INVESTMENT HELD IN TRUST

9 Months Ended

Sep. 30, 2012

Investment Held In Trust [Abstract]

Investment [Text Block]

NOTE C—INVESTMENT HELD IN TRUST

Subsequent to the IPO, an amount of $20,600,000 (including $400,000 of deferred underwriters fees) was deposited in the Trust Account held with the Company’s stock transfer agent, American Stock Transfer, and invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days or less until the earlier of (i) the consummation of a Business Transaction or (ii) liquidation of the Company. The United States government securities reside in an account at Wells Fargo Bank, while the cash amount resides in a JP Morgan Chase cash account.

As of September 30, 2012, investment securities in the Company’s Trust Account had a carrying value of $20,600,469 made up of $20,599,734 (excluding accrued interest) in Treasury Bills and $735 in cash. The Treasury Bills have a maturity value of $20,605,000 and mature on November 23, 2012. During the three month period ended September 30, 2012, the Company withdrew from the trust account $10,000 of interest earned on the investments held in trust in accordance with the trust agreement. 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, 2012 were as follows:

	Carrying Amount		Gross Unrealized Holding Gains		Fair Value
Held-to-maturity:
U.S. Treasury Securities	$	20,599,734	$	2,999	$	20,602,733

The company has accreted a portion of the discount on these Securities and recognized $2,174 of related interest income. Such amount is included in interest receivable on the accompanying September 30, 2012 balance sheet bringing the amortized cost basis to $20,601,908.