2011
INVESTMENT IN TRUST ACCOUNT
NOTE H—INVESTMENT IN TRUST ACCOUNT

 

On April 27, 2011, $80,000,000 from the Offering and sale of the Sponsor Warrants that was placed in a Trust Account was invested, as provided in the Company’s registration statement.  The Company is permitted to invest the proceeds of the Trust Account in U.S. “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 (the “1940 Act”) with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the 1940 Act.  The Trust Account assets will be maintained until the earlier of (i) the consummation of an Initial Business Combination or (ii) the distribution of the Trust Account.  

 

As of September 30, 2011, investment securities in the Company’s Trust Account consist of $80,031,900 in United States Treasury Bills and $385 of cash equivalents. The Company classifies its United States Treasury and equivalent securities as held-to-maturity in accordance with FASB ASC 320, "Investments - Debt and Equity Securities.” Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying balance sheets and adjusted for the amortization or accretion of premiums or discounts. The carrying amount, excluding accrued interest income, gross unrealized holding gains and fair value of held to maturity securities at September 30, 2011 are as follows:

 

  Carrying
Amount		  Gross
Unrealized
Holding
Gains		  Fair Value 
Held-to-maturity:            
U.S. Treasury Securities $80,028,284  $3,616  $80,031,900
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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2011
RELATED PARTY TRANSACTIONS
NOTE F—RELATED PARTY TRANSACTIONS

 

The Company issued $75,000 and $100,000 unsecured promissory notes to the Sponsor on January 28, 2011 and February 9, 2011, respectively. The notes were non-interest bearing and were payable on the earlier of December 30, 2011 or the consummation of the Offering. The notes were repaid from the proceeds of the Company’s Offering.

 

On January 28, 2011, the Company issued to the Sponsor 1,752,381 shares of restricted common stock for an aggregate purchase price of $25,000 in cash. The purchase price for each share of common stock was approximately $0.0001 per share. These shares included 228,571 shares of common stock that were forfeited on June 2, 2011 (as a result of the underwriters not exercising their overallotment option) upon the expiration of the underwriter’s overallotment option. The Sponsor and its permitted transferees own 16% of the Company’s issued and outstanding shares after the Offering. A portion of the Sponsor’s shares in an amount equal to 3% of the Company’s issued and outstanding shares will be subject to forfeiture by the Sponsor in the event the last sales price of the Company’s stock does not equal or exceed $12.00 per share for any 20 trading days within any 30 trading day period within 24 months following the closing of an Initial Business Combination. The Sponsor, Gregory H. Sachs and each member of the Sponsor have agreed that they will not sell or transfer their initial shares until one year following consummation of an Initial Business Combination, subject to earlier release in certain circumstances.  

  

The Sponsor purchased, in a private placement, 4,000,000 warrants prior to the Offering at a price of $0.75 per warrant (a purchase price of $3,000,000) from the Company. Based on the observable market prices, the Company believes that the purchase price of $0.75 per warrant for such warrants exceeded the fair value of such warrants on the date of the purchase. The valuation was based on comparable initial public offerings by previous blank check companies. The Sponsor has agreed that the warrants purchased will not be sold or transferred until 30 days following consummation of an Initial Business Combination, subject to certain limited exceptions. If the Company does not complete an Initial Business Combination, then the proceeds will be part of the liquidating distribution to the public stockholders and the warrants issued to the Sponsor will expire worthless. The private placement warrants are classified within permanent equity as additional paid-in capital in accordance with ASC 815-40-25-13.

 

The Company has entered into an Administrative Services Agreement, effective as of April 12 2011, with Sachs Capital Group, LP, an affiliate of the Sponsor, for an estimated aggregate monthly fee of $7,500 for office space, secretarial, and administrative services, with up to an additional $7,500 for its other operating expenses incurred by the Sponsor. This agreement will expire upon the earlier of: (a) the successful completion of our Company’s Initial Business Combination, (b) January 12, 2013 (plus one additional 3 month extension subject to (i) a signed letter of intent and (ii) approval of at least 65% of the holders of the Company’s common stock), or (c) the date on which the Company is dissolved and liquidated.

 

The Sponsor is entitled to registration rights pursuant to a registration rights agreement. The Sponsor will be entitled to demand registration rights and certain “piggy-back” registration rights with respect to its shares of common stock, the Sponsor Warrants and the common stock underlying the Sponsor Warrants, commencing on the date such common stock or Sponsor Warrants are released from escrow. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
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COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2011
Commitments and Contingencies
NOTE G—COMMITMENTS AND CONTINGENCIES

 

In conjunction with the Offering on April 18, 2011, the Company granted the underwriters a 45-day option to purchase up to 1,200,000 additional Units to cover the over-allotment at the initial offering price less the underwriting discounts and commissions.  This option expired unexercised on June 2, 2011.

 

A contingent fee payable to the underwriters of the Offering equal to 2.50% of the gross proceeds from the sale of the Units sold in the Offering will become payable from the amounts held in the Trust Account solely in the event the Company consummates its Initial Business Combination.  Such contingent fee is reflected as deferred underwriter’s fee of $2,000,000 on the accompanying September 30, 2011 interim balance sheet.
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FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2011
FAIR VALUE MEASUREMENTS
NOTE I—FAIR VALUE MEASUREMENTS

 

The Company adopted ASC 820, “Fair Value Measurements” for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The adoption of ASC 820 did not have an impact on the Company’s financial position or results of operations.

 

The Company defines fair value as the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The fair value estimates presented in the table below are based on information available to the Company as of September 30, 2011.

 

The accounting standard regarding fair value measurements discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

 

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

 

•Level 3: Unobservable inputs that reflect the reporting entity's own assumptions.

 

Warrant Liability

 

The fair value of the derivative warrant liability was determined by the Company using the quoted market prices for the publicly traded warrants. On reporting dates where there are no active trades the Company uses the last reported closing trade price of the warrants to determine the fair value (Level 2). There were no transfers between Level 1, 2 or 3 during any periods presented. There are no assets written down to fair value on non-recurring basis.

 

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2011, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:

  

Description September
 30, 2011		  Quoted Prices
In
Active
Markets
(Level 1)		  Significant
Other
Observable
Inputs
(Level 2)		  Significant
Other
Unobservable
Inputs
(Level 3)		 
Assets:                
Restricted cash equivalents held in Trust Account $80,031,900  $80,031,900   —   — 
Liabilities:                
Warrant Liability $4,200,000   —  $4,200,000   —
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STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2011
Net loss attributable to common stockholders $ (101,992) $ (213,180)
Sale of private placement warrants   3,000,000
Net proceeds subject to possible redemption of 6,917,801 shares at redemption value   (71,403,810)
Ending Balance 5,000,001 5,000,001
First Issuance
    
Sale of common stock   25,000
Second Issuance
    
Sale of common stock   73,591,991
Common Stock
    
Forfeiture of sponsor shares in connection with the underwriter's election to not exercise their over-allotment option, shares   (228,571)
Forfeiture of sponsor shares in connection with the underwriter's election to not exercise their over-allotment option   (23)
Net proceeds subject to possible redemption of 6,917,801 shares at redemption value   (691)
Net proceeds subject to possible redemption of 6,917,801 shares at redemption value (in shares)   (6,917,801)
Ending Balance (in shares) 2,606,009 2,606,009
Ending Balance 261 261
Common Stock | First Issuance
    
Sale of common stock (in shares)   1,752,381
Sale of common stock   175
Common Stock | Second Issuance
    
Sale of common stock (in shares)   8,000,000
Sale of common stock   800
Additional Paid-in Capital
    
Forfeiture of sponsor shares in connection with the underwriter's election to not exercise their over-allotment option   23
Sale of private placement warrants   3,000,000
Net proceeds subject to possible redemption of 6,917,801 shares at redemption value   (71,616,299)
Ending Balance 4,999,740 4,999,740
Additional Paid-in Capital | First Issuance
    
Sale of common stock   24,825
Additional Paid-in Capital | Second Issuance
    
Sale of common stock   73,591,191
Deficit Accumulated during Development Stage
    
Net loss attributable to common stockholders   (213,180)
Net proceeds subject to possible redemption of 6,917,801 shares at redemption value   213,180
Ending Balance $ 0 $ 0

XML 32 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 9 Months Ended
Sep. 30, 2011
Notes To Financial Statements [Abstract]  
Restatement to Prior Year Income [Table Text Block]

NOTE C - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

 

The Company has restated its financial statements as of September 30, 2011 to correct its accounting for an adjustment related to the warrants issued in connection with the Offering. The Company’s original accounting treatment did not recognize a derivative liability and did not recognize any changes in the fair value of that derivative liability in its statements of operations. There were no changes in the fair value of the warrants during any period presented, therefore, there is no effect to the Company's statements of operations previously filed.

 

In March 2013, the Company concluded it should correct its accounting related to the Company’s outstanding warrants. The Company had initially accounted for the warrants as a component of equity but upon further evaluation of the terms of the warrant, concluded that the warrants should be accounted for as a derivative liability. The warrants contain a price adjustment provision, such that, in the event the Company completes a business combination subsequent to the initial business combination which results in the Company’s shares no longer being listed on a national exchange or the OTC Bulletin Board, the exercise price of the warrants will decrease by formula that causes the warrants to not be indexed to the Company’s own stock. As a result of this provision, the Company has restated its financial statements to reflect the Company’s warrants as a derivative liability with changes in the fair value recorded in the current period earnings.

 

The following tables summarize the adjustments made to the previously reported September 30, 2011 balance sheet, statements of operations and statements of cash flows:

 

September 30, 2011

 

Selected balance sheet information

 

  (as previously
reported)		  Effect of
Restatement		  (as restated) 
          
Warrant liability $-  $4,200,000  $4,200,000 
Total Liabilities  2,124,113   4,200,000   6,324,113 
             
Common Stock, subject to possible redemption  73,378,011   (4,200,000)  69,178,011 
             
Common Stock  952   (692)  260 
Additional Paid-in Capital  5,212,229   (212,488)  4,999,741 
Deficit Accumulated during the Development Stage  (213,180)  213,180   - 
Total Stockholders' Equity  5,000,001   -   5,000,001 
             
Total Liabilities and Stockholders' Equity $80,502,125  $-  $80,502,125 

  

From the period from January 5, 2011 (date of inception) to September 30, 2011

 

Selected statement of operations

 

  (as previously
reported)		  Effect of
Restatement		  (as restated) 
             
Basic and Diluted Net Loss per common share,
excludes shares subject to possible redemption - basic and diluted		 $(0.11) $0.01  $(0.10)

 

 

Selected statement of cash flows

 

  (as previously
reported)		  Effect of
Restatement		  (as restated) 
Supplemental disclosure of non-cash financing activities:            
             
Adjustment for warrant liability in connection  with the public offering $-  $4,200,000  $4,200,000 

 

For the three months ended September 30, 2011

 

Selected statement of operations  

 

  (as previously
reported)		  Effect of
Restatement		  (as restated) 
          
Weighted Average Number of Common Shares Outstanding, excludes shares subject to possible redemption - basic and diluted  2,186,009   420,000   2,606,009 
             
Basic and Diluted Net Loss per common share, excludes shares subject to possible redemption - basic and diluted $(0.05) $0.01  $(0.04)
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