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Note 13 - Fair Value Measurement

6 Months Ended

Jun. 30, 2011

Foreign Currency Contract, Asset, Fair Value Disclosure, Methodology

13. FAIR VALUE MEASUREMENT

ASC Topic 820, “Fair Value Measurements and Disclosures” establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides a summary of the fair values of the Company’s derivative instrument assets and liabilities measured at fair value on a recurring basis at June 30, 2011:

		June 30, 2011
		Fair Value Measurements Using												Assets at
		Level 1				Level 2				Level 3				Fair Value
Derivative instrument asset		$	—			$	533,852			$	—			$	533,852
Total Assets		$	—			$	533,852			$	—			$	533,852
Derivative Instrument liability		$	—			$	5,753			$	—			$	5,753
Total Liabilities		$	—			$	5,753			$	—			$	5,753

The following table provides a summary of the fair values of the Company’s derivative instrument assets measured at fair value on a recurring basis as at December 31, 2010:

		December 31, 2010
		Fair Value Measurements Using												Assets at
		Level 1				Level 2				Level 3				Fair Value
Derivative instrument asset		$	—			$	833,960			$	—			$	833,960
Total Assets		$	—			$	833,960			$	—			$	833,960

X

- Definition

This item represents management's methodology (for example, procedures or techniques) for estimating the fair value as of the balance sheet date of the financial instrument (as defined), including financial assets and financial liabilities (collectively, as defined).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

+ Details

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