Quarterly report pursuant to Section 13 or 15(d)

Nature of Operations and Summary of Significant Accounting Policies (Tables)

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Nature of Operations and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2013
Nature Of Operations And Summary Of Significant Accounting Policies Tables  
Fair Value of Financial Instruments, recurring and nonrecurring basis

The following table presents assets and liabilities that are measured and recognized at fair value as of June 30, 2013 on a recurring and non-recurring basis:

 

Description   Level 1     Level 2     Level 3     Gains (Losses)  
Goodwill (non-recurring)   $ -     $ -     $ 4,213,699     $ -  
Intangibles, net (non-recurring)   $ -     $ -     $ 1,738,773     $ -  
Derivatives (recurring)   $ -     $ -     $ 209,089     $ (3,813,598 )
Earn-out payable (non-recurring)   $ -     $ -     $ 224,000     $ -  

 

The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2012 on a recurring and non-recurring basis:

 

Description   Level 1     Level 2     Level 3     Gains (Losses)  
Goodwill (non-recurring)   $ -     $ -     $ 2,259,624     $ (742,446 )
Intangibles, net (non-recurring)   $ -     $ -     $ 444,112     $ (145,396 )
Derivatives (recurring)   $ -     $ -     $ 3,074,504     $ 359,530  

 
Equipment

Net property and equipment were as follows:

 

   

June 30,

2013

    

December 31,

2012

  
Equipment   $ 158,515     $ 155,716  
Furniture and Fixtures     14,569       14,569  
Subtotal     173,084       170,285  
Less accumulated depreciation     (159,964 )     (156,174 )
Total   $ 13,120     $ 14,111