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WARRANTS | 12 Months Ended
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Dec. 31, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
14. | WARRANTS
On April 21, 2010, the Company issued to Anderson & Strudwick Incorporated (“A&S”) 150,000 warrants, as a portion of the placement commission for the IPO. On the same day, the Company granted a total of 7,500 warrants to Hawk Associates Inc.(“Hawks”), the Company’s investor relations consultancy. On January 10, 2012, the Company issued 100,000 warrants to FirsTrust Group, Inc., (“FirsTrust”), the Company’s investor relations consultancy totaling 257,500 warrants. All the warrants issued to “A&S” have the right to purchase one share of common stock for an exercise price of $10.00 per share with a term of 5 years. All the warrants granted to Hawks have the right to purchase one share of common stock for an exercise price of $9.60 per share with a term of 5 years. All the warrants granted to FirsTrust have the right to purchase one share of common stock for an exercise price of $4.00 per share with a term of 5 years. The fair value of the outstanding warrants at December 31, 2012 was calculated using the Black Scholes Model with the following assumptions:
Market price per share (USD/share) |  | 1.93
Exercise price (USD/share) |  | $4.00, $9.60, $10.00
Risk free rate |  | 0.25%, 0.25%, 0.75%
Dividend yield |  | -
Expected term/Contractual life (years) |  | 2.30, 2.30, 4.02
Expected volatility |  | 187.1%
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2012 and 2011.
|  | Carrying Value at December 31, 2012 |  |  | Fair Value Measurement at December 31, 2012 |
|  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Warrants liability |  | $ | 374,166 |  |  | $ | - |  |  | $ | 374,166 |  |  | $ | - |
|  | Carrying Value at December 31, 2011 |  |  | Fair Value Measurement at December 31, 2011 |
|  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Warrants liability |  | $ | 96,469 |  |  | $ | - |  |  | $ | 96,469 |  |  | $ | - |
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:
|  | December 31, 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 |  |  | 180,192 |  |  |  | (221,640 | )
Ending balance |  |  | 374,166 |  |  |  | 96,469 |
Following is a summary of the warrants activity:
|  | Number |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |
Outstanding as of January 1, 2011 |  |  | 157,500 |  |  | $ |  |  |  |  |  |
Granted |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2011 |  |  | 157,500 |  |  | $ | 9.98 |  |  |  | 3.31 |
Granted |  |  | 100,000 |  |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2012 |  |  | 257,500 |  |  | $ | 7.66 |  |  |  | 2.97 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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