Annual report pursuant to Section 13 and 15(d)

ACQUISITION (Tables)

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ACQUISITION (Tables)
12 Months Ended
Dec. 31, 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