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17. Restatement of financial statements (Tables) | 6 Months Ended
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Jun. 30, 2013
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restatement Impact on Balance Sheet | The flowing table presents the effect of the restatement adjustment on the accompanying consolidated statement of operations for the three months ended June 30, 2012:
|  | Three Months Ended June 30, 2012 |
Consolidated Statement of Operations |  | As Previously |  |  | Net |  |  |  |
for Three Months Ended June 30, 2012 |  | Reported |  |  | Restated |  |  | Adjustment |
Loss from operations |  | $ | (2,442,673 | ) |  | $ | (2,442,673 | ) |  | $ | – |
Other (income)/expenses |  |  |  |  |  |  |  |  |  |  |  |
Fair value of derivative liabilities in excess of proceeds |  |  | – |  |  |  | – |  |  |  | – |
Adjustments to fair value of derivative securities |  |  | – |  |  |  | 17,915,403 |  |  |  | 17,915,403 |
Other (income)/expenses |  |  | 760,696 |  |  |  | 760,696 |  |  |  | – |
Interest expense |  |  | 171,217 |  |  |  | 49,712 |  |  |  | (121,505 | )
Total other (income)/expenses |  |  | 931,913 |  |  |  | 18,725,811 |  |  |  | 17,793,898 |
Net loss |  |  | (3,374,586 | ) |  |  | (21,168,484 | ) |  |  | (17,793,898 | )
Net loss attributed to non-controlling interests |  |  | – |  |  |  | 16,196 |  |  |  | 16,196 |
Preferred dividends |  |  | – |  |  |  | 121,505 |  |  |  | 121,505 |
Net loss attributable to common shareholders |  | $ | (3,374,586 | ) |  | $ | (21,273,793 | ) |  | $ | (17,899,207 | )
Basic and diluted loss attributable to common shareholders per share |  | $ | (0.04 | ) |  | $ | (0.24 | ) |  | $ | (0.20 | )
Basic weighted average shares outstanding |  |  | 88,182,285 |  |  |  | 88,182,285 |  |  |  | – |
Fully-diluted weighted average shares outstanding |  |  | 88,182,285 |  |  |  | 116,348,952 |  |  |  | 28,166,667 |
The flowing table presents the effect of the restatement adjustment on the accompanying consolidated statement of operations for the six months ended June 30, 2012:
|  | Six Months Ended June 30, 2012 |
Consolidated Statement of Operations |  | As Previously |  |  | Net |  |  |  |
for Six Months Ended June 30, 2012 |  | Reported |  |  | Restated |  |  | Adjustment |
Loss from operations |  | $ | (4,794,841 | ) |  | $ | (4,794,841 | ) |  | $ | – |
Other (income)/expenses |  |  |  |  |  |  |  |  |  |  |  |
Fair value of derivative liabilities in excess of proceeds |  |  | – |  |  |  | – |  |  |  | – |
Adjustments to fair value of derivative securities |  |  | – |  |  |  | 15,867,998 |  |  |  | 15,867,998 |
Other (income)/expenses |  |  | 760,696 |  |  |  | 760,696 |  |  |  | – |
Interest expense |  |  | 297,791 |  |  |  | 52,118 |  |  |  | (245,673 | )
Total other (income)/expenses |  |  | 1,058,487 |  |  |  | 16,680,812 |  |  |  | 15,622,325 |
Net loss |  |  | (5,853,328 | ) |  |  | (21,475,653 | ) |  |  | (15,622,325 | )
Net loss attributed to non-controlling interests |  |  | – |  |  |  | 24,730 |  |  |  | 24,730 |
Preferred dividends |  |  | – |  |  |  | 245,673 |  |  |  | 245,673 |
Net loss attributable to common shareholders |  | $ | (5,853,328 | ) |  | $ | (21,696,596 | ) |  | $ | (15,843,268 | )
Basic and diluted loss attributable to common shareholders per share |  | $ | (0.07 | ) |  | $ | (0.24 | ) |  | $ | (0.17 | )
Basic weighted average shares outstanding |  |  | 88,953,297 |  |  |  | 88,953,297 |  |  |  | – |
Fully-diluted weighted average shares outstanding |  |  | 88,953,297 |  |  |  | 117,119,964 |  |  |  | 28,166,667 |

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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 Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: 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=28359718&loc=d3e22663-107794 Reference 3: 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=28359718&loc=d3e22658-107794 + Details
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