XML 89 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
17. Restatement of financial statements (Tables)
 6 Months Ended
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