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Note 13 - Fair Value Measurement
 3 Months Ended
Mar. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

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, 2014:


   

March 31, 2014

 
   

Fair Value Measurements Using

   

Assets at

 
   

Level 1

   

Level 2

   

Level 3

   

Fair Value

 
                                 

Derivative instrument liability

  $ —     $ 905,951     $ —     $ 905,951  

Total Liabilities

  $ —     $ 905,951     $ —     $ 905,951  

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, 2013:


   

December 31, 2012

 
   

Fair Value Measurements Using

   

Assets at

 
   

Level 1

   

Level 2

   

Level 3

   

Fair Value

 
                                 

Derivative instrument liability

  $ —     $ 491,098     $ —     $ 491,098  

Total Liabilities

  $ —     $ 491,098     $ —     $ 491,098  

The carrying values of cash and cash equivalents, 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.