10-Q/A

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A
Amendment No. 1

(Mark One)

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

For the quarterly period ended June 30, 2012

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 001-35170

UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	90-0632274
(State or other jurisdiction incorporation or organization)	(I.R.S. Employer Identification No.)
Radnor Financial Center 150 North Radnor-Chester Road, Suite F-200 Radnor, Pennsylvania	19087
(Address of principal executive office)	(Zip Code)

Registrant’s telephone number, including area code (610) 977-2482

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.

Yes x    No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data 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).

Yes x    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 definition of “accelerated filer,” “large 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 ¨
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Act.

Yes x    No ¨

As of August 10, 2012, the latest practicable date, 14,319,693 shares of the registrant’s common stock, par value $0.001 per share, were issued and outstanding.

Explanatory Note

This Form 10-Q/A amends the Quarterly Report on Form 10-Q of Universal Business Payment Solutions Acquisition Corporation for the quarter ended June 30, 2012 filed on August 14, 2012 for the sole purpose of furnishing Exhibit 101. Exhibit 101 to this report provides financial information formatted in Extensible Business Reporting Language (XBRL) in accordance with Rule 405 of Regulation S-T.

This Amendment No. 1 does not reflect any events occurring subsequent to the August 14, 2012 filing date of the original Form 10-Q for the quarter ended June 30, 2012 or in any way modify or update disclosures made in the original Form 10-Q filing for the quarter ended June 30, 2012.

Users of this data are advised that pursuant to Rule 406T of Regulation S-T, Exhibit 101 to this report is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended (the “Securities Act”), is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is otherwise not subject to liability under these sections, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 6. Exhibits

Exhibit No.	Document Description
2.1	Agreement and Plan of Merger, dated as of July 6, 2012, by and among the Company, JP Merger Sub, LLC JetPay, WLES, L.P. and Trent Voigt(1)
2.2	Agreement and Plan of Merger, dated as of July 6, 2012, by and among the Company, Enzo Merger Sub, Inc., EMS, the stockholders of EMS and James Weiland, as Representative(1)
2.3	Agreement and Plan of Merger, dated as of July 6, 2012, by and among the Company, ADC Merger Sub, Inc., ADC, PTFS, Carol and C. Nicholas Antich as Joint Tenants, C. Nicholas Antich, Carol Antich, Eric Antich, Lynn McCausland, the B N McCausland Trust, Joel E. Serfass and C. Nicholas Antich, as Representative(1)
10.1	Promissory Note dated April 5, 2012 issued to UBPS Services, LLC*
10.2	Promissory Note dated June 1, 2012 issued to UBPS Services, LLC*
10.3	Promissory Note dated June 6, 2012 issued to UBPS Services, LLC*
10.4	Promissory Note dated June 15, 2012 issued to UBPS Services, LLC*
10.5	Promissory Note dated July 17, 2012 issued to UBPS Services, LLC*
31.1	Certification of the CEO pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of the CAO pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of the CEO and CAO pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).*
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

(1) Incorporated by reference to the corresponding exhibit filed with the Registrant’s Current Report on Form 8-K filed with the SEC on July 9, 2012.

* Previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed on August 14, 2012.

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.

	UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION
Date: September 12, 2012	By:	/s/ Bipin C. Shah
		Name: Bipin C. Shah
		Title: Chief Executive Officer (Principal Executive, Accounting and Financial Officer)

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Investment in Trust Account (Details Textual) (USD $)	8 Months Ended	9 Months Ended	20 Months Ended		9 Months Ended			9 Months Ended
	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2012	Sep. 30, 2011 Us Treasury Securities [Member]	Jun. 30, 2012 Trust Account [Member]	Sep. 30, 2011 Trust Account [Member]	Jun. 30, 2012 Trust Account [Member] Us Treasury Securities [Member]	Jun. 30, 2012 Insider Warrants [Member] Trust Account [Member]
Proceeds from Issuance of Warrants	$ 3,480,000	$ 0	$ 3,480,000					$ 72,720,000
Proceeds From Issuance Of Warrants After Adjustment For Repurchase								68,807,968
Investment In United States Treasury Maturity Period		180 days			180 days
Held-to-maturity Securities				9,999,913	68,802,559	9,999,913	68,802,559
Restricted Cash and Cash Equivalents						$ 58,930,694

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Significant Accounting Policies

9 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 2—Significant Accounting Policies

Principals of Consolidation

The condensed consolidated financial statements include the accounts of Universal Business Payment Solutions Acquisition Corporation and its wholly owned subsidiaries JP Merger Sub, LLC, Enzo Merger Sub, Inc. and ADC Merger Sub, Inc. (collectively the “Company”). All significant inter-company transactions and balances have been eliminated in consolidation.

Cash and cash equivalents

The Company considers all short-term investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances that at times may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions.

Restricted cash and cash equivalents held in 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 a Business Combination or to repurchase shares in accordance with the Share Repurchase Plan.

Loss per share

Loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. 10,494,067 and 11,171,999 shares of common stock subject to possible redemption at June 30, 2012 and 2011, respectively, have been excluded from the calculation of basic loss per share since such shares, if redeemed, only participate in their pro rata share of the earnings on the Trust Account. Loss per share assuming dilution would give effect to dilutive options, warrants and other potential common shares outstanding during the period. As of June 30, 2012 and 2011, the Company has not considered the effect of warrants to purchase 18,960,000 shares of common stock or the effect of the unit purchase option in the calculation of diluted loss per share, since the exercise of the warrants and the unit purchase are contingent upon the occurrence of future events.

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets or liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimate being the Company’s valuation allowance relating to deferred tax assets. Actual results could differ from those estimates.

Securities held in Trust Account

The Company classified its securities as held-to-maturity in accordance with 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.

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.

Fair value measurements

Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

● Level 1. Observable inputs such as quoted prices in active markets;

● Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

● Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on one or more of three valuation techniques identified in the tables below. The valuation techniques are as follows:

(a).	Market approach. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;
(b).	Cost approach. Amount that would be required to replace the service capacity of an asset (replacement cost); and
(c).	Income approach. Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques, option-pricing and excess earnings models).

Common stock subject to possible redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance enumerated in ASC Topic 480 “Distinguishing Liabilities from Equity”. Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as Stockholders’ equity. The Company’s common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly at June 30, 2012, the common stock subject to possible redemption is presented as temporary equity, outside of the Stockholders’ equity section of the Company’s balance sheet.

Income taxes

The Company accounts for income taxes under ASC 740 Income Taxes (‘‘ASC 740’’). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. The Company has recorded a full valuation allowance for all deferred tax assets.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in an interim period, disclosure and transition. The Company is required to file income tax returns in the United States (federal) and in various state and local jurisdictions. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on November 12, 2010, the evaluation was performed for the tax years ended December 31, 2010 and December 31, 2011 which will be the only periods subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position.

The Company’s policy for recording interest and penalties associated with audits is to record such interest and penalties as a component of income tax expense. There were no amounts accrued for penalties or interest as of or during the period from November 12, 2010 (inception) through September 30, 2011 or for the nine months ended June 30, 2012. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

Recent Accounting Pronouncements

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

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Stockholders' Equity (Details Textual) (USD $)	1 Months Ended								8 Months Ended	9 Months Ended	11 Months Ended		20 Months Ended
	Mar. 14, 2012	Oct. 27, 2011	Sep. 12, 2011	Sep. 06, 2011	Sep. 01, 2011	Aug. 10, 2011	Dec. 06, 2010		Jun. 30, 2011	Jun. 30, 2012	Sep. 30, 2011		Jun. 30, 2012	May 13, 2011
Preferred Stock, Shares Authorized										1,000,000	1,000,000		1,000,000
Preferred Stock, Par or Stated Value Per Share										$ 0.001	$ 0.001		$ 0.001
Common stock, shares authorised										100,000,000	100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share										$ 0.001	$ 0.001		$ 0.001	$ 0.001
Stock Issued During Period, Shares, New Issues							3,450,000
Sale of Stock, Price Per Share							$ 0.00725
Stock Issued During Period, Value, New Issues							$ 25,000	[1]			$ 25,000	[1]
Stock Repurchased During Period, Shares	19,979	2,328	329,000	329,000	329,000	329,000				680,307
Stock Repurchased During Period Per Share Value										$ 5.75			$ 5.75
Payments for Repurchase of Common Stock									$ 0	$ 128,711			$ 3,925,393
Common Stock, Shares, Issued										3,825,626	3,825,709		3,825,626
Common Stock, Shares, Outstanding										3,825,626	3,825,709		3,825,626
Common Stock Shares Forfeited										450,000			450,000
Treasury Stock, Shares, Retired										680,307
Common Stock Shares Subjest To Forfeiture										750,000			750,000

[1] Reflects the cancellation of 450,000 shares of common stock that were forfeited on June 27, 2011 by the initial stockholders upon the underwriters’ election not to exercise their over-allotment option (Notes 6 and 8).

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Organization, Business Operations and Liquidity

9 Months Ended

Jun. 30, 2012

Limited Liability Company Or Limited Partnership, Business Organization and Operations [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1—Organization, Business Operations and Liquidity

Universal Business Payment Solutions Acquisition Corporation was incorporated in Delaware on November 12, 2010 as a blank check company whose objective is to acquire, through a merger, share exchange, asset acquisition, stock purchase, plan of arrangement, recapitalization, reorganization or other similar business combination, one or more operating businesses (a “Business Combination”).

JP Merger Sub, LLC; Enzo Merger Sub, Inc. and ADC Merger Sub, Inc. were formed in Delaware on June 25, 2012 for the purposes of the transaction as more fully described in the subsequent events paragraph in Note 2 of the notes to the condensed consolidated financial statements.

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (‘‘US GAAP’’) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by US GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results for the three and nine months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending September 30, 2012 or any other period. The balance sheet data at September 30, 2011 was derived from the Company’s audited financial statements but does not include all disclosures required by US GAAP. The accompanying condensed financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission on December 29, 2011.

On May 13, 2011 the Company completed its initial public offering of shares of its common stock (the “Offering”). All activity prior to May 13, 2011 relates to the Company’s formation and the Offering described below. All activity from May 13, 2011 through June 30, 2012 relates to the Company’s activities in seeking a Business Combination.

The Company is considered to be a development stage company and as such, its financial statements are prepared in accordance with the Accounting Standards Codification (‘‘ASC’’) Topic 915 ‘‘Development Stage Entities.’’ The Company is subject to all of the risks associated with development stage companies.

The registration statement for the Offering was declared effective on May 9, 2011. The Company consummated the Offering on May 13, 2011 and received proceeds net of transaction costs of $69,366,994 which is discussed in Note 3 (“Public Offering”) and $3,480,000 from the private placement of warrants to the initial stockholders of the Company and the underwriters of the Offering (‘‘Insider Warrants’’) which is described in Note 4 (“Insider Warrants”). The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Offering and Insider Warrants, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination. The Company’s initial Business Combination must be with a target business whose collective fair value is at least equal to 80% of the balance in the Trust Account (as defined herein) at the time of the execution of a definitive agreement for such Business Combination. Furthermore, there is no assurance that the Company will be able to effect a Business Combination successfully. An amount of $72,720,000 (including the $3,480,000 of proceeds from the sale of Insider Warrants) was placed in a trust account (‘‘Trust Account’’) for the benefit of the Company and invested in United States treasuries having a maturity of 180 days or less until the earlier of (i) the consummation of the Company’s first Business Combination, (ii) the Company’s failure to consummate a Business Combination within the prescribed time and (iii) such time as the Company’s common stock (the “Common Stock”) trades at or below $5.75 per share, subject to certain criteria discussed below. In the event that the Common Stock trades at or below $5.75 per share, amounts can be released to the Company from the Trust Account for the Company to purchase up to an average of $1,900,000 worth of shares each month up to an aggregate amount of 50% of the shares sold in the Offering (or 6,000,000 shares). Such purchases were eligible to commence on July 10, 2011 pursuant to a 10b5-1 plan entered into between the Company and Morgan Stanley & Co. Incorporated. The 10b5-1 plan between the Company and Morgan Stanley & Co. Incorporated was terminated by mutual agreement of the parties on August 8, 2011 and a new 10b5-1 plan was simultaneously entered into between the Company and Ladenburg Thalmann & Co. Inc. (the “Share Repurchase Plan”). The Share Repurchase Plan was terminated on May 18, 2012 and the Company does not intend to enter into a new repurchase plan. All shares purchased by the Company will be cancelled and resume the status of authorized but unissued shares of the Company. As of June 30, 2012, a total of 680,307 shares had been repurchased at a cost of $3,925,393 under the Share Repurchase Plan. The placing of funds in the Trust Account may not protect those funds from third party claims against the Company. Although the Company will seek to have all vendors, prospective target businesses or other entities it engages, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account, there is no guarantee that they will execute such agreements.

The Company’s Chief Executive Officer has agreed that he will be liable under certain circumstances to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or vendors or other entities that are owed money by the Company for services rendered, contracted for or products sold to the Company. However, there can be no assurance that he will be able to satisfy those obligations should they arise. The remaining net proceeds (not held in the Trust Account) may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. Additionally, the interest earned on the Trust Account balance may be released to the Company to fund working capital requirements as well as for any amounts that are necessary to pay the Company’s tax obligations.

The Company, after signing a definitive agreement for the acquisition of a target business, is required to provide stockholders who acquired shares in the Offering (“Public Stockholders”) with the opportunity to redeem their shares of common stock for a pro rata interest in the Trust Account. In the event that stockholders owning 93.1% (87.5% as adjusted for repurchases through June 30, 2012 under the Company’s Share Repurchase Plan) or more of the shares sold in the Offering exercise their redemption rights (the “Redemption Threshold”) described below or are sold to the Company for cancellation under the Share Repurchase Plan, the Business Combination will not be consummated. All of the Company’s stockholders prior to the Offering, including all of the officers and directors of the Company (“Initial Stockholders”), have waived any redemption rights they may have in connection with a Business Combination.

With respect to a Business Combination which is consummated, Public Stockholders can demand that the Company redeem their shares of common stock for a full pro rata interest in the Trust Account (initially $6.06 per share and approximately $6.08 per share at June 30, 2012). Accordingly, Public Stockholders holding up to one share less than 93.1% (87.5% as adjusted for repurchases through June 30, 2012 under the Company’s Share Repurchase Plan) of the aggregate number of shares owned by all Public Stockholders (the “Public Shares”) or 11,171,999 (10,494,067 as adjusted for repurchases through June 30, 2012 under the Company’s Share Repurchase Plan) shares may seek redemption of their shares in the event of a Business Combination. In addition, the Redemption Threshold may be further limited by the terms and conditions of a proposed initial Business Combination. In this event, the Company would disclose the revised Redemption Threshold in the materials distributed to its stockholders in connection with the vote to approve the Business Combination. Notwithstanding the foregoing, the Restated Certificate of Incorporation of the Company provides that a Public Stockholder, together with any affiliate or other person with whom such Public Stockholder is acting in concert or as a ‘‘group’’ (within the meaning of Section 13 of the Securities Exchange Act of 1934, as amended), will be restricted from seeking redemption with respect to an aggregate of more than 10% of the shares sold in the Offering (but only with respect to the amount over 10% of the shares sold in the Offering). A “group” will be deemed to exist if Public Stockholders (i) file a Schedule 13D or 13G indicating the presence of a group or (ii) acknowledge to the Company that they are acting, or intend to act, as a group.

If the Company has not completed a Business Combination by November 9, 2012 or February 9, 2013 if a definitive agreement has been executed by November 9, 2012 but a Business Combination has not been consummated by February 9, 2013 (See Note 2, Subsequent Events), the Company will liquidate and distribute its remaining assets, including the Trust Account, to the Public Stockholders and its corporate existence will cease except for the purpose of winding up its affairs. In the event of a liquidation, the Public Stockholders will be entitled to receive a full pro rata interest in the Trust Account (initially $6.06 per share and approximately $6.08 per share at June 30, 2012), plus any pro rata interest earned on the Trust Account not previously released to the Company. The Company will pay the costs of liquidation from remaining assets outside of the Trust Account. If such funds are insufficient, the Company’s Chief Executive Officer has agreed to advance the funds necessary to complete the liquidation.

The Company anticipates that in order to fund its working capital requirements, the Company will need to use all of the remaining funds not held in trust, the interest earned on the funds held in the Trust Account, as well as entering into contingent fee arrangements with its vendors. The Company may need to raise additional capital through loans or additional investments from its Initial Stockholders, officers, directors or third parties. None of the Initial Stockholders, officers or directors is under any obligation to advance funds to, or to invest in, the Company. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of its business plan, and controlling overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited financial statements do not include any adjustments that might result from the outcome of these uncertainties.

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012		Sep. 30, 2011
Assets
Current assets - Cash and cash equivalents	$ 6,967		$ 69,121
Cash and cash equivalents held in Trust	68,802,558		68,930,607
Total assets	68,809,525		68,999,728
Liabilities and Stockholder's Equity
Accounts payable and accrued expenses	257,872		14,272
Note Payable	232,500		0
Total current liabilities	490,372		14,272
Common Stock, subject to possible redemption, 10,494,067 shares at June 30, 2012 and 10,516,291 at September 30, 2011 at redemption value	63,776,921		63,905,632
Commitments and Contingencies
Stockholders Equity
Preferred stock, $0.001 par value Authorized 1,000,000 shares, none issued	0		0
Common stock, $0.001 par value Authorized 100,000,000 shares; 3,825,626 issued and outstanding at June 30, 2012 and 3,825,709 issued and outstanding September 30, 2011	3,826	[1]	3,826	[2]
Additional paid-in capital	5,165,954		5,165,954
Accumlated deficit	(627,548)		(89,956)
Total Stockholders Equity	4,542,232		5,079,824
Total Liabilities and Stockholders Equity	$ 68,809,525		$ 68,999,728

[1] Reflects the cancellation of 450,000 shares of common stock that were forfeited on June 27, 2011 by the initial stockholders upon the underwriters’ election not to exercise their over-allotment option (Notes 3 and 8).

[2] As a result of repurchases of shares of common stock, in connection with the Share Repurchase Plan (Note 1), through September 30, 2011 aggregate shares of common stock subject to possible redemption were 10,516,291, and through June 30, 2012 aggregate shares of common stock subject to possible redemption are 10,494,067.

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CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $)	9 Months Ended	11 Months Ended
	Jun. 30, 2012	Sep. 30, 2011
Common Stock Price Per Share		$ 0.00839
Equity Issuance, Date		May 13, 2011
Unit Issued During Period Price Per Unit New Issues		$ 6.00
Stock Issued Underwriting Discount	$ (2,160,000.00)	$ 2,160,000
Common Stock Repurchase Price Per Share	$ 5.75	$ 5.75
Cancellation Of Previously Issued Common Stock Shares		450,000
Equity Cancellation Date		Jul. 27, 2011
Common stock, other shares, outstanding	10,494,067	10,516,291
Common Stock [Member]
Equity Issuance, Date		Nov. 12, 2010
Warrant [Member]
Issuance Of Common Stock and Warrants Price Per Share		$ 0.50
Sale Of Units [Member]
Equity Issuance, Date		May 13, 2011
Unit Purchase Option [Member]
Equity Issuance, Date		May 13, 2011

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Public Offering (Details Textual) (USD $)	1 Months Ended	9 Months Ended	11 Months Ended
	May 13, 2011	Jun. 30, 2012	Sep. 30, 2011
Units Issued During Period Units New Issues	12,000,000
Unit Issued During Period Price Per Unit New Issues	$ 6.00		$ 6.00
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Class of Warrant or Right, Exercise Price of Warrants or Rights	6.90
Warrant Redemption Terms	Warrant upon 30 days notice while the Warrants are exercisable, only in the event that the last sale price of the shares of common stock is at least $9.50 per share for any 20 trading days within a 30 trading day period ending on the third day prior to the date on which notice of redemption is given, and there is a current registration statement in effect with respect to the shares of common stock underlying such Warrants, commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption.
Percentage Of Discount For Underwriters		3.00%
Stock Issued Underwriting Discount		$ (2,160,000.00)	$ 2,160,000
Units Issued During Period Value New Issues	69,366,994		69,366,994
Estimated Fair Value Of Purchase Option		1,053,551
Estimated Per Unit Fair Value Of Purchase Option		$ 1.76
Fair Value Assumptions, Expected Volatility Rate		35.00%
Fair Value Assumptions, Risk Free Interest Rate		2.07%
Fair Value Assumptions, Expected Term		5 years
Early Bird Capital Inc [Member]
Units Issued During Period Units New Issues		600,000
Unit Issued During Period Price Per Unit New Issues		$ 6.60
Units Issued During Period Value New Issues		$ 100

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Investment in Trust Account (Details) (Held To Maturity Us Securities [Member], USD $)	Jun. 30, 2012	Sep. 30, 2011
Assets, Fair Value Disclosure, Recurring	$ 68,882,559	$ 10,000,000
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure, Recurring	68,882,559	10,000,000
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure, Recurring	0	0
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure, Recurring	$ 0	$ 0

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CONDENSED STATEMENTS OF CASH FLOWS (USD $)	8 Months Ended	9 Months Ended	20 Months Ended
	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2012
Operating Activities
Net loss	$ (39,953)	$ (537,592)	$ (627,548)
Adjustments to reconcile net loss to net cash provided by operating activities Change in operating assets and liabilities
Accrued expense	14,401	243,601	257,874
Net cash used in operating activities	(25,552)	(293,991)	(369,674)
Investing Activities
Investment in cash and cash equivalents	(72,720,000)	(13,663)	(72,740,953)
Amounts released from restricted cash and cash equivalents to repurchase shares of common stock	0	128,711	3,925,393
Accumulated interest income released from restricted cash and cash equivalents for working capital		13,000	13,000
Net cash provided by (used in) investing activities	(72,720,000)	128,048	(68,802,560)
Financing Activities
Proceeds from sale of common stock to initial shareholders	25,000	0	25,000
Proceeds from note payable to affiliate	125,000	232,500	357,500
Repayment of note payable to affiliate	(125,000)	0	(125,000)
Proceeds from public offering	72,000,000	0	72,000,000
Proceeds from issuance of warrants	3,480,000	0	3,480,000
Proceeds from sale of unit purchase option	100	0	100
Repurchase of Common Stock	0	(128,711)	(3,925,393)
Payment of offering cost	(2,633,006)	0	(2,633,006)
Net cash provided by financing activities	72,872,094	103,789	69,179,201
Net (decrease) increase in cash and cash equivalents	126,542	(62,154)	6,967
Cash and cash equivalents, beginning	0	69,121	0
Cash and cash equivalents, ending	$ 126,542	$ 6,967	$ 6,967

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CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Jun. 30, 2012	Jun. 27, 2012	Sep. 30, 2011
Temporary equity, shares outstanding	10,494,067		10,516,291
Preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Preferred stock, shares authorised	1,000,000		1,000,000
Preferred stock, shares issued	0		0
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, shares authorised	100,000,000		100,000,000
Common stock, shares issued	3,825,626		3,825,709
Common stock, shares outstanding	3,825,626		3,825,709
Common stock, other shares, outstanding	10,494,067		10,516,291
Common Stock Shares To Be Cancelled		450,000

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Significant Accounting Policies (Policies)

9 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents

The Company considers all short-term investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances that at times may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted cash and cash equivalents held in 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 a Business Combination or to repurchase shares in accordance with the Share Repurchase Plan.

Earnings Per Share, Policy [Policy Text Block]

Loss per share

Loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. 10,494,067 and 11,171,999 shares of common stock subject to possible redemption at June 30, 2012 and 2011, respectively, have been excluded from the calculation of basic loss per share since such shares, if redeemed, only participate in their pro rata share of the earnings on the Trust Account. Loss per share assuming dilution would give effect to dilutive options, warrants and other potential common shares outstanding during the period. As of June 30, 2012 and 2011, the Company has not considered the effect of warrants to purchase 18,960,000 shares of common stock or the effect of the unit purchase option in the calculation of diluted loss per share, since the exercise of the warrants and the unit purchase are contingent upon the occurrence of future events.

Use of Estimates, Policy [Policy Text Block]

Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets or liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimate being the Company’s valuation allowance relating to deferred tax assets. Actual results could differ from those estimates.

Securities Held In Trust Account Policy [Policy Text Block]

Securities held in Trust Account

The Company classified its securities as held-to-maturity in accordance with 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.

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.

Fair Value Measurement, Policy [Policy Text Block]

Fair value measurements

Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

● Level 1. Observable inputs such as quoted prices in active markets;

● Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

● Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on one or more of three valuation techniques identified in the tables below. The valuation techniques are as follows:

(a).	Market approach. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;
(b).	Cost approach. Amount that would be required to replace the service capacity of an asset (replacement cost); and
(c).	Income approach. Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques, option-pricing and excess earnings models).

Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy [Policy Text Block]

Common stock subject to possible redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance enumerated in ASC Topic 480 “Distinguishing Liabilities from Equity”. Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as Stockholders’ equity. The Company’s common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly at June 30, 2012, the common stock subject to possible redemption is presented as temporary equity, outside of the Stockholders’ equity section of the Company’s balance sheet.

Income Tax, Policy [Policy Text Block]

Income taxes

The Company accounts for income taxes under ASC 740 Income Taxes (‘‘ASC 740’’). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. The Company has recorded a full valuation allowance for all deferred tax assets.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position 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. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in an interim period, disclosure and transition. The Company is required to file income tax returns in the United States (federal) and in various state and local jurisdictions. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Since the Company was incorporated on November 12, 2010, the evaluation was performed for the tax years ended December 31, 2010 and December 31, 2011 which will be the only periods subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position.

The Company’s policy for recording interest and penalties associated with audits is to record such interest and penalties as a component of income tax expense. There were no amounts accrued for penalties or interest as of or during the period from November 12, 2010 (inception) through September 30, 2011 or for the nine months ended June 30, 2012. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

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

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Document and Entity Information	9 Months Ended
	Jun. 30, 2012	Aug. 10, 2012
Entity Registrant Name	UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORP
Entity Central Index Key	0001507986
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Trading Symbol	ubps
Entity Common Stock, Shares Outstanding		14,319,693
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

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Investment in Trust Account (Tables)

9 Months Ended

Jun. 30, 2012

Investment In Trust Account [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Assets Measured at Fair Value on a Recurring Basis

	June 30, 2012		Quoted  Prices in  Active  Markets		Significant  Other  Observable  Inputs		Significant  Unobservable  Inputs
			(Level 1)		(Level 2)		(Level 3)
Held to Maturity U.S. Securities	$	68,882,559	$	68,882,559	$	-	$	-

	September  30, 2011		Quoted  Prices in  Active  Markets		Significant  Other  Observable  Inputs		Significant  Unobservable  Inputs
			(Level 1)		(Level 2)		(Level 3)
Held to Maturity U.S. Treasury Securities	$	10,000,000	$	10,000,000	$	-	$	-

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		8 Months Ended	9 Months Ended	20 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2012
Operating Costs - Related Party Expense	$ (30,000)	$ (15,000)	$ (15,000)	$ (75,000)	$ (112,500)
Operating Costs	(132,814)	(23,416)	(24,953)	(476,254)	(536,030)
Total Expense	(162,814)	(38,416)	(39,953)	(551,254)	(648,530)
Interest Income	7,591	0	0	13,662	20,982
Net Loss	$ (155,223)	$ (38,416)	$ (39,953)	$ (537,592)	$ (627,548)
Weighted average shares outstanding, basic and diluted (in shares)	3,825,626	3,445,847	3,175,637	3,825,671
Basic and diluted net loss per share (in dollars per share)	$ (0.04)	$ (0.01)	$ (0.01)	$ (0.14)

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Insider Warrants

9 Months Ended

Jun. 30, 2012

Insider Warrants [Abstract]

Stock Warrants [Text Block]

Note 5 – Insider Warrants

Simultaneously with the Offering, certain of the Initial Stockholders and the underwriters of the Offering purchased 6,960,000 Insider Warrants at $0.50 per warrant (for an aggregate purchase price of $3,480,000) from the Company. All of the proceeds received from these purchases were placed in the Trust Account. The Insider Warrants are identical to the warrants underlying the Units sold in the Offering except that: (i) the Insider Warrants were purchased pursuant to an exemption from the registration requirements of the Securities Act, (ii) the Insider Warrants are non-redeemable, (iii) the Insider Warrants are exercisable on a “cashless” basis, in each case, if held by the initial holders or permitted assigns and (iv) the Insider Warrants are subject to restrictions on transfer by the holders thereof. The transfer restriction does not apply to transfers made pursuant to an effective registration statement or an exemption that is occasioned by operation of law or for estate planning purposes, while remaining in escrow.

The Initial Stockholders and the holders of the Insider Warrants (or underlying shares of common stock) are entitled to registration rights with respect to their founding shares and the Insider Warrants (or underlying shares of common stock) pursuant to agreements signed May 13, 2011. The holders of the majority of the founding shares are entitled to demand that the Company register these shares at any time commencing three months prior to the first anniversary of the consummation of a Business Combination. The holders of the Insider Warrants (or underlying shares of common stock) are entitled to demand that the Company register these securities at any time after the Company consummates a Business Combination. Pursuant to the terms of the unit purchase option, the holders of the unit purchase option will be entitled to registration rights with respect to the securities. In addition, the Initial Stockholders and holders of the Insider Warrants (or underlying shares of common stock) have certain ‘‘piggy-back’’ registration rights on registration statements filed after the Company’s consummation of a Business Combination.

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Public Offering

9 Months Ended

Jun. 30, 2012

Public Offering [Abstract]

Initial Public Offering Disclosure [Text Block]

Note 4—Public Offering

On May 13, 2011 the Company sold 12,000,000 units (“Units”) at a price of $6.00 per unit in the Offering. Each unit consists of one share of the Company’s common stock, par value $0.001, and one warrant (“Warrant”). Each Warrant entitles the holder to purchase one share of the Company’s common stock at a price of $6.90 commencing on the later of the Company’s completion of a Business Combination and May 9, 2012 and expires on the earlier of (i) five years from the completion of a Business Combination, (ii) the liquidation of the Trust Account if the Company has not completed a business combination within the required time period or (iii) earlier redemption of the Warrant. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days notice while the Warrants are exercisable, only in the event that the last sale price of the shares of common stock is at least $9.50 per share for any 20 trading days within a 30 trading day period ending on the third day prior to the date on which notice of redemption is given, and there is a current registration statement in effect with respect to the shares of common stock underlying such Warrants, commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. If the Company redeems the Warrants as described above, management will have the option to require any holder that wishes to exercise his Warrant to do so on a “cashless basis.” In such event, the holder would pay the exercise price by surrendering his Warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of (i) the number of shares of common stock underlying the Warrants, and (ii) the difference between the exercise price of the Warrants and the “fair market value” (defined below) by (y) the fair market value. The ‘‘fair market value’’ shall mean the average reported last sale price of the shares of common stock for the five trading days ending on the third trading day prior to the date on which the notice of redemption is sent to holders of Warrants. In accordance with the warrant agreement relating to the Warrants sold and issued in the Offering, the Company is only required to use its best efforts to maintain the effectiveness of the registration statement covering the Warrants. The Company will not be obligated to deliver securities, and there are no contractual penalties for failure to deliver securities if a registration statement is not effective at the time of exercise. Additionally, in the event that a registration statement is not effective at the time of exercise, the holder of such Warrant shall not be entitled to exercise such Warrant and in no event (whether in the case of a registration statement not being effective or otherwise) will the Company be required to net cash settle the Warrant exercise. Consequently, the Warrants may expire unexercised and unredeemed. Notwithstanding the foregoing, if the Company has not filed with the Securities and Exchange Commission a registration statement covering the shares issuable upon exercise of the Warrants by the 6-month anniversary of the consummation of its initial Business Combination, commencing on that day, Warrant holders may, until such time as there is an effective registration statement, exercise Warrants on a cashless basis, provided that such cashless exercise is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Company does not believe that such an exemption is currently available.

The Company paid the underwriters of the Offering an underwriting discount of 3.0% of the gross proceeds of the Offering ($2,160,000). The Company also issued a unit purchase option, for $100, to EarlyBirdCapital, Inc. (‘‘EBC’’) or its designees to purchase 600,000 units at an exercise price of $6.60 per unit. The units issuable upon exercise of this option are identical to the units sold in the Offering, with the exception of containing a provision allowing for cashless exercise by EBC. The Company has accounted for the fair value of the unit purchase option, inclusive of the receipt of the $100 cash payment, as an expense of the Offering resulting in a charge directly to stockholders’ equity. The Company estimated the fair value of this unit purchase option to be approximately $1,053,551 (or $1.76 per unit) using a Black-Scholes option-pricing model. The fair value of the unit purchase option granted to EBC was estimated as of the date of grant using the following assumptions: (1) expected volatility of 35.0%, (2) risk-free interest rate of 2.07% and (3) expected life of five years. The unit purchase option may be exercised for cash or on a ‘‘cashless’’ basis, at the holder’s option (except in the case of a forced cashless exercise upon the Company’s redemption of the Warrants, as described above), such that the holder may use the appreciated value of the unit purchase option (the difference between the exercise prices of the unit purchase option and the underlying Warrants and the market price of the Units and underlying shares of common stock) to exercise the unit purchase option without the payment of any cash. The Company will have no obligation to net cash settle the exercise of the unit purchase option or the Warrants underlying the unit purchase option. The holder of the unit purchase option will not be entitled to exercise the unit purchase option or the Warrants underlying the unit purchase option unless a registration statement covering the securities underlying the unit purchase option is effective or an exemption from registration is available. If the holder is unable to exercise the unit purchase option or underlying Warrants, the unit purchase option or Warrants, as applicable, will expire worthless.

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Insider Warrants (Details Textual) (USD $)	May 13, 2011	Jun. 30, 2012 Insider Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		6,960,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	6.90	0.50
Class Of Warrant Or Right Aggregate Purchase Price		$ 3,480,000

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Organization, Business Operations and Liquidity (Details Textual) (USD $)	1 Months Ended							8 Months Ended	9 Months Ended	11 Months Ended	20 Months Ended
	Mar. 14, 2012	Oct. 27, 2011	Sep. 12, 2011	Sep. 06, 2011	Sep. 01, 2011	Aug. 10, 2011	May 13, 2011	Jun. 30, 2011	Jun. 30, 2012	Sep. 30, 2011	Jun. 30, 2012
Units Issued During Period Value New Issues							$ 69,366,994			$ 69,366,994
Adjustments to Additional Paid in Capital, Warrant Issued							3,480,000			3,480,000
Proceeds From Issuance Of Warrants								3,480,000	0		3,480,000
Investment In United States Treasury Maturity Period									180 days
Maximum Per Share Trading Value Of Common Stock On Failure To Consummate Business Combination									$ 5.75
Stock Repurchase Program Authorized Amount Per Month									1,900,000		1,900,000
Stock Repurchased During Period, Shares	19,979	2,328	329,000	329,000	329,000	329,000			680,307
Percentage Of Public Offerings Shares Authorized For Repurchase									50.00%
Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Per Month									6,000,000
Payments For Repurchase Of Common Stock								0	128,711		3,925,393
Minimum Percentage Of Stockholders Exercising Redemption Rights For Cancellation Of Business Combination									93.10%
Minimum Adjusted Percentage Of Stockholders Exercising Redemption Rights For Cancellation Of Business Combination									87.50%
Accelerated Share Repurchases, Final Price Paid Per Share									$ 6.06
Accelerated Share Repurchases, Initial Price Paid Per Share									$ 6.08
Stock Repurchase Program, Number of Shares Authorized to be Repurchased									11,171,999		11,171,999
Stock Repurchase Program Number Of Adjusted Shares Authorized To Be Repurchased									10,494,067
Trust Account [Member]
Investment In United States Treasury Maturity Period									180 days
Insider Warrants [Member] | Trust Account [Member]
Proceeds From Issuance Of Warrants									$ 72,720,000

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Commitments

9 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments Disclosure [Text Block]

Note 8 —Commitments

The Company presently occupies office space provided by Services. Services has agreed that, until the Company consummates a Business Combination, it will make such office space as well as certain office and secretarial services available to the Company, as may be required by the Company from time to time. The Company has agreed to pay Services an aggregate of $7,500 per month for such services commencing on May 9, 2011.

Pursuant to letter agreements executed May 13, 2011 among the Company and the underwriters of the Offering, the Initial Stockholders have waived their right to receive distributions with respect to their founding shares upon the Company’s liquidation.

The Company has engaged EBC on a non-exclusive basis to act as its advisor and investment banker in connection with its initial Business Combination. EBC will provide the Company with assistance in negotiating and structuring the terms of its initial Business Combination. The Company will pay EBC a cash fee of $2,070,000 for such services upon the consummation of its initial Business Combination.

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Investment in Trust Account

9 Months Ended

Jun. 30, 2012

Investment In Trust Account [Abstract]

Investment [Text Block]

Note 6 – Investment in Trust Account

Subsequent to the Offering, the net proceeds of the Offering and the sale of the Insider Warrants totaling $72,720,000 ($68,807,968 as adjusted for repurchases through June 30, 2012 under the Company’s Share Repurchase Plan) were deposited into an interest-bearing trust account 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 either (i) the consummation of a Business Combination or (ii) liquidation of the Company.

As of June 30, 2012, the investment securities in the Company’s Trust Account consisted of $68,802,559 in United States Treasury Bills, and as of September 30, 2011, investment securities in the Company’s Trust Account consisted of $9,999,913 in United States Treasury Bills and $58,930,694 in a “held as cash” account. The Company classifies its United States Treasury and equivalent securities as held-to-maturity in accordance with 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 Company had 68,802,559 and $9,999,913 in held-to-maturity securities at June 30, 2012, and September 30, 2011 respectively.

Assets Measured at Fair Value on a Recurring Basis

	June 30, 2012		Quoted  Prices in  Active  Markets		Significant  Other  Observable  Inputs		Significant  Unobservable  Inputs
			(Level 1)		(Level 2)		(Level 3)
Held to Maturity U.S. Securities	$	68,882,559	$	68,882,559	$	-	$	-

	September  30, 2011		Quoted  Prices in  Active  Markets		Significant  Other  Observable  Inputs		Significant  Unobservable  Inputs
			(Level 1)		(Level 2)		(Level 3)
Held to Maturity U.S. Treasury Securities	$	10,000,000	$	10,000,000	$	-	$	-

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Notes Payable to Affiliate

9 Months Ended

Jun. 30, 2012

Notes Payable [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 7 —Notes Payable to Affiliate

During the nine months ended June 30, 2012, the Company issued to UBPS Services, LLC, (“Services”) an entity controlled by Bipin Shah, our Chairman and Chief Executive Officer, various notes aggregating in the principal amount of $232,500. These notes are non-interest bearing and are payable on the earlier of their first anniversary, or the consummation of an initial Business Combination.

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Stockholders' Equity

9 Months Ended

Jun. 30, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 9 —Stockholders’ Equity

Preferred Stock

The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors.

As of June 30, 2012, there are no shares of preferred stock issued or outstanding.

Common Stock

The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share.

In connection with the organization of the Company, on December 6, 2010, a total of 3,450,000 shares of the Company’s common stock were sold to the Initial Stockholders at a price of $0.00725 per share for an aggregate of $25,000.

On August 10, 2011, the Company repurchased 329,000 shares of its common stock under the Share Repurchase Plan, on September 1, 6, and 12 the Company repurchased an additional 329,000 shares in aggregate, and on October 27, the Company repurchased an additional 2,328 shares. The Company repurchased an additional 19,979 shares on March 14, 2012. All such shares were purchased at the price of $5.75 per share in accordance with the Share Repurchase Plan. A total of $3,925,393 was withdrawn from the Company’s trust account to complete such repurchases. The repurchased shares were subsequently cancelled.

As of June 30, 2012, 14,319,693 shares of common stock were issued and outstanding, following the cancellation of 450,000 shares which were forfeited by the Initial Stockholders upon the underwriters’ election not to exercise their over-allotment option and the repurchase and subsequent cancellation of 680,307 shares under the Company’s Share Repurchase Plan. In addition, 750,000 of such shares are subject to forfeiture in the event that the Company does not satisfy the conditions required to redeem any outstanding Warrants as described in Note 3.

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Subsequent Events (Details Textual) (USD $)	1 Months Ended
	Jul. 17, 2012 Unsecured Promisory Note [Member]	Jun. 30, 2012 Wles [Member]	Jun. 30, 2012 Wles [Member] Jet Pay Merger [Member]	Jun. 30, 2012 Wles [Member] Jet Pay Agreement [Member]	Jun. 30, 2012 Ems [Member]	Jun. 30, 2012 Adc [Member]
Business Acquisition, Cost of Acquired Entity, Cash Paid		$ 5,000,000	$ 28,000,000		$ 60,000,000	$ 16,000,000
Business Acquisition Stock Issued		833,333		2,000,000	3,333,333
Escrow Deposit				10,000,000	10,000,000
Business Acquisition Shares In Escrow Account				1,666,667
Redemption Of Warrants Cash Paid					5,000,000
Redemption Of Warrants Shares Issued					1,666,666
Business Acquisition Cash Payable On Twenty Four Month Anniversary						2,000,000
Unsecured Debt	$ 15,000
Debt Instrument, Maturity Date	Jul. 17, 2013

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Notes Payable to Affiliate (Details Textual) (USD $)	Jun. 30, 2012
Notes Payable	$ 232,500

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)		Common Stock [Member]		Additional Paid-In Capital [Member]	Retained Earnings [Member]	Total
Balance at Nov. 11, 2010		$ 0		$ 0		$ 0
Balance (in shares) at Nov. 11, 2010		0
Common stock issued November 12, 2010 (Inception) at $0.00839 per share for cash (1)	[1]	3,000	[2]	22,000		25,000
Common stock issued November 12, 2010 (Inception) at $0.00839 per share for cash (in shares)	[1]	3,000,000
Proceeds from issuance of Warrant Offering Warrants on May 13, 2011 at $0.50 per warrant for cash		0		3,480,000		3,480,000
Sale of 12,000,000 Units on May 13, 2011 at $6.00 per Unit, net underwriter's discount of $2,160,000 for cash and net offering cost.		12,000	[1],[2]	69,354,994		69,366,994
Sale of 12,000,000 Units on May 13, 2011 at $6.00 per Unit, net underwriter's discount of $2,160,000 for cash and net offering cost (in shares)		12,000,000
Net proceeds subject to possible redemption (11,171,999 shares at redemption value)		(11,172)	[1],[2]	(67,691,142)		(67,702,314)
Net proceeds subject to possible redemption (11,171,999 shares at redemption value) (in shares)		(11,171,999)
Proceeds from issuance of UPO on May 13, 2011 for cash		0		100		100
Repurchase of 22,307 Shares at $5.75 per share in accordance with Company's Share Repurchase Plan		(658)	[1],[2]	(3,796,024)		(3,796,682)
Repurchase of 658,000 shares at $5.75 per share in accordance with Company's Share Repurchase Plan (in shares)		(658,000)
Reduction of net proceeds subject to possible redemption (2)	[2]	656	[1]	3,796,026		3,796,682
Reduction of net proceeds subject to possible redemption (2) (in shares)	[2]	655,708
Net Loss					(89,956)	(89,956)
Balance at Sep. 30, 2011		3,826		5,165,954	(89,956)	5,079,824
Balance (in shares) at Sep. 30, 2011		3,825,709
Repurchase of 22,307 Shares at $5.75 per share in accordance with Company's Share Repurchase Plan		(22)	[1],[2]	(128,689)		(128,711)
Repurchase of 658,000 shares at $5.75 per share in accordance with Company's Share Repurchase Plan (in shares)		(22,307)				680,307
Reduction of net proceeds subject to possible redemption (2)	[2]	22	[1]	128,689		128,711
Reduction of net proceeds subject to possible redemption (2) (in shares)	[2]	22,224
Net Loss					(537,592)	(537,592)
Balance at Jun. 30, 2012		$ 3,826		$ 5,165,954	$ (627,548)	$ 4,542,232
Balance (in shares) at Jun. 30, 2012		3,825,626

[1] Reflects the cancellation of 450,000 shares of common stock that were forfeited on June 27, 2011 by the initial stockholders upon the underwriters’ election not to exercise their over-allotment option (Notes 6 and 8).

[2] As a result of repurchases of shares of common stock through May 18, 2012, in connection with the Share Repurchase Plan (Note 1) aggregate shares of common stock subject to possible redemption are 10,494,067.

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Subsequent Events

9 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 3—Subsequent Events

Subsequent Events

Management evaluates events that have occurred after the balance sheet date but before the financial statements are issued.

On July 6, 2012, the Company entered into an Agreement and Plan of Merger by and among the Company, JP Merger Sub, LLC (the “JetPay Merger Sub”), JetPay, LLC (“JetPay”) and WLES, L.P. (“WLES”), and solely for purposes of Sections 6.12 and 9.9 therein, and Trent Voigt, which was subsequently amended by an Amendment to Merger Agreement, dated as of July 26, 2012, by and between the Company and JetPay. This Agreement and Plan of Merger and subsequent Amendment to Merger Agreement are collectively referred to herein as the JetPay Agreement.

On July 6, 2012, the Company entered into an Agreement and Plan of Merger by and among the Company, Enzo Merger Sub, Inc. (the “EMS Merger Sub), Francis David Corporation (“EMS”), the stockholders of EMS (the “EMS Stockholders”), and James Weiland, as Representative, which was subsequently amended by an Amendment to Merger Agreement, dated as of July 26, 2012, by and between the Company and EMS. This Agreement and Plan of Merger and subsequent Amendment to Merger Agreement are collectively referred to herein as the EMS Agreement.

On July 6, 2012, the Company entered into an Agreement and Plan of Merger by and among the Company, ADC Merger Sub, Inc. (the “ADC Merger Sub”), AD Computer Corporation (“ADC” and collectively with JetPay and EMS, the “Acquired Companies”), Payroll Tax Filing Services, Inc. (“PTFS”), Carol and C. Nicholas Antich as Joint Tenants, C. Nicholas Antich, Carol Antich, Eric Antich, Lynn McCausland, the B N McCausland Trust, Joel E. Serfass and C. Nicholas Antich, as Representative, which was subsequently amended by an Amendment to Merger Agreement, dated as of July 26, 2012, by and between the Company, PTFS and ADC. This Agreement and Plan of Merger and subsequent Amendment to Merger Agreement are collectively referred to herein as the ADC Agreement. The JetPay Agreement, the EMS Agreement and the ADC Agreement are referred to collectively herein as the “Acquisition Agreements” and the transactions contemplated thereby are referred to collectively herein as the “Transaction”.

JetPay Merger

• Pursuant to the JetPay Agreement, the JetPay Merger Sub will merge with and into JetPay, with JetPay surviving the merger as a wholly owned subsidiary of the Company.

• In exchange, the Company will pay to WLES $28,000,000 in cash, subject to certain adjustments relating to the net working capital, cash and indebtedness, and 2,000,000 shares of common stock, of which $10,000,000 and 1,666,667 shares of common stock will be placed into an escrow account maintained by JP Morgan Chase Bank, N.A. as partial security to the Company for the obligations of WLES under the JetPay Agreement.

• WLES will also be entitled to receive up to an aggregate of $5,000,000 in cash and 833,333 shares of common stock in the event certain stock price targets for common stock are achieved and upon a redemption of the warrants issued in the Offering.

 EMS Merger

• Pursuant to the EMS Agreement, the EMS Merger Sub will merge with and into EMS, with EMS surviving the merger as a wholly owned subsidiary of the Company. Immediately subsequent to the EMS Merger, EMS will acquire all of the outstanding interests of an affiliated entity, BizFunds, LLC, pursuant to a unit purchase agreement, which is attached as an exhibit to the EMS Agreement.

• In exchange, the Company will pay to the EMS Stockholders $60,000,000 in cash, subject to certain adjustments relating to the net working capital, cash and indebtedness, and 3,333,333 shares of common stock. An additional $10,000,000 will be placed in an escrow account maintained by JP Morgan Chase Bank, N.A. as partial security to the Company for the obligations of the EMS Stockholders under the EMS Agreement. Any amounts remaining in the escrow account on the 18 month anniversary of the closing will be distributed to the EMS Stockholders, subject to retention of any amounts related to pending claims.

• Additionally, the EMS Stockholders will be entitled to receive $5,000,000 in cash and 1,666,666 shares of common stock when the Company becomes entitled to redeem the warrants issued in the Offering.

ADC Merger

• Pursuant to the ADC Agreement, the ADC Merger Sub will merge with and into ADC, with ADC surviving the merger as a wholly owned subsidiary of the Company.

• In exchange, the Company will pay to stockholders of ADC $16,000,000 in cash, subject to certain adjustments relating to the net working capital, cash and indebtedness.

• The ADC stockholders will also be entitled to receive $2,000,000 in cash on the 24 month anniversary of the closing.

In connection with the Transaction, the holders of the Public Shares which were sold in the Offering may request redemption of their shares of our common stock for cash in an amount equal to their pro rata share of the aggregate amount on deposit in a trust account holding the proceeds of the Offering.

Pursuant to its Restated Certificate of Incorporation, the Company intends to seek stockholder approval for the Transaction through the filing of a proxy statement with the SEC.

On July 17, 2012, the Company issued a $15,000 principal amount unsecured promissory note to UBPS Services, LLC, an entity controlled by the Company’s Chairman and CEO, Bipin Shah. This note is non-interest bearing and is payable on the earlier of July 17, 2013 or the consummation of an initial Business Combination.

Management did not identify any other recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.

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Commitments (Details Textual) (USD $)	1 Months Ended	9 Months Ended
	May 09, 2011	Jun. 30, 2012 Early Bird Capital Inc [Member]
Operating Leases, Rent Expense	$ 7,500
Fees and Commissions		$ 2,070,000

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Significant Accounting Policies (Details Textual)	9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Incremental Common Shares Attributable to Equity Unit Purchase Agreements	10,494,067	11,171,999
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	18,960,000	18,960,000