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Note 14 - Fair Value Measurement | 12 Months Ended
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Dec. 31, 2012
Fair Value Measurements, Valuation Techniques | 14. Fair value measurement: For financial assets and liabilities recorded in our financial statements at fair value we utilize 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 instruments measured at fair value on a recurring basis as at December 31, 2012:
|  | December 31, 2012 |
|  | Fair Value Measurement Using |  |  | Assets at |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Derivative instrument asset |  | $ | — |  |  | $ | 444,782 |  |  | $ | — |  |  | $ | 444,782 |
Total Assets |  | $ | — |  |  | $ | 444,782 |  |  | $ | — |  |  | $ | 444,782 |
The following table provides a summary of the fair values of the Company’s derivative instruments measured at fair value on a recurring basis as at December 31, 2011:
|  | December 31, 2011 |
|  | Fair Value Measurement Using |  |  | Assets at |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Derivative instrument asset |  | $ | — |  |  | $ | 87,023 |  |  | $ | — |  |  | $ | 87,023 |
Total Assets |  | $ | — |  |  | $ | 87,023 |  |  | $ | — |  |  | $ | 87,023 |
Derivative instrument liability |  | $ | — |  |  | $ | 786,506 |  |  | $ | — |  |  | $ | 786,506 |
Total Liabilities |  | $ | — |  |  | $ | 786,506 |  |  | $ | — |  |  | $ | 786,506 |

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- Definition Description of the inputs and valuation technique(s) used to measure fair value. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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