Use of Estimates and Assumptions

6 Months Ended

Jun. 30, 2013

Notes to Financial Statements

6. Use of Estimates and Assumptions

 The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).  This requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period.  The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, stock-based compensation, valuation of warrants, and the valuation allowance related to the Company’s deferred tax assets.  Accordingly, actual results could differ from those estimates and assumptions.