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18. Restatement of financial statements (Tables) | 3 Months Ended
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Mar. 31, 2013
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restatement Impact on Balance Sheet |
|  |  | As of March 31, 2012 |
Consolidated Balance Sheet as of March 31, 2012 |  |  | As Previously Reported |  |  |  | Restated |  |  |  | Net Adjustment |
Derivative liability |  | $ | – |  |  | $ | 13,841,450 |  |  | $ | 13,841,450 |
Other current liabilities |  |  | 5,768,527 |  |  |  | 5,768,527 |  |  |  | – |
Total current liabilities |  | $ | 5,768,527 |  |  | $ | 19,609,977 |  |  | $ | 13,841,450 |
Shareholder's deficit |  |  |  |  |  |  |  |  |  |  |  |
Series D 10% Preferred Stock |  | $ | 19 |  |  | $ | 19 |  |  | $ | – |
Series E 5% Preferred Stock |  |  | 9 |  |  |  | 9 |  |  |  | – |
Common stock |  |  | 88,157 |  |  |  | 88,157 |  |  |  | – |
Additional paid-in capital |  |  | 42,315,939 |  |  |  | 33,615,948 |  |  |  | (8,699,991 | )
Accumulated deficit |  |  | (44,541,282 | ) |  |  | (49,682,741 | ) |  |  | (5,141,459 | )
Total Shareholder's deficit |  | $ | (2,137,158 | ) |  | $ | (15,978,608 | ) |  | $ | (13,841,450 | )
The flowing table presents the effect of the restatement adjustment on the accompanying consolidated statement of operations for the three months ended March 31, 2012:
|  |  | Three Months Ended March 31, 2012 |
|  |  | As |  |  |  |  |  |  |  |  |
Consolidated Statement of Operations |  |  | Previously |  |  |  |  |  |  |  | Net |
for Three Months Ended March 31, 2012 |  |  | Reported |  |  |  | Restated |  |  |  | Adjustment |
Loss from operations |  | $ | 2,352,168 |  |  | $ | 2,352,168 |  |  | $ | – |
Other (income)/expenses |  |  |  |  |  |  |  |  |  |  |  |
Adjustments to fair value of derivative securities |  |  | – |  |  |  | (2,047,405 | ) |  |  | (2,047,405 | )
Other (income)/expenses |  |  | – |  |  |  | – |  |  |  | – |
Interest expense |  |  | 126,573 |  |  |  | 2,405 |  |  |  | (124,168 | )
Total other (income)/expenses |  |  | 126,573 |  |  |  | (2,045,000 | ) |  |  | (2,171,573 | )
Net loss |  |  | (2,478,742 | ) |  |  | (307,168 | ) |  |  | 2,171,573 |
Preferred dividends |  |  | – |  |  |  | 124,168 |  |  |  | 124,168 |
Net loss attributable to common shareholders |  | $ | (2,478,742 | ) |  | $ | (431,336 | ) |  | $ | 2,047,405 |
Basic and diluted loss attributable to common shareholders per share |  | $ | (0.03 | ) |  | $ | – |  |  | $ | 0.03 |
Basic weighted average shares outstanding |  |  | 88,157,055 |  |  |  | 88,157,055 |  |  |  | – |
Fully-diluted weighted average shares outstanding |  |  | 88,157,055 |  |  |  | 109,407,055 |  |  |  | 21,250,000 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 26 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 9 -Paragraph 26 -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 Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22663-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22658-107794 + Details
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