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
Current assets
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
Current liabilities
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
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
Shareholders’ equity
Preferred shares, no par value; 5,000,000 shares authorized; no shares issued and outstanding		—		—		—
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
Additional paid-in capital		1,500,000		—		1,500,000
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