0001144204-13-028790.txt : 20130514 0001144204-13-028790.hdr.sgml : 20130514 20130514170055 ACCESSION NUMBER: 0001144204-13-028790 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110831 FILED AS OF DATE: 20130514 DATE AS OF CHANGE: 20130514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Blue Wolf Mongolia Holdings Corp. CENTRAL INDEX KEY: 0001517526 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 660762833 STATE OF INCORPORATION: D8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-35234 FILM NUMBER: 13842445 BUSINESS ADDRESS: STREET 1: TWO SOUND VIEW DRIVE CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 203-524-5272 MAIL ADDRESS: STREET 1: TWO SOUND VIEW DRIVE CITY: GREENWICH STATE: CT ZIP: 06830 10-Q/A 1 v344177_10qa.htm 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 August 31, 2011

 

¨ 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: 001-35234

 

BLUE WOLF MONGOLIA HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

 

 

 

British Virgin Islands       66-0762833

(State or other jurisdiction of

 incorporation or organization)

      

(I.R.S. Employer

 Identification Number)

 

2 Sound View Drive

Greenwich, CT

 06830
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code:   (203) 622-4903

 

Not Applicable

 (Former name or former address, 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   ¨   No x

 

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).     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 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 ¨
(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 Exchange Act).   Yes x No  ¨

 

As of October 11, 2011, there were 10,062,500 ordinary shares of the Company issued and outstanding.  

 

 
 

 

Explanatory Note

 

Blue Wolf Mongolia Holdings 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 August 31, 2011, originally filed on October 12, 2011 (the “Original Filing”). 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 footnotes in Item 1. Financial Statements. 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 August 31, 2011 to correct the accounting for our outstanding public 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 statement of operations. For additional information regarding this restatement, see “Note 4 – 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.

 

 

 
 

  

BLUE WOLF MONGOLIA HOLDINGS CORP.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION    
     
ITEM 1. FINANCIAL STATEMENTS   3
     
Interim Balance Sheet   3
Interim Statements of Operations    4
Interim Statement of Shareholders’ Equity    5
Interim Statements of Cash Flows    6
Notes to Interim Financial Statements    7
     
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS    19
     
Overview    19
Results of Operations    19
Liquidity and Capital Resources    20
Critical Accounting Policies    20
     
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK    21
     
ITEM 4. CONTROLS AND PROCEDURES    21
     
PART II. OTHER INFORMATION    
     
ITEM 1. LEGAL PROCEEDINGS    21
     
ITEM 1A. RISK FACTORS    21
     
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS    21
     
ITEM 3. DEFAULTS UPON SENIOR SECURITIES    22
     
ITEM 4. [REMOVED AND RESERVED]    22
     
ITEM 5. OTHER INFORMATION    22
     
ITEM 6. EXHIBITS    23
Ex-31.1    
Ex-31.2    
Ex-32.1    
Ex-32.2    

  

2
 

 

PART 1 – FINANCIAL INFORMATION

 

ITEM 1.  INTERIM FINANCIAL STATEMENTS

 

BLUE WOLF MONGOLIA HOLDINGS CORP.

(A Corporation in the Development Stage)

 

INTERIM BALANCE SHEET (UNAUDITED)

August 31, 2011

As Restated

 

ASSETS:    
Current assets:     
Cash  $691,262 
Prepaid insurance and other current assets   135,975 
Total current assets   827,237 
      
Investments held in Trust Account   80,237,742 
      
Total assets  $81,064,979 
      
LIABILITIES AND SHAREHOLDERS' EQUITY:     
Current liabilities:     
Accrued expenses  $22,369 
      
Other liabilities:     
Deferred underwriters' compensation   2,415,000 
Warrant liability   10,384,167 
      
Total liabilities   12,821,536 
      
Commitments and contingencies     
      
Ordinary shares subject to possible redemption; 6,343,373 shares (at redemption value)   63,243,433 
      
Shareholders' equity:     
Preferred shares, no par value; five classes of unlimited shares authorized; none issued and outstanding   - 
Ordinary shares, no par value; unlimited shares authorized; 3,719,127 issued and outstanding (which excludes 6,343,373 shares subject to possible redemption)   5,000,010 
Additional paid-in capital   - 
Deficit accumulated during the development stage   - 
      
Total shareholders' equity, net   5,000,010 
      
Total liabilities and shareholders' equity  $81,064,979 

 

See accompanying notes to interim financial statements.

 

3
 

  

  BLUE WOLF MONGOLIA HOLDINGS CORP.

(A Corporation in the Development Stage)

 

INTERIM STATEMENTS OF OPERATIONS (UNAUDITED)

 

       Period from 
   Three Months   March 11, 2011 
   Ended   (date of inception) to 
   August 31, 2011   August 31, 2011 
   As Restated   As Restated 
Revenue  $-   $- 
General and administrative expenses   35,822    40,822 
Loss from operations   (35,822)   (40,822)
Other income/(expense)          
Interest income   242    242 
Change in fair value of warrant liability   (1,221,667)   (1,221,667 
           
Net loss attributable to ordinary shares not subject to possible redemption  $(1,257,247)  $(1,262,247)
           
Weighted average number of ordinary shares outstanding, excluding shares subject to possible redemption - basic and diluted   2,750,989    2,402,965 
           
Net loss per ordinary share, excluding shares subject to possible redemption - basic and diluted  $(0.46)  $(0.53)

  

See accompanying notes to interim financial statements.

 

4
 

  

BLUE WOLF MONGOLIA HOLDINGS CORP.

(A Corporation in the Development Stage)

 

INTERIM STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED)

 

For the Period from March 11, 2011 (date of inception) to August 31, 2011

As Restated

 

               Deficit     
               Accumulated     
           Additional   During the   Total 
   Ordinary Shares   Paid-in   Development   Shareholders' 
   Shares   Amount   Capital   Stage   Equity 
                     
Sale of ordinary shares to Sponsor on March 11, 2011 at $0.012 per share   2,012,500   $25,000   $-   $-   $25,000 
                          
Sale on July 20, 2011 of 8,050,000 units at $10 per unit, (including 6,469,978 shares subject to possible redemption)   8,050,000    80,500,000    -    -    80,500,000 
                          
Underwriters' discount and offering expenses   -    (4,981,810)   -    -    (4,981,810)
                          
Sale on July 20, 2011 of 4,166,667 private placement warrants to the Sponsor at $0.75 per warrant   -         3,125,000    -    3,125,000 
                          
Warrant liability recorded on July 20, 2011   -    (6,037,500)   (3,125,000)   -    (9,162,500)
                          
Proceeds subject to possible redemption of 6,469,978 ordinary shares at redemption value   (6,469,978)   (64,505,680)   -    -    (64,505,680)
                          
Change in proceeds subject to possible redemption to 6,343,373 ordinary shares at redemption value   126,605    -    -    1,262,247    1,262,247 
                          
Net loss attributable to ordinary shareholders not subject to possible redemption   -    -    -    (1,262,247)   (1,262,247)
                          
Balance at August 31, 2011, restated (Unaudited)   3,719,127   $5,000,010   $-   $-   $5,000,010)

 

See accompanying notes to interim financial statements.

 

5
 

  

BLUE WOLF MONGOLIA HOLDINGS CORP.

(A Corporation in the Development Stage)

 

INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)

 

For the Period from March 11, 2011 (date of inception) to August 31, 2011

As Restated

 

         
         
Cash Flows from Operating Activities:          
Net loss       $(1,262,247)
Adjustments to reconcile net loss to net cash used in operating activities:          
 Change in fair value of warrant liability        1,221,667 
Increase (decrease) attributable to changes in operating assets and liabilities          
Prepaid insurance and other current assets        (135,975)
Accrued expenses        22,369 
           
Net cash used in operating activities        (154,186)
           
Cash Flows from Investing Activities          
Principal deposited in Trust Account        (80,237,500)
Interest reinvested in Trust Account        (242)
Net cash used in investing activities        (80,237,742)
           
Cash Flows From Financing Activities:          
Proceeds from notes payable to affiliate        200,000 
Payment of notes payable to affiliate        (200,000)
Proceeds from sale of ordinary shares to Sponsor        25,000 
Proceeds from public offering        80,500,000 
Proceeds from issuance of Sponsor Warrants        3,125,000 
Payment of offering costs        (2,566,810)
           
Net cash provided by financing activities        81,083,190 
Increase in cash and cash equivalents        691,262 
Cash and cash equivalents at beginning of the period       - 
Cash and cash equivalents at end of the period       $691,262 
           
Supplemental Schedule of Non-Cash Financing Activities:          
Deferred underwriters' compensation       $2,415,000 
Adjustment for warrant liability in connection with the Public Offering       $9,162,500 

 

See accompanying notes to interim financial statements.

 

6
 

 

BLUE WOLF MONGOLIA HOLDINGS CORP.

(A Corporation in the Development Stage)  

NOTES TO INTERIM FINANCIAL STATEMENTS

(Unaudited)

 

Note 1. Interim Financial Information and Basis of Presentation

 

The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange 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 August 31, 2011 and the results of operations for the period from March 11, 2011 (date of inception) to August 31, 2011 and the three month period ending August 31, 2011. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations.  The results of operations for the period from March 11, 2011 (date of inception) to August 31, 2011 are not necessarily indicative of the results of operations to be expected for a full fiscal year.

 

Blue Wolf Mongolia Holdings Corp. 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 August 31, 2011, originally filed on October 12, 2011. This Amendment is being filed to restate our unaudited interim financial statements as of August 31, 2011 to correct the accounting for our outstanding 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 statement of operations. For additional information regarding this restatement, see “Note 4 - Restatement of Previously Issued Financial Statements”.

 

Note 2. Organization and Business Operations

 

Incorporation

 

Blue Wolf Mongolia Holdings Corp. (the “Company”) was incorporated in the British Virgin Islands on March 11, 2011.

 

Sponsor

 

The Company’s sponsor is Blue Wolf MHC Ltd., an exempt company incorporated in the Cayman Islands with limited liability (the “Sponsor”).

 

Fiscal Year End

 

The Company has selected February 28 as its fiscal year end.

 

Business Purpose

 

The Company was formed to effect a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (an “Initial Business Combination”).

 

Financing

 

The registration statement for the Company’s initial public offering (the “Public Offering”) (as described in Note 6) was declared effective July 14, 2011. On July 20, 2011, simultaneously with the closing of the Public Offering, the Sponsor purchased $3,125,000 of warrants in a private placement (Note 7).

 

Upon the closing of the Public Offering and the private placement, $80,237,500 was placed in the Trust Account (discussed below).

 

Trust Account

 

The trust account (the “Trust Account”) may only be invested in United States government treasury bills having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act and which invests solely in U.S. Treasuries. The funds in the Trust Account are held in the name of Blue Wolf Mongolia Holdings Corp. (see Note 9).

 

7
 

 

Except for a portion of the interest income (net of taxes payable) that may be released to the Company to pay any taxes and to fund the Company’s working capital requirements, and any amounts necessary to purchase up to 15% of the Company’s Public Shares (as defined in Note 6) if the Company seeks shareholder approval of its Initial Business Combination, as discussed below, none of the funds will be released from the Trust Account until the earlier of: (i) the consummation of an Initial Business Combination no later than April 20, 2013, (ii) a redemption to public shareholders prior to any voluntary winding-up in the event the Company does not consummate an Initial Business Combination or (iii) pursuant to any liquidation.

 

Business Combination

 

An Initial Business Combination is subject to the following size, focus and shareholder approval provisions:

 

Size  — The prospective target business will not have a limitation to size, except that it must have an aggregate fair market value of at least 80% of the value of the Trust Account (excluding any taxes) at the time of the agreement to enter the Initial Business Combination. The Company will not consummate an Initial Business Combination unless it acquires a controlling interest in a target company or is otherwise not required to register as an investment company under the Investment Company Act.

 

Focus  — The Company’s efforts in identifying prospective target businesses will initially be focused on businesses within Mongolia that complement the management team’s background such as in the natural resources sectors and related sectors.  The Company may, however, pursue opportunities in other business sectors or geographic regions.

 

Tender Offer/Shareholder Approval  — The Company, after signing a definitive agreement for an Initial Business Combination, will either (i) provide shareholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less taxes payable, or (ii) seek shareholder approval of the Initial Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against the Initial Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less (a) taxes payable, (b) amounts released to fund working capital requirements and (c) any amounts released to the Company and used to purchase up to 15% of the Public Shares sold in the Public Offering. The decision as to whether the Company will seek shareholder approval of the Initial Business Combination or will allow shareholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval. If the Company seeks shareholder approval, it will consummate its Initial Business Combination only if a majority of the ordinary shares voted are voted in favor of the Initial Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Furthermore, the redemption threshold may be further limited by the terms and conditions of the Initial Business Combination. In such case, the Company would not proceed with the redemption of its Public Shares and the related Initial Business Combination, and instead may search for an alternate Initial Business Combination.

 

Regardless of whether the Company holds a shareholder vote or a tender offer in connection with an Initial Business Combination, a public shareholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less taxes payable plus amounts released to fund working capital requirements and any amounts necessary to purchase up to 15% of the Public Shares sold in the Public Offering. As a result, such ordinary shares are recorded at conversion/tender value and classified as temporary equity, in accordance with Financial Accounting Standards Board, or FASB, ASC Topic 480, “Distinguishing Liabilities from Equity.”

 

Permitted Purchase of Public Shares — If the Company seeks shareholder approval of its Initial Business Combination and does not conduct redemptions pursuant to the tender offer rules, prior to the Initial Business Combination, the Company’s memorandum and articles of association will permit the release to the Company from the Trust Account, amounts necessary to purchase up to 15% of the shares sold in the Public Offering. All shares so purchased by the Company will be immediately cancelled.

 

8
 

 

Liquidation

 

If the Company does not consummate an Initial Business Combination by April 20, 2013, the Company (i) will distribute the aggregate amount then on deposit in the Trust Account (less up to $50,000 of the net interest earned thereon to pay dissolution expenses), pro rata, to holders of Public Shares by way of redemption and (ii) intends to cease all operations except for the purposes of any winding up of its affairs. This redemption of public shareholders from the Trust Account shall be done  automatically by function of the Company’s memorandum and articles of association and prior to any voluntary winding up, although at all times subject to the BVI Business Companies Act, 2004 of the British Virgin Islands.

 

In the event of liquidation, it is likely 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 share in the Public Offering (assuming no value is attributed to the warrants contained in the units to be offered in the Public Offering discussed in Note 6).

 

Note 3. Significant Accounting Policies

 

Development Stage Company

 

The Company is considered to be in the development stage as defined by FASB ASC 915, “Development Stage Entities,” and is subject to the risks associated with activities of development stage companies. Through August 31, 2011, the Company’s efforts have been limited to organizational activities, activities relating to its Public Offering, activities relating to identifying and evaluating prospective acquisition candidates and activities relating to general corporate matters. The Company has not generated any revenues, other than interest income earned on the proceeds held in the Trust Account. The Company will not generate any operating revenues until after completion of an Initial Business Combination, at the earliest. The Company will continue to generate non-operating income in the form of interest income on the designated Trust Account.

 

Cash Equivalents

 

The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents at August 31, 2011 principally consist of cash in a money market account held by the Company through its Trust Account.

 

Net Loss Per Share

 

Basic net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period in accordance with FASB ASC 260, “Earnings Per Share”.  Diluted net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding, plus to the extent dilutive, the incremental number of ordinary shares to settle warrants issued in the Public Offering and private placement, as calculated using the treasury stock method.  As the Company reported a net loss for the three months ended August 31, 2011, the effect of the 12,216,667 warrants (including 4,166,667 warrants issued to the members of the Sponsor in the private placement), have not been considered in the diluted loss per ordinary share because their effect would be anti-dilutive. As a result, dilutive loss per ordinary share is equal to basic loss per ordinary share.

 

9
 

  

Reclassifications

 

Certain reclassifications have been made to amounts previously reported to conform with the current presentation. Such reclassifications have no effect on previously reported net losses.

 

Redeemable Ordinary Shares

 

As discussed in Note 2, all of the 8,050,000 ordinary shares sold as part of a Unit in the Public Offering contain a redemption feature which allows for the redemption of ordinary shares under the Company's Liquidation or Tender Offer/Stockholder Approval provisions. In accordance with ASC 480, 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 Memorandum and Articles of Association provides that in no event will the Company redeem its public shares in an amount that would cause its net tangible assets (shareholders' 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 ordinary shares shall be affected by charges against paid-in capital.

 

Accordingly, at August 31, 2011, 6,343,373 of the 8,050,000 public shares are classified outside of permanent equity at their 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 taxes payable (approximately $9.97 at August 31, 2011).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

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.

 

Income Taxes

 

Under the laws of the British Virgin Islands, the Company is generally not subject to income taxes.  Accordingly, no provision for income taxes has been made in the accompanying financial statement.

 

The Company is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. De-recognition of a tax benefit previously recognized results in the Company recording a tax liability that reduces ending retained earnings. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of August 31, 2011. The Company’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analyses of and changes to tax laws, regulations and interpretations thereof.

 

10
 

 

The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense and other expenses, respectively. No interest expense or penalties have been recognized as of and for the period ended August 31, 2011. The Company is subject to income tax examinations by major taxing authorities since inception.

 

The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

 

Warrant Liability

 

The Company accounts for its 12,216,667 warrants (consisting of 8,050,000 warrants issued in the Public Offering and 4,166,667 Sponsor Warrants) in accordance with the guidance contained in ASC 815-40-15-7D, "Contracts in Entity's Own Equity" whereby under that provision the warrants 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 the warrants issued by the Company in connection with the Public Offering has been estimated using the quoted market price of the warrants at the end of the reporting period.

 

Fair Value of Financial Instruments

 

Unless otherwise disclosed, the fair values of financial instruments, including cash and the note payable to related party, approximate their carrying amount due primarily to their short-term nature.

 

Recent Accounting Pronouncements

 

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

 

 Note 4. Restatement of Previously Issued Financial Statements

 

The Company has restated its financial statements as of August 31, 2011 to correct its accounting for its outstanding warrants. 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. In April 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 warrants, concluded that the warrants should be accounted for as a derivative liability. The warrants contain a price adjustment provision 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 a formula that causes the warrants to not be indexed to the Company’s own shares. 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 balance sheets, statements of operations and statements of cash flows:

 

11
 

  

August 31, 2011

 

Selected balance sheet information

 

   As Previously   Effect of     
   Reported   Restatement   As Restated 
             
Warrant liability  $-   $10,384,167   $10,384,167 
Total liabilities   2,437,369    10,384,167    12,821,536 
                
Ordinary shares, subject to possible redemption   73,627,600    (10,384,167)   63,243,433 
                
Ordinary shares   1,915,590    3,084,420    5,000,010 
Additional paid-in capital   3,125,000    (3,125,000)   - 
Deficit accumulated during the development stage   (40,580)   40,580    - 
Total shareholders' equity   5,000,010    -    5,000,010 
                
Total liabilities and shareholders' equity  $81,064,979   $-   $81,064,979 

 

For the Three Months Ended August 31, 2011

 

Selected statement of operations information

 

   As Previously   Effect of     
   Reported   Restatement   As Restated 
             
Other income / (expense):               
Change in fair value of warrant liability  $-   $(1,221,667)  $(1,221,667)
                
Net income / (loss) attributable to ordinary shares not subject to possible redemption  $(35,580)  $(1,221,667)  $(1,257,247)
                
Weighted average number of ordinary shares outstanding, excluding shares subject to possible redemption - basic and diluted   2,321,743    429,246    2,750,989 
                
Net loss per ordinary share, excluding shares subject to possible redemption - basic and diluted  $(0.02)  $(0.44)  $(0.46)

 

 

12
 

  

For the Period from March 11, 2011 (date of inception) to August 31, 2011

 

Selected statement of operations information

 

   As Previously   Effect of     
   Reported   Restatement   As Restated 
             
Other income / (expense):               
Change in fair value of warrant liability  $-   $(1,221,667)  $(1,221,667)
                
Net income / (loss) attributable to ordinary shares not subject to possible redemption  $(40,580)  $(1,221,667)  $(1,262,247)
                
Weighted average number of ordinary shares outstanding, excluding shares subject to possible redemption - basic and diluted   2,533,349    (130,384)   2,402,965 
                
Net loss per ordinary share, excluding shares subject to possible redemption - basic and diluted  $(0.02)  $(0.51)  $(0.53)

 

Selected cash flow information

 

   As Previously   Effect of     
   Reported   Restatement   As Restated 
Operating activities:            
Net income (loss)  $(40,580)  $(1,221,667)  $(1,262,247)
Loss on change in fair value of warrant liability  $-   $1,221,667   $1,221,667 
                
Supplemental disclosure of non-cash financing activities:               
Adjustment for warrant liability in connection with the Public Offering  $-   $9,162,500   $9,162,500 

  

Note 5. Warrant Liability

 

The Company sold 8,050,000 units in the Public Offering, which subsequently separated into one warrant at an initial exercise price of $12.00 and one ordinary share. The Sponsor also purchased 4,166,667 warrants in a private placement in connection with the Public 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 shares. Management used the quoted market price for the valuation of the warrants to determine the warrant liability to be $10,384,167 as of August 31, 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.

 

13
 

 

Note 6. Public Offering

 

Public Units

 

On July 20, 2011, the Company sold 8,050,000 units (including units sold pursuant to the underwriters’ exercise of their over-allotment option ) at a price of $10.00 per unit (the “Public Units”) in the Public Offering.  Each unit consists of one ordinary share of the Company, no par value (the “Public Shares”), and one warrant to purchase one ordinary share (the “Public Warrants”).

 

Public Warrant Terms and Conditions

 

Exercise Conditions  — Each Public Warrant will entitle the holder to purchase from the Company one ordinary share at an exercise price of $12.00 per share commencing on the later of: (i) 30 days after the consummation of an Initial Business Combination, or (ii) July 20, 2012, provided that the Company has an effective registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and such shares are registered or qualified under the securities laws of the state of the exercising holder. The Public Warrants expire five years from the date of the Initial Business Combination, unless earlier redeemed. The Public Warrants will be redeemable in whole and not in part at a price of $0.01 per warrant upon a minimum of 30 days notice after the warrants become exercisable, only in the event that the last sale price of the Company’s ordinary shares exceeds $18.00 per share for any 20 trading days within a 30-trading day period. If the Public Warrants are redeemed by the Company, management will have the option to require all holders that wish to exercise warrants to do so on a cashless basis.

 

Registation Risk  — In accordance with a warrant agreement relating to the Public Warrants, the Company will be required to use its best efforts to maintain the effectiveness of a registration statement relating to the ordinary shares which would be issued upon exercise of the Public 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 holders of such Public Warrants shall not be entitled to exercise such Public Warrants (except on a cashless basis under certain circumstances) 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 or cash settle the Public Warrants. Consequently, the Public Warrants may expire unexercised, unredeemed and worthless, and an investor in the Public Offering may effectively pay the full unit price solely for the ordinary shares included in the Public Units.

 

Accounting  — The Company accounts for the warrants in accordance with the guidance on Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, which provides that 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 Public Offering has been estimated using the market price of the Warrants at each reporting date.

 

Underwriting Agreement   The Company paid an underwriting discount of 2.5% of the public unit offering price to the underwriters at the closing of the Public Offering, with an additional fee of 3.0% of the gross offering proceeds payable upon the Company’s consummation of an Initial Business Combination. The underwriters will not be entitled to any interest accrued on the deferred discount.

 

Note 7. Related Party Transactions

 

Founder Shares  — In March 2011, the Sponsor purchased 2,012,500 ordinary shares (the “Founder Shares”) for $25,000, or approximately $0.012 per share.

 

Forfeiture  — The Founder Shares included 262,500 ordinary shares that were subject to forfeiture if and to the extent the underwriters’ over-allotment option was not exercised, so that the Sponsor would own 20.0% of the Company’s issued and outstanding shares after the Public Offering.  The underwriters exercised the over-allotment option in full and therefore no such ordinary shares were forfeited.

 

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Earnout Shares  — In addition, a portion of the Founder Shares in an amount equal to 591,912 shares will be subject to forfeiture by the Sponsor as follows: (1) 304,924 shares are subject to forfeiture in the event the last sales price of the Company’s shares does not equal or exceed $15.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within at least one 30-trading day period within 36 months following the closing of the Company’s Initial Business Combination and (2) 286,988  shares are subject to forfeiture in the event the last sales price of the Company’s shares does not equal or exceed $12.50 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within at least one 30-trading day period within 36 months following the closing of the Company’s Initial Business Combination.

 

Rights  — The Founder Shares are identical to the ordinary shares included in the Public Units being sold in the Public Offering except that (i) the Founder Shares will be subject to certain transfer restrictions, as described in more detail below, and (ii) the Sponsor will agree to waive its redemption rights with respect to the Founder Shares and Public Shares it purchases in connection with the Initial Business Combination and will also waive its redemption rights with respect to the Founder Shares if the Company fails to consummate an Initial Business Combination within 21 months from the closing of the Public Offering.

 

Voting — If the Company seeks shareholder approval of its Initial Business Combination, the Sponsor will agree to vote the Founder Shares and any Public Shares purchased during or after the Public Offering in favor of the Initial Business Combination.

 

Liquidation   — Although the Sponsor and its permitted transferees will waive their redemption rights with respect to the Founder Shares if the Company fails to consummate an Initial Business Combination within 21 months from the closing of the Public Offering, they will be entitled to redemption rights with respect to any Public Shares they may own.

 

Sponsor Warrants — The Sponsor purchased 4,166,667 warrants (the “Sponsor Warrants”) at $0.75 per warrant (for an aggregate purchase price of $3,125,000) from the Company on a private placement basis simultaneously with the closing of the Public Offering.

 

Exercise Conditions   — Each Sponsor Warrant is exercisable into one ordinary share at $12.00 per share. The proceeds from the Sponsor Warrant will be added to the proceeds from the Public Offering held in the Trust Account. The Sponsor Warrants will be identical to the warrants included in the units sold in the Public Offering except that the Sponsor Warrants (i) will not be redeemable by the Company as long as they are held by the Sponsor, members of the Sponsor or any of their permitted transferees, (ii) will be subject to certain transfer restrictions described in more detail below and (iii) may be exercised for cash or on a cashless basis.

 

Accounting  — The Company accounts for the warrants in accordance with the guidance on Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, which provides that 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 private placements of securities has been estimated using the warrants quoted market price at each reporting date.

 

Disposition Restrictions

 

The Sponsor will agree not to transfer, assign or sell any of its Founder Shares (except in limited circumstances to permitted assigns) until the earlier of (1) one year after the completion of the Company’s Initial Business Combination and (2) the date on which the Company consummates a liquidation, share exchange, share reconstruction and amalgamation, or other similar transaction after its Initial Business Combination that results in all of its shareholders having the right to exchange their ordinary shares for cash, securities or other property (the “Lock-Up Period”). Notwithstanding the foregoing, if the Company’s share price reaches or exceeds $11.50 for any 20 trading days within at least one 30-trading day period during the Lock-Up Period, 50% of the Founder Shares will be released from the lock-up and, if the Company’s share price reaches or exceeds $15.00 for any 20 trading days within at least one 30-trading day period during such Lock Up Period, the remaining 50% of the Founder Shares shall be released from the lock-up. In addition, notwithstanding the above, the Sponsor has agreed not to transfer, sell or assign the Founder Earnout Shares (whether to a permitted transferee or otherwise) before the applicable forfeiture condition lapses. The Sponsor has agreed not to transfer, assign or sell any of the Sponsor Warrants including the ordinary shares issuable upon exercise of the Sponsor Warrants until 30 days after the completion of an Initial Business Combination.

 

15
 

 

Registration Rights

 

The holders of the Founder Shares, Sponsor Warrants and warrants that may be issued upon conversion of working capital loans will hold registration rights to require the Company to register a sale of any of the securities held by them pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering. These shareholders will be entitled to make up to three demands, excluding short form demands, that the Company register such securities for sale under the Securities Act. In addition, these shareholders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the Founder Shares, upon the earlier of (1) one year after the completion of the Company’s Initial Business Combination or (2) the date on which the Company consummates a liquidation, merger, share exchange or other similar transaction after the Company’s Initial Business Combination that results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (ii) in the case of the Sponsor Warrants and the respective ordinary shares underlying such warrants, 30 days after the completion of the Company’s Initial Business Combination. Notwithstanding the foregoing, in the event the sales price of the Company’s shares reaches or exceeds $11.50 for any 20 trading days within any 30-trading day period during such one year period, 50% of the Founder Shares shall be released from the lock-up and, if the sales price of the Company’s shares reaches or exceeds $15.00 for any 20 trading days within any 30-trading day period during such one year period, the remaining 50% of the Founder Shares shall be released from the lock-up. In addition, members of the Company’s Sponsor have agreed not to, subject to certain limited exceptions, transfer, assign or sell any of the Sponsor Warrants (including the ordinary shares issuable upon exercise of the Sponsor Warrants) until 30 days after the completion of the Company’s Initial Business Combination. In addition, notwithstanding the Company’s sponsor’s ability to transfer, assign or sell its Founder Shares to permitted transferees during the applicable Lock-Up Period, the Company’s Sponsor has agreed not to transfer, assign or sell the founder earn out shares (whether to a permitted transferee or otherwise) before the applicable forfeiture provisions with respect to such shares lapse. The Company will bear the costs and expenses of filing any such registration statements.

 

Note 8. Other Related Party Transactions

 

Administrative Services

 

The Company has agreed to pay up to $10,000 a month for office space, utilities and secretarial and administrative services to the Sponsor or its affiliates. Services commenced on July 15, 2011 (the date the Company’s securities were first listed on the NASDAQ) and will terminate upon the earlier of (i) the consummation of an Initial Business Combination or (ii) the liquidation of the Company.

 

Notes Payable

 

On April 1, 2011 the Company issued an unsecured promissory note for $200,000 to Blue Wolf MHC Holdings Ltd.  The proceeds from the notes were used to fund a portion of the organizational and offering expenses owed by the Company to third parties. This note was repaid on July 20, 2011.

 

Note 9. Trust Account

 

A total of $80,237,500, which includes $77,112,500 of the net proceeds from the Public Offering and $3,125,000 from the private placement, has been placed in the Trust Account. The trust proceeds are invested in a money market fund which invests exclusively in U.S. Treasuries and meets certain conditions under Rule 2a-7 under the Investment Company Act.

 

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Note 10. Fair Value Measurement

 

The Company complies with FASB 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.

 

Cash Equivalents and Investments Held in Trust Account

 

The fair values of the Company’s cash equivalents and investments held in the Trust Account are determined through market, observable and corroborated sources.

 

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 a 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 August 31, 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:

 

Fair Value of Financial Assets and Liabilities as of August 31, 2011

 

       Quoted Prices   Significant Other   Significant Other 
   Balances, at   in   Observable   Unobservable 
   August 31,   Active Markets   Inputs   Inputs 
Description  2011   (Level 1)   (Level 2)   (Level 3) 
                 
Assets:                    
Investments held in Trust Account  $80,237,742   $80,237,742   $—   $— 
Total  $80,237,742   $80,237,742   $—   $— 
Liabilities:                    
Warrant liability  $10,384,167   $—   $10,384,167   $— 
Total  $10,384,167   $—   $10,384,167   $— 

 

Note 11. Commitments and Contingencies

 

The Company has committed to pay a deferred underwriters’ compensation of 3.0% of the gross offering proceeds to the underwriters upon the Company’s consummation of an Initial Business Combination.  The deferred underwriters’ compensation of $2,415,000 is reflected in the accompanying interim balance sheet.  The underwriters will not be entitled to any interest accrued on the deferred fee.

 

Note 12. Shareholders’ Equity

 

Ordinary Shares  — The Company is authorized to issue an unlimited number of ordinary shares. Holders of the Company’s ordinary shares are entitled to one vote for each ordinary share. At August 31, 2011, there were 3,719,127 ordinary shares outstanding. Ordinary shares outstanding at August 31, 2011 excludes 6,343,373 ordinary shares subject to possible redemption.

 

17
 

 

Preferred Shares  — The Company is authorized to issue an unlimited number of preferred shares in five different classes with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors.  At August 31, 2011, the Company has not issued any preferred shares.

 

18
 

 

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

 

Special Note Regarding Forward-Looking Statements

 

All statements other than statements of historical fact included in this Form 10-Q/A including, without limitation, statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward looking statements. When used in this Form 10-Q/A, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management, identify forward looking statements. Such forward looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those contemplated by the forward looking statements as a result of certain factors detailed in our filings with the Securities and Exchange Commission (the “SEC”). All subsequent written or oral forward looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.

 

Overview

 

We are a newly organized blank check company formed on March 11, 2011 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (an “Initial Business Combination”). The Company’s efforts in identifying prospective target businesses will initially be focused on businesses within Mongolia that complement the management team’s background such as in the natural resources sectors and any related sectors.  The Company may, however, pursue opportunities in other business sectors or geographic regions. We intend to effectuate our initial business combination using cash from the proceeds of our Initial Public Offering and the private placement of the Sponsor Warrants, our shares, debt or a combination of cash, shares and debt.  In addition, we will not effect a business combination with another blank check company or a similar company with nominal operations.

 

Results of Operations

 

Through August 31, 2011, our efforts have been limited to organizational activities, activities relating to our Public Offering, activities relating to identifying and evaluating prospective acquisition candidates and activities relating to general corporate matters. We have not generated any revenues, other than interest income earned on the proceeds held in the Trust Account. As of August 31, 2011, approximately $80,237,740 was held in the Trust Account (including $2.415 million of deferred underwriting discounts and commissions, $3.125 million from the sale of the Sponsor Warrants and approximately $242 in accrued interest) and we had cash outside of the Trust Account of approximately $691,260.  Up to $800,000 in interest income on the balance of the Trust Account (net of taxes payable) may be available to us to fund our working capital requirements but given the current interest rates, it is doubtful that we will earn such amount of interest. The current low interest rate environment may make it more difficult for such investments to generate sufficient funds, together with the amounts available outside the Trust Account, to locate, conduct due diligence, structure, negotiate and close our Initial Business Combination.   Through August 31, 2011, the Company had not withdrawn any funds from interest earned on the trust proceeds. Other than the deferred underwriting discounts and commissions, no amounts are payable to the underwriters of our Public Offering in the event of a business combination.

 

For the three months ended August 31, 2011, we had a net loss of $1,257,247 ($35,822 of expenses, $1,221,667 loss from the change in fair value of the warrant liability and $242 of interest income). For the period from March 11, 2011 (date of inception) to August 31, 2011, we had a net loss of $1,262,247 ($40,822 of expenses, $1,221,667 loss from the change in fair value of the warrant liability and $242 of interest income). See Notes 4 and 5 to the interim financial statements included in Item 1 of Part I of this amended report for further information about the warrant liability.

 

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Liquidity and Capital Resources

 

On July 20, 2011, we consummated our initial public offering (“Public Offering”) of 8,050,000 units at a price of $10.00 per unit. Simultaneously with the consummation of our initial public offering, we consummated the private sale of 4,166,667 warrants (the “Sponsor Warrants”) to Blue Wolf MHC Ltd. (our “Sponsor”) for $3,125,000.  We received net proceeds from our Public Offering and the sale of the Sponsor Warrants of $80,237,500, net of the non-deferred portion of the underwriting commissions of $2.415 million and offering costs and other expenses of approximately $665,000.  For a description of the proceeds generated in our Public Offering and a discussion of the use of such proceeds, we refer you to Note 6 of the unaudited interim financial statements included in Part I, Item 1 of this report. As of August 31, 2011, we had cash of $691,262.

 

We will depend on sufficient interest being earned on the proceeds held in the Trust Account to provide us with up to $800,000 of additional working capital we may need to identify one or more target businesses, conduct due diligence and complete our initial business combination, as well as to pay any taxes that we may owe. As described elsewhere in this Report, the amounts in the Trust Account may be invested only in U.S. “government securities” with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act.  The current low interest rate environment may make it more difficult for such investments to generate sufficient funds, together with the amounts available outside the Trust Account, to locate, conduct due diligence, structure, negotiate and close our Initial Business Combination.  If we are required to seek additional capital, we would need to borrow funds from our Sponsor or management team to operate or may be forced to liquidate. Neither our Sponsor nor our management team is under any obligation to advance funds to us in such circumstances. Any such loans would be repaid only from funds held outside the Trust Account or from funds released to us upon completion of our Initial Business Combination. If we are unable to complete our Initial Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the Trust Account.

 

For the period from July 20, 2011 (consummation of our IPO) through August 31, 2011, we disbursed an aggregate of approximately $36,703 out of the proceeds of our Public Offering not held in trust, for legal expenses, accounting expenses and filing fees relating to our SEC reporting obligations, general corporate matters, and miscellaneous expenses.

 

Off-balance sheet financing 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 $10,000 payable to Blue Wolf MHC Ltd., our Sponsor, for office space, utilities, secretarial and administrative services.

 

We began incurring these fees on July 15, 2011 (the date the Company’s securities were first listed on the NASDAQ Capital Market) and will terminate upon the earlier of (i) the consummation of an Initial Business Combination or (ii) the liquidation of the Company.

 

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:

 

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 Cash and cash equivalents

 

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

 

Development stage company

 

The Company is considered to be in the development stage as defined by FASB ASC 915, “Development Stage Entities,” and is subject to the risks associated with activities of development stage companies. Through August 31, 2011, the Company’s efforts have been limited to organizational activities, activities relating to its Public Offering, activities relating to identifying and evaluating prospective acquisition candidates and activities relating to general corporate matters. The Company has not generated any revenues, other than interest income earned on the proceeds held in the Trust Account. The Company will not generate any operating revenues until after completion of an Initial Business Combination, at the earliest. The Company will continue to generate non-operating income in the form of interest income on the designated Trust Account.

 

Redeemable ordinary shares

 

As discussed in Note 2, all of the 8,050,000 ordinary shares sold as part of a Unit in the Public Offering contain a redemption feature which allows for the redemption of ordinary shares under the Company's Liquidation or Tender Offer/Stockholder Approval provisions. In accordance with ASC 480, 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 Memorandum and Articles of Association provides that in no event will the Company redeem its public shares in an amount that would cause its net tangible assets (shareholders' 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 ordinary shares shall be affected by charges against paid-in capital.

 

Accordingly, at August 31, 2011, 6,343,373 of the 8,050,000 public shares are classified outside of permanent equity at their 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 taxes payable (approximately $9.97 at August 31 , 2011).

 

Loss per ordinary share

 

Loss per share is computed by dividing net loss applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period.  The 12,216,667 warrants related to our Public Offering and the private placement of the Sponsor Warrants are contingently issuable shares and are excluded from the calculation of diluted earnings per share because they are anti-dilutive.

 

Use of estimates

 

The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

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.  

 

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We were incorporated in the British Virgin Islands on March 11, 2011 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more operating businesses.  We were considered in the development stage at August 31, 2011 and had not yet commenced any operations. All activity through August 31, 2011 relates to our formation, our initial public offering, our activities related to identifying and evaluating prospective acquisition candidates and our activities relating to general corporate matters.  We did not have any financial instruments that were exposed to market risks at August 31, 2011.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that the information required to be disclosed in our 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 SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our 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 our disclosure controls and procedures as of August 31, 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.

 

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

 

PART II — OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None.

 

ITEM 1A. RISK FACTORS

 

Factors that could cause our actual results to differ materially from those in this report are any of the risks described in our prospectus dated July 14, 2011 filed with the SEC. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

 

As of the date of this Report, there have been no material changes to the risk factors disclosed in our prospectus dated July 14, 2011 filed with the SEC, except we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

 

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

 

On July 20, 2011 we consummated a private sale of 4,166,667 Sponsor Warrants to our Sponsor at a price of $0.75 per warrant (for an aggregate purchase price of $3,125,000). The Sponsor Warrants (including the ordinary shares issuable upon exercise of the Sponsor Warrants) will not be transferable, assignable or salable until 30 days after the completion of our Initial Business Combination (except, among certain other limited exceptions, to our officers and directors and other persons or entities affiliated with the members of our Sponsor) and they will not be redeemable by the Company so long as they are held by members of our Sponsor or their permitted transferees. Otherwise, the Sponsor Warrants have terms and provisions that are identical to those of the warrants sold as part of the units in our Public Offering, except that the Sponsor Warrants may be exercised by the holders on a cashless basis. The sale of the Sponsor Warrants was made pursuant to the exemption from registration contained in Section 4(2) of the Securities Act.

 

22
 

 

Use of Proceeds from the Initial Public Offering

 

On July 20, 2011, we consummated our Public Offering of 8,050,000 units, with each unit consisting of one ordinary share of the Company and one warrant to purchase one ordinary share at an exercise of $12.00 per share.  The warrants will become exercisable on the later of (i) 30 days after the completion of the Initial Business Combination and (ii) 12 months from the closing of the Public Offering.  The warrants expire five years after the completion of our Initial Business Combination or earlier upon redemption or liquidation.  Once the warrants become exercisable, the warrants will be redeemable in whole and not in part at a price of $0.01 per warrant upon a minimum of 30 days notice if, and only if, the last sale price of the Company’s ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a 30 trading day period.  The units in the Public Offering were sold at an offering price of $10.00 per unit, generating total gross proceeds of $80,050,000, including the sale of an aggregate of 1,050,000 units to cover over-allotments.  Deutsche Bank Securities acted as sole book-running manager of the Public Offering and Odeon Capital Group acted as co-manager of the offering (together, the “Underwriters”).  As of July 19, 2011, the Underwriters of the Public Offering notified the Company that they would exercise the over-allotment option in full.  The securities sold in the Public Offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333- 173419). The SEC declared the registration statement effective on July 14, 2011.

 

We paid a total of $2.0 million in underwriting discounts and commissions and approximately $665,000 for other costs and expenses related to the offering.   In addition, the Underwriters agreed to defer $2.415 million in underwriting discounts and commissions, which amount will be payable upon consummation of our Initial Business Combination, if consummated. We also repaid the note outstanding to our Sponsor (an entity controlled by our officers and directors) from the proceeds of the Public Offering.

 

After deducting the underwriting discounts and commissions (excluding the deferred portion of $2.415 million in underwriting discounts and commissions, which amount will be payable upon consummation of our Initial Business Combination, if consummated) and the offering expenses, the total net proceeds from our Public Offering and the private placement of Sponsor Warrants was $81,012,500 of which $80,237,500 (or approximately $9.97 per unit sold in the initial public offering) was placed in a trust account.  The proceeds held in the trust account were invested by the trustee only in U.S. government treasury bills with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. [REMOVED AND RESERVED ]

 

ITEM 5. OTHER INFORMATION

 

None.

 

23
 

 

ITEM 6. EXHIBITS

 

Exhibit
Number		   Description
     
31.1   Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.
     
31.2   Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.
     
32.1   Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)
     
32.2   Certification of the Principal Financial Officer 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 Document
     
101.CAL *   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF  *   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB *   XBRL Taxonomy Extension Labels Linkbase Document
     
101.PRE *   XBRL Taxonomy Extension Presentation Linkbase Document
     
*   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, 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.

 

24
 

 

SIGNATURES

 

In accordance with 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.

 

  BLUE WOLF MONGOLIA HOLDINGS CORP.
   
Dated: May 14, 2013 /s/ Lee Kraus
  Lee Kraus
  Chief Executive Officer
  (Principal Executive Officer)

 

Dated: May 14, 2013 /s/ Paul Nicholas Edwards
  Paul Nicholas Edwards
  President and Chief Financial Officer
  (Principal Financial Officer)

 

25

 EX-31.1 2 v344177_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

Certification of Principal Executive Officer

Pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the

Securities Exchange Act of 1934

(Section 302 of the Sarbanes-Oxley Act of 2002)

 

I, Lee Kraus, certify that:

 

1.  I have reviewed this Quarterly Report on Form 10-Q/A of Blue Wolf Mongolia Holdings 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)      [omitted pursuant to the transition period exemption for newly public companies.]

 

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 (or persons performing the equivalent functions):

 

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.

 

Dated: May 14, 2013 /s/ Lee Kraus
  Lee Kraus
  Chief Executive Officer
  (Principal executive officer)

 

 
 EX-31.2 3 v344177_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

Certification of Principal Financial Officer

Pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the

Securities Exchange Act of 1934

(Section 302 of the Sarbanes-Oxley Act of 2002)

 

I, Paul Nicholas Edwards, certify that:

 

1.  I have reviewed this Quarterly Report on Form 10-Q/A of Blue Wolf Mongolia Holdings 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)      [omitted pursuant to the transition period exemption for newly public companies.]

 

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 (or persons performing the equivalent functions):

 

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.

 

Dated: May 14, 2013  /s/ Paul Nicholas Edwards
  Paul Nicholas Edwards
  President and Chief Financial Officer
  (Principal financial officer)

 

 
 EX-32.1 4 v344177_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

Certification of Principal Executive Officer

Pursuant to 18 U.S.C. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

 

In connection with the Quarterly Report on Form 10-Q/A of Blue Wolf Mongolia Holdings Corp. (the “Company”) for the quarter ended August 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lee Kraus, Principal Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)           The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: May 14, 2013   /s/ Lee Kraus
  Lee Kraus
  Chief Executive Officer
  (Principal Executive Officer)

 

This certification accompanies this report on Form 10-Q/A pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purpose of Section 18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained and furnished to the Securities and Exchange Commission or its staff upon request.

 

 
 EX-32.2 5 v344177_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

Certification of Principal Financial Officer

Pursuant to 18 U.S.C. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

 

In connection with the Quarterly Report on Form 10-Q/A of Blue Wolf Mongolia Holdings Corp. (the “Company”) for the quarter ended August 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Paul Nicholas Edwards, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)           The Report 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 Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: May 14, 2013 /s/Paul Nicholas Edwards
  Paul Nicholas Edwards
  President and Chief Financial Officer
  (Principal Financial Officer)

 

This certification accompanies this report on Form 10-Q/A pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purpose of Section 18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

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The Company will not consummate an Initial Business Combination unless it acquires a controlling interest in a target company or is otherwise not required to register as an investment company under the Investment Company Act.</p> <p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="margin: 0pt 0px 0pt 0.5in; font: 10pt times new roman, times, serif;"><b><i><u>Focus</u></i></b> &#160;&#8212;&#160;The Company&#8217;s efforts in identifying prospective target businesses will initially be focused on businesses within Mongolia that complement the management team&#8217;s background such as in the natural resources sectors and related sectors.&#160;&#160;The Company may, however, pursue opportunities in other business sectors or geographic regions.</p> <p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="margin: 0pt 0px 0pt 0.5in; font: 10pt times new roman, times, serif;"><b><i><u>Tender Offer/Shareholder Approval</u></i></b> &#160;&#8212;&#160;The Company, after signing a definitive agreement for an Initial Business Combination, will either (i) provide shareholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less taxes payable, or (ii) seek shareholder approval of the Initial Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against the Initial Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less (a) taxes payable, (b) amounts released to fund working capital requirements and (c) any amounts released to the Company and used to purchase up to 15% of the Public Shares sold in the Public Offering. 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(“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 August 31, 2011, originally filed on October 12, 2011 (the “Original Filing”). 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 footnotes in Item 1. Financial Statements. 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 August 31, 2011 to correct the accounting for our outstanding public 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 statement of operations. For additional information regarding this restatement, see “Note 4 – 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. 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Organization and Business Operations
 6 Months Ended
Aug. 31, 2011
Accounting Policies [Abstract]  
Organization And Business Operations [Text Block]

Note 2. Organization and Business Operations

 

Incorporation

 

Blue Wolf Mongolia Holdings Corp. (the “Company”) was incorporated in the British Virgin Islands on March 11, 2011.

 

Sponsor

 

The Company’s sponsor is Blue Wolf MHC Ltd., an exempt company incorporated in the Cayman Islands with limited liability (the “Sponsor”).

 

Fiscal Year End

 

The Company has selected February 28 as its fiscal year end.

 

Business Purpose

 

The Company was formed to effect a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (an “Initial Business Combination”).

 

Financing

 

The registration statement for the Company’s initial public offering (the “Public Offering”) (as described in Note 6) was declared effective July 14, 2011. On July 20, 2011, simultaneously with the closing of the Public Offering, the Sponsor purchased $3,125,000 of warrants in a private placement (Note 7).

 

Upon the closing of the Public Offering and the private placement, $80,237,500 was placed in the Trust Account (discussed below).

 

Trust Account

 

The trust account (the “Trust Account”) may only be invested in United States government treasury bills having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act and which invests solely in U.S. Treasuries. The funds in the Trust Account are held in the name of Blue Wolf Mongolia Holdings Corp. (see Note 9).

 

Except for a portion of the interest income (net of taxes payable) that may be released to the Company to pay any taxes and to fund the Company’s working capital requirements, and any amounts necessary to purchase up to 15% of the Company’s Public Shares (as defined in Note 6) if the Company seeks shareholder approval of its Initial Business Combination, as discussed below, none of the funds will be released from the Trust Account until the earlier of: (i) the consummation of an Initial Business Combination no later than April 20, 2013, (ii) a redemption to public shareholders prior to any voluntary winding-up in the event the Company does not consummate an Initial Business Combination or (iii) pursuant to any liquidation.

 

Business Combination

 

An Initial Business Combination is subject to the following size, focus and shareholder approval provisions:

 

Size  — The prospective target business will not have a limitation to size, except that it must have an aggregate fair market value of at least 80% of the value of the Trust Account (excluding any taxes) at the time of the agreement to enter the Initial Business Combination. The Company will not consummate an Initial Business Combination unless it acquires a controlling interest in a target company or is otherwise not required to register as an investment company under the Investment Company Act.

 

Focus  — The Company’s efforts in identifying prospective target businesses will initially be focused on businesses within Mongolia that complement the management team’s background such as in the natural resources sectors and related sectors.  The Company may, however, pursue opportunities in other business sectors or geographic regions.

 

Tender Offer/Shareholder Approval  — The Company, after signing a definitive agreement for an Initial Business Combination, will either (i) provide shareholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less taxes payable, or (ii) seek shareholder approval of the Initial Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against the Initial Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less (a) taxes payable, (b) amounts released to fund working capital requirements and (c) any amounts released to the Company and used to purchase up to 15% of the Public Shares sold in the Public Offering. The decision as to whether the Company will seek shareholder approval of the Initial Business Combination or will allow shareholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval. If the Company seeks shareholder approval, it will consummate its Initial Business Combination only if a majority of the ordinary shares voted are voted in favor of the Initial Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Furthermore, the redemption threshold may be further limited by the terms and conditions of the Initial Business Combination. In such case, the Company would not proceed with the redemption of its Public Shares and the related Initial Business Combination, and instead may search for an alternate Initial Business Combination.

 

Regardless of whether the Company holds a shareholder vote or a tender offer in connection with an Initial Business Combination, a public shareholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account, including interest but less taxes payable plus amounts released to fund working capital requirements and any amounts necessary to purchase up to 15% of the Public Shares sold in the Public Offering. As a result, such ordinary shares are recorded at conversion/tender value and classified as temporary equity, in accordance with Financial Accounting Standards Board, or FASB, ASC Topic 480, “Distinguishing Liabilities from Equity.”

 

Permitted Purchase of Public Shares — If the Company seeks shareholder approval of its Initial Business Combination and does not conduct redemptions pursuant to the tender offer rules, prior to the Initial Business Combination, the Company’s memorandum and articles of association will permit the release to the Company from the Trust Account, amounts necessary to purchase up to 15% of the shares sold in the Public Offering. All shares so purchased by the Company will be immediately cancelled.

 

Liquidation

 

If the Company does not consummate an Initial Business Combination by April 20, 2013, the Company (i) will distribute the aggregate amount then on deposit in the Trust Account (less up to $50,000 of the net interest earned thereon to pay dissolution expenses), pro rata, to holders of Public Shares by way of redemption and (ii) intends to cease all operations except for the purposes of any winding up of its affairs. This redemption of public shareholders from the Trust Account shall be done  automatically by function of the Company’s memorandum and articles of association and prior to any voluntary winding up, although at all times subject to the BVI Business Companies Act, 2004 of the British Virgin Islands.

 

In the event of liquidation, it is likely 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 share in the Public Offering (assuming no value is attributed to the warrants contained in the units to be offered in the Public Offering discussed in Note 6).
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Interim Financial Information and Basis of Presentation
 6 Months Ended
Aug. 31, 2011
Accounting Policies [Abstract]  
Interim Financial Information and Basis Of Presentation [Text Block]

Note 1. Interim Financial Information and Basis of Presentation

 

The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange 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 August 31, 2011 and the results of operations for the period from March 11, 2011 (date of inception) to August 31, 2011 and the three month period ending August 31, 2011. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations.  The results of operations for the period from March 11, 2011 (date of inception) to August 31, 2011 are not necessarily indicative of the results of operations to be expected for a full fiscal year.

 

Blue Wolf Mongolia Holdings Corp. 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 August 31, 2011, originally filed on October 12, 2011. This Amendment is being filed to restate our unaudited interim financial statements as of August 31, 2011 to correct the accounting for our outstanding 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 statement of operations. For additional information regarding this restatement, see “Note 4 - Restatement of Previously Issued Financial Statements”.
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INTERIM BALANCE SHEETS (USD $)
Aug. 31, 2011
ASSETS:  
Cash $ 691,262
Prepaid insurance and other current assets 135,975
Total current assets 827,237
Investments held in Trust Account 80,237,742
Total assets 81,064,979
LIABILITIES AND SHAREHOLDERS' EQUITY:  
Accrued expenses 22,369
Other liabilities:  
Deferred underwriters' compensation 2,415,000
Warrant liability 10,384,167
Total liabilities 12,821,536
Commitments and contingencies   
Ordinary shares subject to possible redemption; 6,343,373 shares (at redemption value) 63,243,433
Shareholders' equity:  
Preferred shares, no par value; five classes of unlimited shares authorized; none issued and outstanding 0
Ordinary shares, no par value; unlimited shares authorized; 3,719,127 issued and outstanding (which excludes 6,343,373 shares subject to possible redemption) 5,000,010
Additional paid-in capital 0
Deficit accumulated during the development stage 0
Total shareholders' equity, net 5,000,010
Total liabilities and shareholders' equity $ 81,064,979
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INTERIM STATEMENT OF SHAREHOLDERS' EQUITY [Parenthetical] (USD $)
 6 Months Ended
Aug. 31, 2011
Sale of ordinary shares to sponsor par value (in dollars per share) $ 0.012
Sale of unit per share (in dollars per share) $ 10
Number of private placement sold to the sponsor (in shares) 4,166,667
Sale of private placement warrants to the sponsor per warrant (in dollars per share) $ 0.75
Redemption of shares (in shares) 6,343,373
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INTERIM STATEMENT OF CASH FLOWS (USD $)
 6 Months Ended
Aug. 31, 2011
Cash Flows from Operating Activities:  
Net loss $ (1,262,247)
Adjustments to reconcile net loss to net cash used in operating activities:  
Change in fair value of warrant liability 1,221,667
Increase (decrease) attributable to changes in operating assets and liabilities  
Prepaid insurance and other current assets (135,975)
Accrued expenses 22,369
Net cash used in operating activities (154,186)
Cash Flows from Investing Activities  
Principal deposited in Trust Account (80,237,500)
Interest reinvested in Trust Account (242)
Net cash used in investing activities (80,237,742)
Cash Flows From Financing Activities:  
Proceeds from notes payable to affiliate 200,000
Payment of notes payable to affiliate (200,000)
Proceeds from sale of ordinary shares to Sponsor 25,000
Proceeds from public offering 80,500,000
Proceeds from issuance of Sponsor Warrants 3,125,000
Payment of offering costs (2,566,810)
Net cash provided by financing activities 81,083,190
Increase in cash and cash equivalents 691,262
Cash and cash equivalents at beginning of the period 0
Cash and cash equivalents at end of the period 691,262
Supplemental Schedule of Non-Cash Financing Activities:  
Deferred underwriters' compensation 2,415,000
Adjustment for warrant liability in connection with the Public Offering $ 9,162,500
XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTERIM BALANCE SHEETS [Parenthetical]
Aug. 31, 2011
Ordinary shares subject to mandatory redemption, shares 6,343,373
Preferred shares, authorized Unlimited
Preferred stock, shares issued 0
Preferred stock, shares outstanding 0
Ordinary shares, authorized Unlimited
Ordinary stock, shares issued 3,719,127
Ordinary stock, shares outstanding 3,719,127
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Fair Value Measurement
 6 Months Ended
Aug. 31, 2011
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

Note 10. Fair Value Measurement

 

The Company complies with FASB 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.

 

Cash Equivalents and Investments Held in Trust Account

 

The fair values of the Company’s cash equivalents and investments held in the Trust Account are determined through market, observable and corroborated sources.

 

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 a 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 August 31, 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:

 

Fair Value of Financial Assets and Liabilities as of August 31, 2011

 

          Quoted Prices     Significant Other     Significant Other  
    Balances, at     in     Observable     Unobservable  
    August 31,     Active Markets     Inputs     Inputs  
Description   2011     (Level 1)     (Level 2)     (Level 3)  
                         
Assets:                                
Investments held in Trust Account   $ 80,237,742     $ 80,237,742     $ —     $ —  
Total   $ 80,237,742     $ 80,237,742     $ —     $ —  
Liabilities:                                
Warrant liability   $ 10,384,167     $ —     $ 10,384,167     $ —  
Total   $ 10,384,167     $ —     $ 10,384,167     $ —  
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DOCUMENT AND ENTITY INFORMATION
 6 Months Ended
Aug. 31, 2011
Oct. 11, 2011
Entity Registrant Name Blue Wolf Mongolia Holdings Corp.  
Entity Central Index Key 0001517526  
Current Fiscal Year End Date --02-29  
Entity Filer Category Non-accelerated Filer  
Trading Symbol mngl  
Entity Common Stock, Shares Outstanding   10,062,500
Document Type 10-Q  
Amendment Flag true  
Amendment Description Blue Wolf Mongolia Holdings 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 August 31, 2011, originally filed on October 12, 2011 (the “Original Filing”). 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 footnotes in Item 1. Financial Statements. 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 August 31, 2011 to correct the accounting for our outstanding public 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 statement of operations. For additional information regarding this restatement, see “Note 4 – 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.  
Document Period End Date Aug. 31, 2011  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  
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Commitments and Contingencies
 6 Months Ended
Aug. 31, 2011
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

Note 11. Commitments and Contingencies

 

The Company has committed to pay a deferred underwriters’ compensation of 3.0% of the gross offering proceeds to the underwriters upon the Company’s consummation of an Initial Business Combination.  The deferred underwriters’ compensation of $2,415,000 is reflected in the accompanying interim balance sheet.  The underwriters will not be entitled to any interest accrued on the deferred fee.
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INTERIM STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 6 Months Ended
Aug. 31, 2011
Aug. 31, 2011
Revenue $ 0 $ 0
General and administrative expenses 35,822 40,822
Loss from operations (35,822) (40,822)
Other income/(expense)    
Interest income 242 242
Change in fair value of warrant liability (1,221,667) (1,221,667)
Net loss attributable to ordinary shares not subject to possible redemption $ (1,257,247) $ (1,262,247)
Weighted average number of ordinary shares outstanding, excluding shares subject to possible redemption - basic and diluted (in shares) 2,750,989 2,402,965
Net loss per ordinary share, excluding shares subject to possible redemption - basic and diluted (in dollars per share) $ (0.46) $ (0.53)
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Warrant Liability
 6 Months Ended
Aug. 31, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Fair Value [Text Block]

Note 5. Warrant Liability

 

The Company sold 8,050,000 units in the Public Offering, which subsequently separated into one warrant at an initial exercise price of $12.00 and one ordinary share. The Sponsor also purchased 4,166,667 warrants in a private placement in connection with the Public 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 shares. Management used the quoted market price for the valuation of the warrants to determine the warrant liability to be $10,384,167 as of August 31, 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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Restatement of Previously Issued Financial Statements
 6 Months Ended
Aug. 31, 2011
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections [Text Block]

 Note 4. Restatement of Previously Issued Financial Statements

 

The Company has restated its financial statements as of August 31, 2011 to correct its accounting for its outstanding warrants. 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. In April 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 warrants, concluded that the warrants should be accounted for as a derivative liability. The warrants contain a price adjustment provision 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 a formula that causes the warrants to not be indexed to the Company’s own shares. 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 balance sheets, statements of operations and statements of cash flows:

 

August 31, 2011

 

Selected balance sheet information

 

    As Previously     Effect of        
    Reported     Restatement     As Restated  
                   
Warrant liability   $ -     $ 10,384,167     $ 10,384,167  
Total liabilities     2,437,369       10,384,167       12,821,536  
                         
Ordinary shares, subject to possible redemption     73,627,600       (10,384,167 )     63,243,433  
                         
Ordinary shares     1,915,590       3,084,420       5,000,010  
Additional paid-in capital     3,125,000       (3,125,000 )     -  
Deficit accumulated during the development stage     (40,580 )     40,580       -  
Total shareholders' equity     5,000,010       -       5,000,010  
                         
Total liabilities and shareholders' equity   $ 81,064,979     $ -     $ 81,064,979  

 

For the Three Months Ended August 31, 2011

 

Selected statement of operations information

 

    As Previously     Effect of        
    Reported     Restatement     As Restated  
                   
Other income / (expense):                        
Change in fair value of warrant liability   $ -     $ (1,221,667 )   $ (1,221,667 )
                         
Net income / (loss) attributable to ordinary shares not subject to possible redemption   $ (35,580 )   $ (1,221,667 )   $ (1,257,247 )
                         
Weighted average number of ordinary shares outstanding, excluding shares subject to possible redemption - basic and diluted     2,321,743       429,246       2,750,989  
                         
Net loss per ordinary share, excluding shares subject to possible redemption - basic and diluted   $ (0.02 )   $ (0.44 )   $ (0.46 )

 

For the Period from March 11, 2011 (date of inception) to August 31, 2011

 

Selected statement of operations information

 

    As Previously     Effect of        
    Reported     Restatement     As Restated  
                   
Other income / (expense):                        
Change in fair value of warrant liability   $ -     $ (1,221,667 )   $ (1,221,667 )
                         
Net income / (loss) attributable to ordinary shares not subject to possible redemption   $ (40,580 )   $ (1,221,667 )   $ (1,262,247 )
                         
Weighted average number of ordinary shares outstanding, excluding shares subject to possible redemption - basic and diluted     2,533,349       (130,384 )     2,402,965  
                         
Net loss per ordinary share, excluding shares subject to possible redemption - basic and diluted   $ (0.02 )   $ (0.51 )   $ (0.53 )

 

Selected cash flow information

 

    As Previously     Effect of        
    Reported     Restatement     As Restated  
Operating activities:                  
Net income (loss)   $ (40,580 )   $ (1,221,667 )   $ (1,262,247 )
Loss on change in fair value of warrant liability   $ -     $ 1,221,667     $ 1,221,667  
                         
Supplemental disclosure of non-cash financing activities:                        
Adjustment for warrant liability in connection with the Public Offering   $ -     $ 9,162,500     $ 9,162,500  
XML 28 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity
 6 Months Ended
Aug. 31, 2011
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

Note 12. Shareholders’ Equity

 

Ordinary Shares  — The Company is authorized to issue an unlimited number of ordinary shares. Holders of the Company’s ordinary shares are entitled to one vote for each ordinary share. At August 31, 2011, there were 3,719,127 ordinary shares outstanding. Ordinary shares outstanding at August 31, 2011 excludes 6,343,373 ordinary shares subject to possible redemption.

 

Preferred Shares  — The Company is authorized to issue an unlimited number of preferred shares in five different classes with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors.  At August 31, 2011, the Company has not issued any preferred shares.
XML 29 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Related Party Transactions
 6 Months Ended
Aug. 31, 2011
Related Party Transactions [Abstract]  
Other Related Party Transactions [Text Block]

Note 8. Other Related Party Transactions

 

Administrative Services

 

The Company has agreed to pay up to $10,000 a month for office space, utilities and secretarial and administrative services to the Sponsor or its affiliates. Services commenced on July 15, 2011 (the date the Company’s securities were first listed on the NASDAQ) and will terminate upon the earlier of (i) the consummation of an Initial Business Combination or (ii) the liquidation of the Company.

 

Notes Payable

 

On April 1, 2011 the Company issued an unsecured promissory note for $200,000 to Blue Wolf MHC Holdings Ltd.  The proceeds from the notes were used to fund a portion of the organizational and offering expenses owed by the Company to third parties. This note was repaid on July 20, 2011.
XML 30 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Public Offering
 6 Months Ended
Aug. 31, 2011
Regulated Operations [Abstract]  
Public Offering Disclosure [Text Block]

Note 6. Public Offering

 

Public Units

 

On July 20, 2011, the Company sold 8,050,000 units (including units sold pursuant to the underwriters’ exercise of their over-allotment option ) at a price of $10.00 per unit (the “Public Units”) in the Public Offering.  Each unit consists of one ordinary share of the Company, no par value (the “Public Shares”), and one warrant to purchase one ordinary share (the “Public Warrants”).

 

Public Warrant Terms and Conditions

 

Exercise Conditions  — Each Public Warrant will entitle the holder to purchase from the Company one ordinary share at an exercise price of $12.00 per share commencing on the later of: (i) 30 days after the consummation of an Initial Business Combination, or (ii) July 20, 2012, provided that the Company has an effective registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and such shares are registered or qualified under the securities laws of the state of the exercising holder. The Public Warrants expire five years from the date of the Initial Business Combination, unless earlier redeemed. The Public Warrants will be redeemable in whole and not in part at a price of $0.01 per warrant upon a minimum of 30 days notice after the warrants become exercisable, only in the event that the last sale price of the Company’s ordinary shares exceeds $18.00 per share for any 20 trading days within a 30-trading day period. If the Public Warrants are redeemed by the Company, management will have the option to require all holders that wish to exercise warrants to do so on a cashless basis.

 

Registation Risk  — In accordance with a warrant agreement relating to the Public Warrants, the Company will be required to use its best efforts to maintain the effectiveness of a registration statement relating to the ordinary shares which would be issued upon exercise of the Public 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 holders of such Public Warrants shall not be entitled to exercise such Public Warrants (except on a cashless basis under certain circumstances) 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 or cash settle the Public Warrants. Consequently, the Public Warrants may expire unexercised, unredeemed and worthless, and an investor in the Public Offering may effectively pay the full unit price solely for the ordinary shares included in the Public Units.

 

Accounting  — The Company accounts for the warrants in accordance with the guidance on Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, which provides that 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 Public Offering has been estimated using the market price of the Warrants at each reporting date.

 

Underwriting Agreement   The Company paid an underwriting discount of 2.5% of the public unit offering price to the underwriters at the closing of the Public Offering, with an additional fee of 3.0% of the gross offering proceeds payable upon the Company’s consummation of an Initial Business Combination. The underwriters will not be entitled to any interest accrued on the deferred discount.
XML 31 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
 6 Months Ended
Aug. 31, 2011
Related Party Transactions [Abstract]  
Related Party Transactions Excluding Other Related Party Transactions [Text Block]

Note 7. Related Party Transactions

 

Founder Shares  — In March 2011, the Sponsor purchased 2,012,500 ordinary shares (the “Founder Shares”) for $25,000, or approximately $0.012 per share.

 

Forfeiture  — The Founder Shares included 262,500 ordinary shares that were subject to forfeiture if and to the extent the underwriters’ over-allotment option was not exercised, so that the Sponsor would own 20.0% of the Company’s issued and outstanding shares after the Public Offering.  The underwriters exercised the over-allotment option in full and therefore no such ordinary shares were forfeited.

 

Earnout Shares  — In addition, a portion of the Founder Shares in an amount equal to 591,912 shares will be subject to forfeiture by the Sponsor as follows: (1) 304,924 shares are subject to forfeiture in the event the last sales price of the Company’s shares does not equal or exceed $15.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within at least one 30-trading day period within 36 months following the closing of the Company’s Initial Business Combination and (2) 286,988  shares are subject to forfeiture in the event the last sales price of the Company’s shares does not equal or exceed $12.50 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within at least one 30-trading day period within 36 months following the closing of the Company’s Initial Business Combination.

 

Rights  — The Founder Shares are identical to the ordinary shares included in the Public Units being sold in the Public Offering except that (i) the Founder Shares will be subject to certain transfer restrictions, as described in more detail below, and (ii) the Sponsor will agree to waive its redemption rights with respect to the Founder Shares and Public Shares it purchases in connection with the Initial Business Combination and will also waive its redemption rights with respect to the Founder Shares if the Company fails to consummate an Initial Business Combination within 21 months from the closing of the Public Offering.

 

Voting — If the Company seeks shareholder approval of its Initial Business Combination, the Sponsor will agree to vote the Founder Shares and any Public Shares purchased during or after the Public Offering in favor of the Initial Business Combination.

 

Liquidation   — Although the Sponsor and its permitted transferees will waive their redemption rights with respect to the Founder Shares if the Company fails to consummate an Initial Business Combination within 21 months from the closing of the Public Offering, they will be entitled to redemption rights with respect to any Public Shares they may own.

 

Sponsor Warrants — The Sponsor purchased 4,166,667 warrants (the “Sponsor Warrants”) at $0.75 per warrant (for an aggregate purchase price of $3,125,000) from the Company on a private placement basis simultaneously with the closing of the Public Offering.

 

Exercise Conditions   — Each Sponsor Warrant is exercisable into one ordinary share at $12.00 per share. The proceeds from the Sponsor Warrant will be added to the proceeds from the Public Offering held in the Trust Account. The Sponsor Warrants will be identical to the warrants included in the units sold in the Public Offering except that the Sponsor Warrants (i) will not be redeemable by the Company as long as they are held by the Sponsor, members of the Sponsor or any of their permitted transferees, (ii) will be subject to certain transfer restrictions described in more detail below and (iii) may be exercised for cash or on a cashless basis.

 

Accounting  — The Company accounts for the warrants in accordance with the guidance on Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, which provides that 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 private placements of securities has been estimated using the warrants quoted market price at each reporting date.

 

Disposition Restrictions

 

The Sponsor will agree not to transfer, assign or sell any of its Founder Shares (except in limited circumstances to permitted assigns) until the earlier of (1) one year after the completion of the Company’s Initial Business Combination and (2) the date on which the Company consummates a liquidation, share exchange, share reconstruction and amalgamation, or other similar transaction after its Initial Business Combination that results in all of its shareholders having the right to exchange their ordinary shares for cash, securities or other property (the “Lock-Up Period”). Notwithstanding the foregoing, if the Company’s share price reaches or exceeds $11.50 for any 20 trading days within at least one 30-trading day period during the Lock-Up Period, 50% of the Founder Shares will be released from the lock-up and, if the Company’s share price reaches or exceeds $15.00 for any 20 trading days within at least one 30-trading day period during such Lock Up Period, the remaining 50% of the Founder Shares shall be released from the lock-up. In addition, notwithstanding the above, the Sponsor has agreed not to transfer, sell or assign the Founder Earnout Shares (whether to a permitted transferee or otherwise) before the applicable forfeiture condition lapses. The Sponsor has agreed not to transfer, assign or sell any of the Sponsor Warrants including the ordinary shares issuable upon exercise of the Sponsor Warrants until 30 days after the completion of an Initial Business Combination.

 

Registration Rights

 

The holders of the Founder Shares, Sponsor Warrants and warrants that may be issued upon conversion of working capital loans will hold registration rights to require the Company to register a sale of any of the securities held by them pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering. These shareholders will be entitled to make up to three demands, excluding short form demands, that the Company register such securities for sale under the Securities Act. In addition, these shareholders will have “piggy-back” registration rights to include their securities in other registration statements filed by the Company. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the Founder Shares, upon the earlier of (1) one year after the completion of the Company’s Initial Business Combination or (2) the date on which the Company consummates a liquidation, merger, share exchange or other similar transaction after the Company’s Initial Business Combination that results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (ii) in the case of the Sponsor Warrants and the respective ordinary shares underlying such warrants, 30 days after the completion of the Company’s Initial Business Combination. Notwithstanding the foregoing, in the event the sales price of the Company’s shares reaches or exceeds $11.50 for any 20 trading days within any 30-trading day period during such one year period, 50% of the Founder Shares shall be released from the lock-up and, if the sales price of the Company’s shares reaches or exceeds $15.00 for any 20 trading days within any 30-trading day period during such one year period, the remaining 50% of the Founder Shares shall be released from the lock-up. In addition, members of the Company’s Sponsor have agreed not to, subject to certain limited exceptions, transfer, assign or sell any of the Sponsor Warrants (including the ordinary shares issuable upon exercise of the Sponsor Warrants) until 30 days after the completion of the Company’s Initial Business Combination. In addition, notwithstanding the Company’s sponsor’s ability to transfer, assign or sell its Founder Shares to permitted transferees during the applicable Lock-Up Period, the Company’s Sponsor has agreed not to transfer, assign or sell the founder earn out shares (whether to a permitted transferee or otherwise) before the applicable forfeiture provisions with respect to such shares lapse. The Company will bear the costs and expenses of filing any such registration statements.
XML 32 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Trust Account
 6 Months Ended
Aug. 31, 2011
Trust Account [Abstract]  
Trust Account [Text Block]

Note 9. Trust Account

 

A total of $80,237,500, which includes $77,112,500 of the net proceeds from the Public Offering and $3,125,000 from the private placement, has been placed in the Trust Account. The trust proceeds are invested in a money market fund which invests exclusively in U.S. Treasuries and meets certain conditions under Rule 2a-7 under the Investment Company Act.
XML 33 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
IINTERIM STATEMENT OF SHAREHOLDERS' EQUITY (USD $)
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Total
Inception at Mar. 10, 2011 $ 0 $ 0 $ 0 $ 0
Balance (in shares) at Mar. 10, 2011 0      
Sale of ordinary shares to Sponsor on March 11, 2011 at $0.012 per share 25,000 0 0 25,000
Sale of ordinary shares to Sponsor on March 11, 2011 at $0.012 per share (in shares) 2,012,500      
Sale on July 20, 2011 of 8,050,000 units at $10 per unit, (including 6,469,978 shares subject to possible redemption) 80,500,000 0 0 80,500,000
Sale on July 20, 2011 of 8,050,000 units at $10 per unit, (including 6,469,978 shares subject to possible redemption) (in shares) 8,050,000      
Underwriters' discount and offering expenses (4,981,810) 0 0 (4,981,810)
Sale on July 20, 2011 of 4,166,667 private placement warrants to the Sponsor at $0.75 per warrant   3,125,000 0 3,125,000
Warrant liability recorded on July 20, 2011 (6,037,500) (3,125,000) 0 (9,162,500)
Proceeds subject to possible redemption of 6,469,978 ordinary shares at redemption value (64,505,680) 0 0 (64,505,680)
Proceeds subject to possible redemption of 6,469,978 ordinary shares at redemption value (in shares) (6,469,978)      
Change in proceeds subject to possible redemption to 6,343,373 ordinary shares at redemption value 0 0 1,262,247 1,262,247
Change in proceeds subject to possible redemption to 6,343,373 ordinary shares at redemption value (in shares) 126,605      
Net loss attributable to ordinary shareholders not subject to possible redemption 0 0 (1,262,247) (1,262,247)
Balances at Aug. 31, 2011 $ 5,000,010 $ 0 $ 0 $ 5,000,010
Balance (in shares) at Aug. 31, 2011 3,719,127      
XML 34 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies
 6 Months Ended
Aug. 31, 2011
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]

Note 3. Significant Accounting Policies

 

Development Stage Company

 

The Company is considered to be in the development stage as defined by FASB ASC 915, “Development Stage Entities,” and is subject to the risks associated with activities of development stage companies. Through August 31, 2011, the Company’s efforts have been limited to organizational activities, activities relating to its Public Offering, activities relating to identifying and evaluating prospective acquisition candidates and activities relating to general corporate matters. The Company has not generated any revenues, other than interest income earned on the proceeds held in the Trust Account. The Company will not generate any operating revenues until after completion of an Initial Business Combination, at the earliest. The Company will continue to generate non-operating income in the form of interest income on the designated Trust Account.

 

Cash Equivalents

 

The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents at August 31, 2011 principally consist of cash in a money market account held by the Company through its Trust Account.

 

Net Loss Per Share

 

Basic net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period in accordance with FASB ASC 260, “Earnings Per Share”.  Diluted net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding, plus to the extent dilutive, the incremental number of ordinary shares to settle warrants issued in the Public Offering and private placement, as calculated using the treasury stock method.  As the Company reported a net loss for the three months ended August 31, 2011, the effect of the 12,216,667 warrants (including 4,166,667 warrants issued to the members of the Sponsor in the private placement), have not been considered in the diluted loss per ordinary share because their effect would be anti-dilutive. As a result, dilutive loss per ordinary share is equal to basic loss per ordinary share.

 

Reclassifications

 

Certain reclassifications have been made to amounts previously reported to conform with the current presentation. Such reclassifications have no effect on previously reported net losses.

 

Redeemable Ordinary Shares

 

As discussed in Note 2, all of the 8,050,000 ordinary shares sold as part of a Unit in the Public Offering contain a redemption feature which allows for the redemption of ordinary shares under the Company's Liquidation or Tender Offer/Stockholder Approval provisions. In accordance with ASC 480, 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 Memorandum and Articles of Association provides that in no event will the Company redeem its public shares in an amount that would cause its net tangible assets (shareholders' 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 ordinary shares shall be affected by charges against paid-in capital.

 

Accordingly, at August 31, 2011, 6,343,373 of the 8,050,000 public shares are classified outside of permanent equity at their 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 taxes payable (approximately $9.97 at August 31, 2011).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

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.

 

Income Taxes

 

Under the laws of the British Virgin Islands, the Company is generally not subject to income taxes.  Accordingly, no provision for income taxes has been made in the accompanying financial statement.

 

The Company is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. De-recognition of a tax benefit previously recognized results in the Company recording a tax liability that reduces ending retained earnings. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of August 31, 2011. The Company’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analyses of and changes to tax laws, regulations and interpretations thereof.

 

The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense and other expenses, respectively. No interest expense or penalties have been recognized as of and for the period ended August 31, 2011. The Company is subject to income tax examinations by major taxing authorities since inception.

 

The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

 

Warrant Liability

 

The Company accounts for its 12,216,667 warrants (consisting of 8,050,000 warrants issued in the Public Offering and 4,166,667 Sponsor Warrants) in accordance with the guidance contained in ASC 815-40-15-7D, "Contracts in Entity's Own Equity" whereby under that provision the warrants 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 the warrants issued by the Company in connection with the Public Offering has been estimated using the quoted market price of the warrants at the end of the reporting period.

 

Fair Value of Financial Instruments

 

Unless otherwise disclosed, the fair values of financial instruments, including cash and the note payable to related party, approximate their carrying amount due primarily to their short-term nature.

 

Recent Accounting Pronouncements

 

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