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Note 13 - Fair Value Measurement | 3 Months Ended
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Mar. 31, 2013
Fair Value Measurements, Valuation Techniques | 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 March 31, 2013:
|  | March 31, 2013 |
|  | Fair Value Measurements Using |  |  | Assets at |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Derivative instrument asset |  | $ | — |  |  | $ | 83,622 |  |  | $ | — |  |  | $ | 83,622 |
Total Assets |  | $ | — |  |  | $ | 83,622 |  |  | $ | — |  |  | $ | 83,622 |
Derivative instrument liability |  | $ | — |  |  | $ | 275,766 |  |  | $ | — |  |  | $ | 275,766 |
Total Liabilities |  | $ | — |  |  | $ | 275,766 |  |  | $ | — |  |  | $ | 275,766 |
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, 2012:
|  | December 31, 2012 |
|  | Fair Value Measurements 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 carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accreditation fees payable, customer deposits, loan payable and accrued liabilities approximate their fair values due to the relatively short periods to maturity of the instruments. The fair value of these financial assets and liabilities is determined using Level 2 inputs.

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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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