FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following table provides the fair value measurements of applicable financial liabilities as of December 31, 2012 and September 30, 2013:

	Financial liabilities at fair value as of December 31, 2012
	Level 1		Level 2		Level 3		Total

5% Notes	$	—	$	—	$	2,479,098	$	2,479,098
Totals	$	—	$	—	$	2,479,098	$	2,479,098

	Financial liabilities at fair value as of September 30, 2013
	Level 1		Level 2		Level 3		Total

5% Notes	$	—	$	—	$	2,269,046	$	2,269,046
Totals	$	—	$	—	$	2,269,046	$	2,269,046

Change In Level Three Fair Value During Period [Table Text Block]

The following table summarizes the changes in Level 3 instruments during the nine months ended September 30, 2013:

Fair value at December 31, 2012	$	2,479,098
Interest accrued on face value of 5% Notes		662,775
Change in fair value of Level 3 liabilities		(872,827)
Fair value at September 30, 2013	$	2,269,046

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details