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18. Restatement of financial statements (Tables) | 9 Months Ended
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Sep. 30, 2013
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restatement Impact on Balance Sheet |
|  |  | Three Months Ended September 30, 2012 |
Consolidated Statement of Operations for Three Months Ended September 30, 2012 |  |  | As Previously Reported |  |  |  | Restated |  |  |  | Net Adjustment |
Loss from operations |  | $ | (3,426,250 | ) |  | $ | (3,426,250 | ) |  | $ | – |
Other (income)/expenses |  |  |  |  |  |  |  |  |  |  |  |
Fair value of derivative liabilities in excess of proceeds |  |  | – |  |  |  | – |  |  |  | – |
Adjustments to fair value of derivative securities |  |  | – |  |  |  | (2,022,790 | ) |  |  | (2,022,790 | )
Other (income)/expenses |  |  | (133,770 | ) |  |  | (133,770 | ) |  |  | – |
Interest expense |  |  | 172,057 |  |  |  | 52,313 |  |  |  | (119,744 | )
Total other (income)/expenses |  |  | 38,287 |  |  |  | (2,104,247 | ) |  |  | (2,142,534 | )
Net loss |  |  | (3,464,537 | ) |  |  | (1,322,003 | ) |  |  | 2,142,534 |
Preferred dividends |  |  | – |  |  |  | 119,744 |  |  |  | 119,744 |
Net loss atttributable to common shareholders |  | $ | (3,464,537 | ) |  | $ | (1,441,747 | ) |  | $ | 2,022,790 |
Basic and diluted loss attributable to common shareholders per share |  | $ | (0.04 | ) |  | $ | (0.02 | ) |  | $ | 0.02 |
Basic weighted average shares outstanding |  |  | 89,748,496 |  |  |  | 89,748,496 |  |  |  | – |
Fully-diluted weighted average shares outstanding |  |  | 89,748,496 |  |  |  | 117,915,163 |  |  |  | 28,166,667 |
The following table presents the effect of the restatement adjustment on the accompanying consolidated statement of operations for the nine months ended September 30, 2012:
|  |  | Nine Months Ended September 30, 2012 |
Consolidated Statement of Operations for Nine Months Ended September 30, 2012 |  |  | As Previously Reported |  |  |  | Restated |  |  |  | Net Adjustment |
Loss from operations |  | $ | (8,221,091 | ) |  | $ | (8,221,091 | ) |  | $ | – |
Other (income)/expenses |  |  |  |  |  |  |  |  |  |  |  |
Fair value of derivative liabilities in excess of proceeds |  |  | – |  |  |  | – |  |  |  | – |
Adjustments to fair value of derivative securities |  |  | – |  |  |  | 13,845,208 |  |  |  | 13,845,208 |
Other (income)/expenses |  |  | 626,926 |  |  |  | 626,926 |  |  |  | – |
Interest expense |  |  | 469,848 |  |  |  | 104,431 |  |  |  | (365,417 | )
Total other (income)/expenses |  |  | 1,096,774 |  |  |  | 14,576,565 |  |  |  | 13,479,791 |
Net loss |  |  | (9,317,865 | ) |  |  | (22,797,656 | ) |  |  | (13,479,791 | )
Preferred dividends |  |  | – |  |  |  | 365,417 |  |  |  | 365,417 |
Net loss attributable to common shareholders |  | $ | (9,317,865 | ) |  | $ | (23,163,073 | ) |  | $ | (13,845,208 | )
Basic and diluted loss attributable to common shareholders per share |  | $ | (0.10 | ) |  | $ | (0.26 | ) |  | $ | (0.16 | )
Basic weighted average shares outstanding |  |  | 89,220,298 |  |  |  | 89,220,298 |  |  |  | – |
Fully-diluted weighted average shares outstanding |  |  | 89,220,298 |  |  |  | 117,386,965 |  |  |  | 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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