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ACQUISITION (Table)
9 Months Ended
Sep. 30, 2012
Business Combinations [Abstract]  
Schedule of Purchase Price Allocation [Table Text Block]

The following table summarizes the Company’s determination of fair values of the assets acquired and the liabilities as of the date of acquisition.

 

Consideration - issuance of securities$2,219,903
Prepaid expenses and other assets$71,892
Fixed assets6,515
Accrued liabilities(380,130)
Derivative liability(59,485)
Goodwill1,675,462
Total purchase price – net of cash acquired of $905,649$1,314,254