**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D. C. 20549**

**FORM      10-Q**

** **

**September      30**
***,***
**      2008**

**000-52919**

*Commission      file No.)*

**CAMDEN      LEARNING CORPORATION**

*(Exact      name of registrant as specified in its charter)*

| **DELAWARE**                                                                                   | **83-0479936**                                        |
|------------------------------------------------------------------------------------------------|-------------------------------------------------------|
| *(State                or other jurisdiction of incorporation or                organization)* | *(I.R.S.                employer identification no.)* |

**500      East Pratt Street**

**Suite      1200**

**Baltimore,      MD 21202**

*(Address      of principal executive offices)*

**(410)      878-6800**

*(Issuer's      telephone number, including area code)*

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**TABLE      OF CONTENTS**

| **PART                I – FINANCIAL INFORMATION**                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| **Item                1.**                                                        | **Financial                Statements**                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 3 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
|                                                                              | Condensed** **Balance                Sheets as of September 30, 2008 (unaudited) and December 31,                2007                                                                                                                                                                                                                                                                                                                                                      |   | F-1 |
|                                                                              | Condensed                Statements of Operations for the three months ended September 30,                2008 and                September 30, 2007 (unaudited), for the nine months ended September                30,                2008 (unaudited), for the period from April 10, 2007 (inception)                to                September 30, 2007 and for the period from April 10, 2007 (inception)                to                September 30, 2008 (unaudited) |   | F-2 |
|                                                                              | Condensed                Statements of Stockholder’s Equity (unaudited) for the period from April                10, 2007 (inception) to September 30, 2008                                                                                                                                                                                                                                                                                                               |   | F-3 |
|                                                                              | Condensed                Statements of Cash Flows for the nine months ended September 30,                2008                (unaudited), for the period from April 10, 2007 (inception) to September                30, 2007 and for the period from April 10, 2007 (inception) to September                30, 2008 (unaudited)                                                                                                                                               |   | F-4 |
|                                                                              | Notes                to Condensed Financial Statements (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                              |   | F-5 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **Item                2.**                                                        | **Management’s                Discussion and Analysis of Financial Condition and Results of                Operations**                                                                                                                                                                                                                                                                                                                                                   |   | 3 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **Item                3.**                                                        | **Quantitative                and Qualitative Disclosures About Market Risk**                                                                                                                                                                                                                                                                                                                                                                                                   |   | 7 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **Item                4.**                                                        | **Controls                and Procedures**                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 8 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **PART                II**** – OTHER                INFORMATION** |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| **Item                1.**                                                        | **Legal                Proceedings**                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 8 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **Item                2.**                                                        | **Unregistered                Sales of Equity Securities and Use of Proceeds**                                                                                                                                                                                                                                                                                                                                                                                                  |   | 8 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **Item                3.**                                                        | **Defaults                upon Senior Securities**                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 8 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **Item                4.**                                                        | **Submission                of Matters to a Vote of Security Holders**                                                                                                                                                                                                                                                                                                                                                                                                          |   | 8 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **Item                5.**                                                        | **Other                Information**                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 8 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **Item                6.**                                                        | **Exhibits**                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 8 |
|                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| **SIGNATURES**                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 9      |

----

**Item      1. Financial Statements**

**Item      2. Management’s Discussion and Analysis of Financial Condition or Plan of      Operation**

**FORWARD-LOOKING      STATEMENTS**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS OF**

**FINANCIAL      CONDITION AND RESULTS OF OPERATIONS**

**OVERVIEW**

----

----

**CHANGES      IN FINANCIAL CONDITION**

**Liquidity      and Capital Resources**

----

**RESULTS      OF OPERATIONS**

----

**Contractual      Obligations**

** **

**Item      3. Quantitative and Qualitative Disclosures About Market      Risk.**

----

**Item      4(T). Controls and Procedures.**

**Disclosure      Controls and Procedures**

**Internal      Control over Financial Reporting**

**PART      II**
** – OTHER      INFORMATION**

**Item      1.**
**Legal      Proceedings.**

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds.**

**Recent      Sales of Unregistered Securities**

**Item      3. **
**Defaults      upon Senior Securities.**

**Item      4. **
**Submission      of Matters to a Vote of the Security Holders.**

**Item      5.**
**Other      Information.**

**Item      6. Exhibits and Financial Statement Schedules.**

| **Exhibit                No.** |   | **Description**                                                                                        |
|--------------------------------|--------|--------------------------------------------------------------------------------------------------------|
| 31.1                           |   | Certifications                Pursuant to Section 302 of the Sarbanes-Oxley Act of                2002 |
| 31.2                           |   | Certifications                Pursuant to Section 302 of the Sarbanes-Oxley Act of                2002 |
| 32.1                           |   | Certifications                Pursuant to Section 906 of the Sarbanes-Oxley Act of                2002 |
| 32.2                           |   | Certifications                Pursuant to Section 906 of the Sarbanes-Oxley Act of                2002 |

----

**SIGNATURES**

|   | **CAMDEN                LEARNING CORPORATION.** |
|--------|-------------------------------------------------|
|   |                                            |
|   | By:                                   | /s/              David L. Warnock  |
|   |                                            | Name:                David L. WarnockTitle:                Chief Executive Officer(Principal                Executive Officer) |

|   | By:   | /s/              Donald W. Hughes                                                                                         |
|--------|-----------------|--------------------------------------------------------------------------------------------------------------------------------|
|   |            | Name:                Donald W. HughesTitle:                Chief Financial Officer(Principal                Financial Officer) |

----

**Camden      Learning Corporation**

**(a      corporation in the development stage)**

**Condensed      Balance Sheets**

|                                                                                                                                                                                                                     |   | **September 30,****2008** |       | **December 31,****2007** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|------------|-------------------------------|--------|
|                                                                                                                                                                                                                     |   | **(unaudited)**                |       |                          |   |
| **Assets**                                                                                                                                                                                                               |   |                           |       |                          |   |
| Current                assets:                                                                                                                                                                                           |   |                           |       |                          |   |
| Cash                                                                                                                                                                                                                     |   | $                              | 245,889    |                          | $      | 858,347 |   |
| Prepaid                expenses                                                                                                                                                                                          |   |                           | 104,612    |                          |   | — |   |
| Total                current assets                                                                                                                                                                                      |   |                           | 350,501    |                          |   | 858,347 |   |
|                                                                                                                                                                                                                     |   |                           |       |                          |   |   |   |
| Restricted                funds held in trust                                                                                                                                                                            |   |                           | 53,184,495 |                          |   | 52,543,772 |   |
| Deferred                tax asset                                                                                                                                                                                        |   |                           | 173,821    |                          |   | 19,141 |   |
|                                                                                                                                                                                                                     |   |                           |       |                          |   |   |   |
| Total                assets                                                                                                                                                                                              |   | $                              | 53,708,817 |                          | $      | 53,421,260 |   |
|                                                                                                                                                                                                                     |   |                           |       |                          |   |   |   |
| **Liabilities                and Stockholders’ Equity**                                                                                                                                                            |   |                           |       |                          |   |   |   |
| Current                liabilities:                                                                                                                                                                                      |   |                           |       |                          |   |   |   |
| Accounts                payable and accrued expenses                                                                                                                                                                     |   | $                              | 10,563     |                          | $      | 104,656 |   |
| Income                tax payable                                                                                                                                                                                        |   |                           | 13,758     |                          |   | 47,009 |   |
| Deferred                interest                                                                                                                                                                                         |   |                           | 52,360     |                          |   | — |   |
| Total                current liabilities                                                                                                                                                                                 |   |                           | 76,681     |                          |   | 151,665 |   |
|                                                                                                                                                                                                                     |   |                           |       |                          |   |   |   |
| Deferred                underwriting compensation                                                                                                                                                                        |   |                           | 1,590,312  |                          |   | 1,590,312 |   |
|                                                                                                                                                                                                                     |   |                           |       |                          |   |   |   |
| Total                liabilities                                                                                                                                                                                         |   |                           | 1,666,993  |                          |   | 1,741,977 |   |
|                                                                                                                                                                                                                     |   |                           |       |                          |   |   |   |
| Commitments                                                                                                                                                                                                              |   |                           |       |                          |   |   |   |
|                                                                                                                                                                                                                     |   |                           |       |                          |   |   |   |
| Common                stock, subject to possible redemption 1,987,889 shares                                                                                                                                             |   |                           | 15,744,081 |                          |   | 15,744,081 |   |
|                                                                                                                                                                                                                     |   |                           |       |                          |   |   |   |
| Stockholders’                equity                                                                                                                                                                                |   |                           |       |                          |   |   |   |
| Preferred                Stock, $.0001 par value, 1,000,000 shares authorized; none issued                or                outstanding                                                                                  |   |                           | —    |                          |   | — |   |
| Common                Stock, $.0001 par value, 20,000,000 shares authorized; 8,188,800                shares                issued and outstanding (less 1,987,889 shares subject to possible                redemption) |   |                           | 620        |                          |   | 620 |   |
| Additional                paid-in capital                                                                                                                                                                                |   |                           | 35,889,005 |                          |   | 35,890,392 |   |
| Retained                earnings accumulated during the development stage                                                                                                                                                |   |                           | 408,118    |                          |   | 44,190 |   |
| Total                stockholders’ equity                                                                                                                                                                          |   |                           | 36,297,743 |                          |   | 35,935,202 |   |
| Total                liabilities and stockholders’ equity                                                                                                                                                          |   | $                              | 53,708,817 |                          | $      | 53,421,260 |   |

----

**Camden      Learning Corporation**

**(a      corporation in the development stage)**

**Condensed      Statements of Operations**

**For      the three months ended September 30, 2008 and September 30, 2007, for the      nine**

**months      ended September 30, 2008, for the period from April 10, 2007 (inception)      through**

**September      30, 2007 and for the period from**

**April      10, 2007 (inception) through September 30, 2008**

|                                                    |   | **Three months****ended September****30, 2008** |      | **Three months****ended September****30, 2007** |   | **Nine months****ended September****30, 2008** |          | **April 10, 2007****(inception)****through****September 30,****2007** |      | **April 10, 2007****(inception)****through****September 30,****2008** |   |
|---------------------------------------------------------|--------|----------------------------------------------------------------|-----------|----------------------------------------------------------------|--------|---------------------------------------------------------------|---------------|--------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------|--------|
|                                                    |   | **(unaudited)**                                                |      | **(unaudited)**                                                |   | **(unaudited)**                                               |          |                                                                                 |      | **(unaudited)**                                                                      |   |
|                                                    |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |
| Operating                expenses:                      |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |
| Operating                and formation expenses         |   | $                                                              | 117,093   |                                                           | $      | —                                                       |          | $                                                                                    | 416,969   |                                                                                 | $      | 1,130 |   | $ | 476,516 |   |
|                                                    |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Loss                from operations                     |   |                                                           | (117,093  | )                                                    |   | —                                                       |          |                                                                                 | (416,969  | )                                                                          |   | (1,130 | ) |   | (476,516 | ) |
|                                                    |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Other                income/(expense):                  |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Interest                income/(expense), net           |   |                                                           | 235,195   |                                                           |   | (6,640                                                        | )             |                                                                                 | 1,027,966 |                                                                                 |   | (10,940 | ) |   | 1,159,571 |   |
|                                                    |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Income/(loss)                before provision for taxes |   |                                                           | 118,102   |                                                           |   | (6,640                                                        | )             |                                                                                 | 610,997   |                                                                                 |   | (12,070 | ) |   | 683,055 |   |
|                                                    |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Provision                for income taxes               |   |                                                           | (58,313   | )                                                              |   | —                                                       |          |                                                                                 | (247,069  | )                                                                                    |   | — |   |   | (274,937 | ) |
|                                                    |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Net                income/(loss)                        |   | $                                                              | 59,789    |                                                           | $      | (6,640                                                        | )   | $                                                                                    | 363,928   |                                                                                 | $      | (12,070 | ) |   | 408,118 |   |
|                                                    |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Net                income /(loss) per share             |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Basic                                                   |   | $                                                              | 0.01      |                                                           | $      | (0.00                                                         | )             | $                                                                                    | 0.05      |                                                                                 | $      | (0.01 | )   |   |   |   |
| Diluted                                                 |   | $                                                              | 0.01      |                                                           | $      | (0.00                                                         | )             | $                                                                                    | 0.04      |                                                                                 | $      | (0.01 | ) |   |   |   |
|                                                    |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Weighted                average shares outstanding      |   |                                                           |      |                                                           |   |                                                          |          |                                                                                 |      |                                                                                 |   |   |   |   |   |   |
| Basic                                                   |   |                                                           | 6,626,300 |                                                           |   | 1,562,500                                                     |          |                                                                                 | 6,626,300 |                                                                                 |   | 1,562,500 |   |   |   |   |
| Diluted                                                 |   |                                                           | 8,360,701 |                                                           |   | 1,562,500                                                     |          |                                                                                 | 8,360,701 |                                                                                 |   | 1,562,500 |   |   |   |   |

----

**Camden      Learning Corporation**

**(a      corporation in the development stage)**

**Condensed      Statements of Stockholders’ Equity**

**For      the period from April 10, 2007 (inception) to September 30,      2008**

|                                                                                                                                                                                                                                                              |   | Common Stock |          | AdditionalPaid-In  |   | RetainedEarningsAccumulatedDuring theDevelopment |               | TotalStockholders’ |           |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------------|--------------------|--------|-------------------------------------------------------|--------------------|--------------------------|----------------|
|                                                                                                                                                                                                                                                                   |   | Shares            |          | Amount             |   | Capital                                               |               | Stage                    |           | Equity |   |
| Common                shares issued to initial stockholders on April 10, 2007 at approximately                $.02 per share                                                                                                                                           |   |              | 1,562,500     |               | $      | 156                                                   |               | $                        | 24,844         |   | $ | — |   | $ | 25,000 |   |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Sale                of 2,800,000 private placement warrants on November 29, 2007 at $1.00                per                warrant                                                                                                                                    |   |              | —       |               |   | —                                               |               |                     | 2,800,000      |   |   | — |   |   | 2,800,000 |   |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Sale                of 6,626,300 units, net of underwriters’ discount and offering expenses of                $507,248 (including 1,987,889 shares subject to possible redemption)                and                sale of underwriter’s purchase option |   |              | 6,626,300     |               |   | 663                                                   |               |                     | 48,791,861     |   |   | — |   |   | 48,792,524 |   |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Net                proceeds subject to possible redemption of 1,987,889                shares                                                                                                                                                                          |   |              |          |               |   | (199                                                  | )                  |                     | (15,743,882    | ) |   |   |   |   | (15,744,081 | ) |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Discount                on note payable to affiliate                                                                                                                                                                                                                   |   |              | —       |               |   | —                                               |               |                     | 17,569         |   |   | — |   |   | 17,569 |   |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Net                income                                                                                                                                                                                                                                              |   |              | —       |               |   | —                                               |               |                     | —        |   |   | 44,190 |   |   | 44,190 |   |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Balance                at December 31, 2007                                                                                                                                                                                                                            |   |              | 8,188,800     |               | $      | 620                                                   |               | $                        | 35,890,392     |   | $ | 44,190 |   | $ | 35,935,202 |   |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Unaudited:                                                                                                                                                                                                                                                             |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Offering                expenses                                                                                                                                                                                                                                       |   |              |          |               |   |                                                  |               |                     | (1,387         | ) |   |   |   |   | (1,387 | ) |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| Net                income                                                                                                                                                                                                                                              |   |              | —       |               |   | —                                               |               |                     | —        |   |   | 363,928 |   |   | 363,928 |   |
|                                                                                                                                                                                                                                                                   |   |              |          |               |   |                                                  |               |                     |           |   |   |   |   |   |   |   |
| **Balance                at September 30, 2008**                                                                                                                                                                                                                       |   |              | **8,188,800** |     | **$**  | **620**                                               |     | **$**                    | **35,889,005** |     | **$** | **408,118** |     | **$** | **36,297,743** |   |

----

**Camden      Learning Corporation**

**(a      corporation in the development stage)**

**Condensed      Statements of Cash Flows**

**For      the nine months ended September 30, 2008, for the period from April 10,      2007**

**(inception)      through September 30, 2007 and for the period from**

**April      10, 2007 (inception) through September 30, 2008**

|                                                                                                                                           |   | **Nine months ended****September 30, 2008** |     | **April 10, 2007****(inception) through****September 30, 2007** |   | **April 10, 2007****(inception) through****September 30, 2008** |          |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|----------|------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------|---------------|
|                                                                                                                                           |   | **(unaudited)**                                                 |     |                                                                                     |   | **(unaudited)**                                                                          |          |
| **Cash                flows from operating activities:**                                                                                       |   |                                                            |     |                                                                                     |   |                                                                                     |          |
| Net                income (loss)                                                                                                               |   | $                                                               | 363,928  |                                                                                     | $      | (12,070                                                                                  | )   | $ | 408,118 |   |
| Adjustments                to reconcile net income (loss) to net cash provided by (used in)                operating                activities |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Accretion                of interest on note payable                                                                                           |   |                                                            | —  |                                                                                     |   | 6,857                                                                                    |          |   | 17,569 |   |
| Deferred                income taxes                                                                                                           |   |                                                            | (154,680 | )                                                                                        |   | —                                                                                  |          |   | (173,821 | ) |
| Changes                in assets and liabilities                                                                                               |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Increase                in prepaid expenses                                                                                                    |   |                                                            | (104,612 | )                                                                              |   |                                                                                     |          |   | (104,612 | ) |
| Increase/(decrease)                in accounts payable and accrued expenses                                                                    |   |                                                            | (37,915  | )                                                                                        |   | 1,000                                                                                    |          |   | 10,563 |   |
| Increase/(decrease)                in income tax payable                                                                                       |   |                                                            | (33,251  | )                                                                                        |   | —                                                                                  |          |   | 13,758 |   |
| Increase                in accrued interest                                                                                                    |   |                                                            | —  |                                                                                     |   | 4,083                                                                                    |          |   | — |   |
| Increase                in deferred interest                                                                                                   |   |                                                            | 52,360   |                                                                                     |   | —                                                                                  |          |   | 52,360 |   |
| Net                cash (used in)/provided by operating activities                                                                             |   |                                                            | 85,830   |                                                                                     |   | (130                                                                                     | )             |   | 223,935 |   |
|                                                                                                                                           |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| **Cash                flows from investing activities:**                                                                                       |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Restricted                funds held in trust                                                                                                  |   |                                                            | (640,723 | )                                                                                        |   | —                                                                                  |          |   | (53,184,495 | ) |
|                                                                                                                                           |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| **Cash                flows from financing activities:**                                                                                       |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Proceeds                from sale of stock to initial stockholders                                                                             |   |                                                            | —  |                                                                                     |   | 25,000                                                                                   |          |   | 25,000 |   |
| Proceeds                from note payable to affiliate                                                                                         |   |                                                            | —  |                                                                                     |   | 200,000                                                                                  |          |   | 200,000 |   |
| Advance                from affiliates                                                                                                         |   |                                                            | —  |                                                                                     |   | 36,389                                                                                   |          |   | 37,500 |   |
| Repayment                to affiliates                                                                                                         |   |                                                            | —  |                                                                                     |   | (37,500                                                                                  | )             |   | (37,500 | ) |
| Gross                proceeds from initial public offering                                                                                     |   |                                                            | —  |                                                                                     |   | —                                                                                  |          |   | 53,010,500 |   |
| Proceeds                from issuance of warrants                                                                                              |   |                                                            | —  |                                                                                     |   | —                                                                                  |          |   | 2,800,000 |   |
| Payment                of offering costs                                                                                                       |   |                                                            | (57,565  | )                                                                                        |   | (188,644                                                                                 | )             |   | (2,629,051 | ) |
| Repayment                of note payable to affiliate                                                                                          |   |                                                            | —  |                                                                                     |   | —                                                                                  |          |   | (200,000 | ) |
| Net                cash (used in)/provided by financing activities                                                                             |   |                                                            | (57,565  | )                                                                                        |   | 35,245                                                                                   |          |   | 53,206,449 |   |
|                                                                                                                                           |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Net                (decrease)/increase in cash                                                                                                 |   |                                                            | (612,458 | )                                                                                        |   | 35,115                                                                                   |          |   | 245,889 |   |
|                                                                                                                                           |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Cash                at beginning of period                                                                                                     |   |                                                            | 858,347  |                                                                                     |   | —                                                                                  |          |   | — |   |
| Cash                at end of period                                                                                                           |   | $                                                               | 245,889  |                                                                                     | $      | 35,115                                                                                   |          | $ | 245,889 |   |
|                                                                                                                                           |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Supplemental                Disclosures:                                                                                                       |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
|                                                                                                                                           |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Non-cash                financing activities:                                                                                                  |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Additional                paid-in capital from discount on note payable to affiliate                                                           |   |                                                            | —  |                                                                                     | $      | 17,569                                                                                   |          |   | — |   |
| Increase                in deferred offering costs, and in related accounts payable and accrued                expenses and due to affiliates  |   |                                                            | —  |                                                                                     | $      | 40,211                                                                                   |          |   | — |   |
| Deferred                underwriting compensation                                                                                              |   |                                                            | —  |                                                                                     |   | —                                                                                  |          | $ | 1,590,312 |   |
|                                                                                                                                           |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Cash                flow information:                                                                                                          |   |                                                            |     |                                                                                     |   |                                                                                     |          |   |   |   |
| Cash                paid during the period for income taxes                                                                                    |   | $                                                               | 435,000  |                                                                                     |   | —                                                                                  |          | $ | 435,000 |   |
| Cash                paid for interest                                                                                                          |   |                                                            | —  |                                                                                     |   | —                                                                                  |          | $ | 5,987 |   |

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**Camden      Learning Corporation**

**(a      corporation in the development stage)**

**Notes      to Condensed Financial Statements (unaudited)**

**Note      1 – Organization and Nature of Business      Operations**

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**Note      2 – Interim Financial Information**

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**Note      3 – Summary of Significant Accounting Policies**

***Use      of Estimates***

***Income      Taxes***

***Recent      accounting pronouncements***

***Reclassifications***

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**Note      4 – Initial Public Offering**

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**Note      5 – Note Payable to Affiliate and Related Party      Transactions**

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**Note      6 – Common Stock Subject to Possible Redemption**

**Note      7 – Commitments **

**Note      8 – Preferred Stock**

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