FlatWorld Acquisition Corp.
(a corporation in the development stage)
BALANCE SHEET
as of January 25, 2011
|
| As of December 15, 2010 |
|
| Pro Forma Adjustments |
|
| Pro Forma Totals | |
ASSETS |
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| |
Current assets |
|
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| |
Cash | $ | 418,832 |
| $ | (74,248) |
| $ | 344,584 | |
Prepaid expense |
| 12,500 |
|
| (1,042) |
|
| 11,458 | |
Total current assets |
| 431,332 |
|
| (75,290) |
|
| 356,042 | |
Restricted cash held in Trust Account |
| 22,440,000 |
|
| 934,786 |
|
| 23,374,786 | |
Total assets | $ | 22,871,332 |
| $ | 859,496 |
| $ | 23,730,828 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable and accrued expenses | $ | 74,273 |
| $ | (74,194) |
| $ | 80 | |
Deferred legal fee
|
| 50,000 |
|
| — |
|
| 50,000 | |
Deferred underwriting fee
|
| 181,253 |
|
| 1,386 |
|
| 182,638 | |
Total liabilities |
| 305,526 |
|
| (72,808) |
|
| 232,718 | |
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Ordinary shares which may be redeemed, 1,683,000 ordinary shares or 1,775,987 ordinary shares as adjusted, at redemption price) |
| 17,166,600 |
|
| 918,046 |
|
| 18,084,646 | |
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Shareholders’ equity |
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Preferred shares, no par value; 5,000,000 shares authorized; no shares issued and outstanding |
| — |
|
| — |
|
| — | |
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Ordinary shares, no par value, unlimited shares authorized; 2,832,500 shares issued and outstanding, 2,869,375 as adjusted (1,683,000 ordinary shares or 1,775,987 ordinary shares as adjusted, subject to possible redemption) |
| 3,907,518 |
|
| 14,312 |
|
| 3,921,830 | |
|
|
|
|
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|
|
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| |
Additional paid-in capital |
| 1,500,000 |
|
| — |
|
| 1,500,000 | |
|
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|
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| |
Deficit accumulated during development stage |
| (8,312) |
|
| (55) |
|
| (8,367) | |
Total shareholders’ equity |
| 5,399,206 |
|
| 14,257 |
|
| 5,413,463 | |
Total liabilities and shareholders’ equity | $ | 22,871,332 |
| $ | 859,496 |
| $ | 23,730,828 |