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)
9 Months Ended
Sep. 30, 2012
Nature Of Operations And Summary Of Significant Accounting Policies Tables  
Fair Value of Financial Instruments

The following table presents assets and liabilities that are measured and recognized at fair value as of September 30, 2012 on a recurring and non-recurring basis:

 

Description   Level 1     Level 2     Level 3     Gains (Losses)  
Intangibles, net (non-recurring)   $ -     $ -     $ 704,842     $ -  
Goodwill (non-recurring)   $ -     $ -     $ 3,002,070     $ -  
Derivatives (recurring)   $ -     $ -     $ 2,810,001     $ 407,079  

 

The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2011 on a recurring and non-recurring basis:

 

Description   Level 1     Level 2     Level 3     Gains (Losses)  
Intangibles, net (non-recurring)   $ -     $ -     $ 1,116,506     $ (1,325,134 )
Goodwill (non-recurring)   $ -     $ -     $ 3,002,070     $ (10,435,170 )
Derivatives (recurring)   $ -     $ -     $ 1,573,859     $ (1,234,145 )

 

Equipment

 Net property and equipment were as follows:

 

    September 30, 2012   December 31, 2011
Equipment   $ 153,935     $ 146,872  
Furniture and Fixtures     14,569       13,254  
Subtotal     168,504       160,126  
                 
Less accumulated depreciation     (154,317 )     (134,810 )
Total   $ 14,187     $ 25,316