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2. Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2013

Notes to Financial Statements

Investments and liabilities of the Company's financial assets measured and recorded at fair value

The following table presents certain investments and liabilities of the Company’s financial assets measured and recorded at fair value on the Company’s condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy as of September 30, 2013 and December 31, 2012.

		Level 1				Level 2			Level 3				Total
Fair value of Derivative Liability-September 30, 2013	$	-0-			$	-0-			$	-0-			$	-0-
Fair value of Derivative Liability-December 31, 2012	$	-0-			$	-0-			$	3,221,138			$	3,221,138

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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