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WARRANTS (Tables)
6 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Warrants [Table Text Block]

The fair value of the outstanding warrants at June 30, 2012 were calculated using the Black Scholes Model with the following assumptions:

 

Market price per share (USD/share)     1.66  
Exercise price (USD/share)     4.00 to 10.00  
Risk free rate     0.72%, 0.51%  
Dividend yield     -  
Expected term/Contractual life (years)     2.81 to 4.53  
Expected volatility     153.9%

 

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table sets forth by level within the fair value hierarchy of our financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2012 and December 31, 2011, respectively.

  

    Carrying Value at 
June 30, 2012
    Fair Value Measurement at
June 30, 2012
 
          Level 1     Level 2     Level 3  
Warrants liability   $ 286,041     $ -     $ 286,041     $ -  
Schedule of Warrant Activity Table [Text Block]

The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs:

 

    June 30,
2012
    December 31,
2011
 
    US$     US$  
Beginning balance     96,469       318,109  
Warrants issued     97,505       -  
Fair value change of the issued warrants included in earnings     92,067       (221,640 )
Ending balance     286,041       96,469

 

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Following is a summary of the warrants activity:

 

    Number     Weighted
Average
Exercise Price
    Weighted Average
Remaining
Contractual Life
 
Outstanding as of December 31, 2011     157,500     $ 9.98       3.31  
Granted     100,000                  
Forfeited     -                  
Exercised     -                  
Outstanding as of June 30, 2012     257,500     $ 7.66       3.48