Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION (Table)

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ACQUISITION (Table)
 9 Months Ended
Sep. 30, 2012
Business Combinations [Abstract]  
Schedule of Purchase Price Allocation [Table Text Block]

The following table summarizes the Company’s determination of fair values of the assets acquired and the liabilities as of the date of acquisition.

 

Consideration - issuance of securities $ 2,219,903
Prepaid expenses and other assets $ 71,892
Fixed assets 6,515
Accrued liabilities (380,130 )
Derivative liability (59,485 )
Goodwill 1,675,462
Total purchase price – net of cash acquired of $905,649 $ 1,314,254