the holders of a majority of the private placement warrants ( or underlying securities ) can elect to exercise these registration rights at any time after we consummate a business combination . in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed subsequent to our consummation of a business combination . we will bear the expenses incurred in connection with the filing of any such registration statements . 30 the holders of the first purchase option are entitled to registration rights . the holders of a majority of the first purchase option and the securities underlying such option are entitled to make one demand that we register the options and or the securities underlying the first purchase option . the demand for registration may be made at any time until march 16 , 2017. in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed prior to march 16 , 2019. we will bear the expenses incurred in connection with the filing of any such registration statements , other than any underwriting commissions which will be paid by the holders themselves . the holders of the second purchase option will be entitled to registration rights . the holders of a majority of the second purchase option and the securities underlying such option are entitled to make one demand that we register the options and or the securities underlying the second purchase option . the demand for registration may be made at any time until march 16 , 2017. in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed during the seven year period commencing on the effective date of the registration statement of which this prospectus forms a part . we will bear the expenses incurred in connection with the filing of any such registration statements , other than any underwriting commissions which will be paid by the holders themselves . prior to our ipo , a. lorne weil advanced to us an aggregate of $ 100,000 to cover expenses related to the offering . the loan was payable without interest on the earlier of ( i ) november 8 , 2012 , ( ii story_separator_special_tag forward-looking statements this annual report on form 10-k includes forward-looking statements within the meaning of section 27a of the securities act of 1933 , as amended , and section 21e of the securities exchange act of 1934 , as amended ( the “ exchange act ” ) . we have based these forward-looking statements on our current expectations and projections about future events . these forward-looking statements are subject to known and unknown risks , uncertainties and assumptions about us that may cause our actual results , levels of activity , performance or achievements to be materially different from any future results , levels of activity , performance or achievements expressed or implied by such forward-looking statements . in some cases , you can identify forward-looking statements by terminology such as “ may , ” “ should , ” “ could , ” “ would , ” “ expect , ” “ plan , ” “ anticipate , ” “ believe , ” “ estimate , ” “ continue , ” or the negative of such terms or other similar expressions . factors that might cause or contribute to such a discrepancy include , but are not limited to , those described in our other securities and exchange commission ( “ sec ” ) filings . references to “ we ” , “ us ” , “ our ” or the “ company ” are to andina acquisition corporation , except where the context requires otherwise . the following discussion should be read in conjunction with our condensed financial statements and related notes thereto included elsewhere in this report . overview we are a blank check company in the development stage , formed on september 21 , 2011 to serve as a vehicle to effect a merger , share exchange , asset acquisition , share purchase , recapitalization , reorganization or other similar business combination with a target business . our efforts to identify a prospective target business will not be limited to a particular industry or geographic location although we intend to focus our search for target businesses in the andean region of south america and in central america , with a particular emphasis on colombia . we are actively searching for a target business . 15 we presently have no revenue , have had losses since inception from incurring formation costs and have no other operations other than the active solicitation of a target business with which to complete a business combination . we have relied upon the sale of our securities and loans from our officers and directors to fund our operations . the registration statement for our initial public offering was declared effective on march 16 , 2012. we consummated the offering on march 22 , 2012 , and received proceeds net of transaction costs of $ 38,322,973 and $ 2,400,000 from the sale of warrants to certain of our initial shareholders and our u.s. counsel and $ 500,000 from the sale of a unit purchase option to earlybirdcapital , inc. ( “ ebc ” ) , the representative of the underwriters in the offering . on march 30 , 2012 , the underwriters exercised a portion of their over-allotment option and on march 30 , 2012 we received an additional $ 1,940,000 net of transaction costs . our management has broad discretion with respect to the specific application of the net proceeds of the offering , insider warrants and unit purchase option , although substantially all of the net proceeds are intended to be generally applied toward consummating a business combination with one or more businesses or entities . results of operations our entire activity since inception up to the closing of our initial public offering story_separator_special_tag the holders of a majority of the private placement warrants ( or underlying securities ) can elect to exercise these registration rights at any time after we consummate a business combination . in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed subsequent to our consummation of a business combination . we will bear the expenses incurred in connection with the filing of any such registration statements . 30 the holders of the first purchase option are entitled to registration rights . the holders of a majority of the first purchase option and the securities underlying such option are entitled to make one demand that we register the options and or the securities underlying the first purchase option . the demand for registration may be made at any time until march 16 , 2017. in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed prior to march 16 , 2019. we will bear the expenses incurred in connection with the filing of any such registration statements , other than any underwriting commissions which will be paid by the holders themselves . the holders of the second purchase option will be entitled to registration rights . the holders of a majority of the second purchase option and the securities underlying such option are entitled to make one demand that we register the options and or the securities underlying the second purchase option . the demand for registration may be made at any time until march 16 , 2017. in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed during the seven year period commencing on the effective date of the registration statement of which this prospectus forms a part . we will bear the expenses incurred in connection with the filing of any such registration statements , other than any underwriting commissions which will be paid by the holders themselves . prior to our ipo , a. lorne weil advanced to us an aggregate of $ 100,000 to cover expenses related to the offering . the loan was payable without interest on the earlier of ( i ) november 8 , 2012 , ( ii story_separator_special_tag forward-looking statements this annual report on form 10-k includes forward-looking statements within the meaning of section 27a of the securities act of 1933 , as amended , and section 21e of the securities exchange act of 1934 , as amended ( the “ exchange act ” ) . we have based these forward-looking statements on our current expectations and projections about future events . these forward-looking statements are subject to known and unknown risks , uncertainties and assumptions about us that may cause our actual results , levels of activity , performance or achievements to be materially different from any future results , levels of activity , performance or achievements expressed or implied by such forward-looking statements . in some cases , you can identify forward-looking statements by terminology such as “ may , ” “ should , ” “ could , ” “ would , ” “ expect , ” “ plan , ” “ anticipate , ” “ believe , ” “ estimate , ” “ continue , ” or the negative of such terms or other similar expressions . factors that might cause or contribute to such a discrepancy include , but are not limited to , those described in our other securities and exchange commission ( “ sec ” ) filings . references to “ we ” , “ us ” , “ our ” or the “ company ” are to andina acquisition corporation , except where the context requires otherwise . the following discussion should be read in conjunction with our condensed financial statements and related notes thereto included elsewhere in this report . overview we are a blank check company in the development stage , formed on september 21 , 2011 to serve as a vehicle to effect a merger , share exchange , asset acquisition , share purchase , recapitalization , reorganization or other similar business combination with a target business . our efforts to identify a prospective target business will not be limited to a particular industry or geographic location although we intend to focus our search for target businesses in the andean region of south america and in central america , with a particular emphasis on colombia . we are actively searching for a target business . 15 we presently have no revenue , have had losses since inception from incurring formation costs and have no other operations other than the active solicitation of a target business with which to complete a business combination . we have relied upon the sale of our securities and loans from our officers and directors to fund our operations . the registration statement for our initial public offering was declared effective on march 16 , 2012. we consummated the offering on march 22 , 2012 , and received proceeds net of transaction costs of $ 38,322,973 and $ 2,400,000 from the sale of warrants to certain of our initial shareholders and our u.s. counsel and $ 500,000 from the sale of a unit purchase option to earlybirdcapital , inc. ( “ ebc ” ) , the representative of the underwriters in the offering . on march 30 , 2012 , the underwriters exercised a portion of their over-allotment option and on march 30 , 2012 we received an additional $ 1,940,000 net of transaction costs . our management has broad discretion with respect to the specific application of the net proceeds of the offering , insider warrants and unit purchase option , although substantially all of the net proceeds are intended to be generally applied toward consummating a business combination with one or more businesses or entities . results of operations our entire activity since inception up to the closing of our initial public offering

liquidity and capital resources as of february 28 , 2013 , we had $ 48,959 in our operating bank account . we had $ 42,767,991 in restricted cash and equivalents held in trust to be used for a business combination . we intend to use the proceeds not held in the trust account plus the interest earned on the funds held in the trust account that may be released to us to fund our working capital requirements . as of february 28 , 2013 , u.s treasury bills with one month and three month maturities were yielding approximately .07 % and .11 % , respectively . while we may invest in other securities , we believe such rates are representative of those we may receive on the balance of the trust account . 16 until consummation of our initial business combination , we will be using the funds not held in the trust account for identifying and evaluating prospective acquisition candidates , performing business due diligence on prospective target businesses , traveling to and from the offices , plants or similar locations of prospective target businesses , reviewing corporate documents and material agreements of prospective target businesses , selecting the target business to acquire and structuring , negotiating and consummating the business combination . our estimates are based upon the belief that in-depth due diligence will be undertaken only after we have negotiated and signed a letter of intent or other preliminary agreement that addresses the terms of a business combination . our actual costs may be higher or lower than these estimates .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of february 28 , 2013 , we had $ 48,959 in our operating bank account . we had $ 42,767,991 in restricted cash and equivalents held in trust to be used for a business combination . we intend to use the proceeds not held in the trust account plus the interest earned on the funds held in the trust account that may be released to us to fund our working capital requirements . as of february 28 , 2013 , u.s treasury bills with one month and three month maturities were yielding approximately .07 % and .11 % , respectively . while we may invest in other securities , we believe such rates are representative of those we may receive on the balance of the trust account . 16 until consummation of our initial business combination , we will be using the funds not held in the trust account for identifying and evaluating prospective acquisition candidates , performing business due diligence on prospective target businesses , traveling to and from the offices , plants or similar locations of prospective target businesses , reviewing corporate documents and material agreements of prospective target businesses , selecting the target business to acquire and structuring , negotiating and consummating the business combination . our estimates are based upon the belief that in-depth due diligence will be undertaken only after we have negotiated and signed a letter of intent or other preliminary agreement that addresses the terms of a business combination . our actual costs may be higher or lower than these estimates .
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 Suspicious Activity Report : the holders of a majority of the private placement warrants ( or underlying securities ) can elect to exercise these registration rights at any time after we consummate a business combination . in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed subsequent to our consummation of a business combination . we will bear the expenses incurred in connection with the filing of any such registration statements . 30 the holders of the first purchase option are entitled to registration rights . the holders of a majority of the first purchase option and the securities underlying such option are entitled to make one demand that we register the options and or the securities underlying the first purchase option . the demand for registration may be made at any time until march 16 , 2017. in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed prior to march 16 , 2019. we will bear the expenses incurred in connection with the filing of any such registration statements , other than any underwriting commissions which will be paid by the holders themselves . the holders of the second purchase option will be entitled to registration rights . the holders of a majority of the second purchase option and the securities underlying such option are entitled to make one demand that we register the options and or the securities underlying the second purchase option . the demand for registration may be made at any time until march 16 , 2017. in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed during the seven year period commencing on the effective date of the registration statement of which this prospectus forms a part . we will bear the expenses incurred in connection with the filing of any such registration statements , other than any underwriting commissions which will be paid by the holders themselves . prior to our ipo , a. lorne weil advanced to us an aggregate of $ 100,000 to cover expenses related to the offering . the loan was payable without interest on the earlier of ( i ) november 8 , 2012 , ( ii story_separator_special_tag forward-looking statements this annual report on form 10-k includes forward-looking statements within the meaning of section 27a of the securities act of 1933 , as amended , and section 21e of the securities exchange act of 1934 , as amended ( the “ exchange act ” ) . we have based these forward-looking statements on our current expectations and projections about future events . these forward-looking statements are subject to known and unknown risks , uncertainties and assumptions about us that may cause our actual results , levels of activity , performance or achievements to be materially different from any future results , levels of activity , performance or achievements expressed or implied by such forward-looking statements . in some cases , you can identify forward-looking statements by terminology such as “ may , ” “ should , ” “ could , ” “ would , ” “ expect , ” “ plan , ” “ anticipate , ” “ believe , ” “ estimate , ” “ continue , ” or the negative of such terms or other similar expressions . factors that might cause or contribute to such a discrepancy include , but are not limited to , those described in our other securities and exchange commission ( “ sec ” ) filings . references to “ we ” , “ us ” , “ our ” or the “ company ” are to andina acquisition corporation , except where the context requires otherwise . the following discussion should be read in conjunction with our condensed financial statements and related notes thereto included elsewhere in this report . overview we are a blank check company in the development stage , formed on september 21 , 2011 to serve as a vehicle to effect a merger , share exchange , asset acquisition , share purchase , recapitalization , reorganization or other similar business combination with a target business . our efforts to identify a prospective target business will not be limited to a particular industry or geographic location although we intend to focus our search for target businesses in the andean region of south america and in central america , with a particular emphasis on colombia . we are actively searching for a target business . 15 we presently have no revenue , have had losses since inception from incurring formation costs and have no other operations other than the active solicitation of a target business with which to complete a business combination . we have relied upon the sale of our securities and loans from our officers and directors to fund our operations . the registration statement for our initial public offering was declared effective on march 16 , 2012. we consummated the offering on march 22 , 2012 , and received proceeds net of transaction costs of $ 38,322,973 and $ 2,400,000 from the sale of warrants to certain of our initial shareholders and our u.s. counsel and $ 500,000 from the sale of a unit purchase option to earlybirdcapital , inc. ( “ ebc ” ) , the representative of the underwriters in the offering . on march 30 , 2012 , the underwriters exercised a portion of their over-allotment option and on march 30 , 2012 we received an additional $ 1,940,000 net of transaction costs . our management has broad discretion with respect to the specific application of the net proceeds of the offering , insider warrants and unit purchase option , although substantially all of the net proceeds are intended to be generally applied toward consummating a business combination with one or more businesses or entities . results of operations our entire activity since inception up to the closing of our initial public offering story_separator_special_tag the holders of a majority of the private placement warrants ( or underlying securities ) can elect to exercise these registration rights at any time after we consummate a business combination . in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed subsequent to our consummation of a business combination . we will bear the expenses incurred in connection with the filing of any such registration statements . 30 the holders of the first purchase option are entitled to registration rights . the holders of a majority of the first purchase option and the securities underlying such option are entitled to make one demand that we register the options and or the securities underlying the first purchase option . the demand for registration may be made at any time until march 16 , 2017. in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed prior to march 16 , 2019. we will bear the expenses incurred in connection with the filing of any such registration statements , other than any underwriting commissions which will be paid by the holders themselves . the holders of the second purchase option will be entitled to registration rights . the holders of a majority of the second purchase option and the securities underlying such option are entitled to make one demand that we register the options and or the securities underlying the second purchase option . the demand for registration may be made at any time until march 16 , 2017. in addition , the holders have certain “ piggy-back ” registration rights with respect to registration statements filed during the seven year period commencing on the effective date of the registration statement of which this prospectus forms a part . we will bear the expenses incurred in connection with the filing of any such registration statements , other than any underwriting commissions which will be paid by the holders themselves . prior to our ipo , a. lorne weil advanced to us an aggregate of $ 100,000 to cover expenses related to the offering . the loan was payable without interest on the earlier of ( i ) november 8 , 2012 , ( ii story_separator_special_tag forward-looking statements this annual report on form 10-k includes forward-looking statements within the meaning of section 27a of the securities act of 1933 , as amended , and section 21e of the securities exchange act of 1934 , as amended ( the “ exchange act ” ) . we have based these forward-looking statements on our current expectations and projections about future events . these forward-looking statements are subject to known and unknown risks , uncertainties and assumptions about us that may cause our actual results , levels of activity , performance or achievements to be materially different from any future results , levels of activity , performance or achievements expressed or implied by such forward-looking statements . in some cases , you can identify forward-looking statements by terminology such as “ may , ” “ should , ” “ could , ” “ would , ” “ expect , ” “ plan , ” “ anticipate , ” “ believe , ” “ estimate , ” “ continue , ” or the negative of such terms or other similar expressions . factors that might cause or contribute to such a discrepancy include , but are not limited to , those described in our other securities and exchange commission ( “ sec ” ) filings . references to “ we ” , “ us ” , “ our ” or the “ company ” are to andina acquisition corporation , except where the context requires otherwise . the following discussion should be read in conjunction with our condensed financial statements and related notes thereto included elsewhere in this report . overview we are a blank check company in the development stage , formed on september 21 , 2011 to serve as a vehicle to effect a merger , share exchange , asset acquisition , share purchase , recapitalization , reorganization or other similar business combination with a target business . our efforts to identify a prospective target business will not be limited to a particular industry or geographic location although we intend to focus our search for target businesses in the andean region of south america and in central america , with a particular emphasis on colombia . we are actively searching for a target business . 15 we presently have no revenue , have had losses since inception from incurring formation costs and have no other operations other than the active solicitation of a target business with which to complete a business combination . we have relied upon the sale of our securities and loans from our officers and directors to fund our operations . the registration statement for our initial public offering was declared effective on march 16 , 2012. we consummated the offering on march 22 , 2012 , and received proceeds net of transaction costs of $ 38,322,973 and $ 2,400,000 from the sale of warrants to certain of our initial shareholders and our u.s. counsel and $ 500,000 from the sale of a unit purchase option to earlybirdcapital , inc. ( “ ebc ” ) , the representative of the underwriters in the offering . on march 30 , 2012 , the underwriters exercised a portion of their over-allotment option and on march 30 , 2012 we received an additional $ 1,940,000 net of transaction costs . our management has broad discretion with respect to the specific application of the net proceeds of the offering , insider warrants and unit purchase option , although substantially all of the net proceeds are intended to be generally applied toward consummating a business combination with one or more businesses or entities . results of operations our entire activity since inception up to the closing of our initial public offering

