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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
 NOTE 5. DISCONTINUED OPERATIONS
 
On September 25, 2013, the Company entered into a Contribution Agreement (the "Divestiture Contribution Agreement") with T1T Lab, LLC, a Florida limited liability company ("T1T Lab"), and T1T Group, LLC, a Delaware limited liability company ("T1T Group"), pursuant to which, on September 25, 2013, the Company contributed to T1T Lab all of its membership and participation interests in its subsidiaries Openfilm, LLC, Motorsport, LLC, Splinex, LLC, LegalGuru, LLC and MUSIC 1 LLC (a/k/a OOO Music1) (collectively, the "Disposed Subsidiaries").   The Disposed Subsidiaries constitute all of the Company's interests in online media businesses and operations (referred to herein collectively as the Company's "entertainment assets").   As described further below, following the transactions effectuated pursuant to the Divestiture Contribution Agreement, the Company indirectly owned a minority interest in the Disposed Subsidiaries through its 10% membership interest in T1T Lab.   The Company disposed its entertainment assets in order to focus its business operations on mobile payments, transactional services and related technologies and to reduce the significant expenses associated with developing and maintaining the entertainment assets.
 
Pursuant to the Divestiture Contribution Agreement, the Company contributed to T1T Lab all of its membership and participation interests in the Disposed Subsidiaries and agreed to make an initial capital contribution to T1T Lab in the amount of $  1,259,000 (recorded as part of Due to related Parties (current portion) on the consolidated balance sheet),  payable in full or in installments when requested by T1T Lab but in no event later than within the 12-month period after September 25, 2013 (unless such period is mutually extended in writing by the Company and T1T Group).
 
Subject to T1T Lab's prior written approval, a portion of the Company’s initial capital contribution may be made in the form of future services provided by the Company, with the value of such services to be agreed upon in writing between the Company and T1T Group prior to providing such services. The amount of the Company’s initial capital contribution is a negotiated amount required for T1T Lab to acquire the Disposed Subsidiaries. In exchange for such contributions, the Company was issued a 10% membership interest in T1T Lab and T1T Lab assumed $2,162,158 in liabilities (including $  2,000,000 owed by the Company to K 1 Holding Limited pursuant to a promissory note dated May 13, 2013) related to the Disposed Subsidiaries. In addition, all intercompany loans payable by the Disposed Subsidiaries to the Company, on the one hand, and by the Company to the Disposed Subsidiaries, on the other hand, were forgiven by the Company and by T1T Lab (as applicable).  The investment, which amounted to $46,113, is accounted for under the cost method since the Company owns 10% of T1T Lab, LLC and does not influence the operations of T1T Lab, LLC.
 
On Februrary 11, 2014, the Company agreed to transfer to T1T Lab, LLC all of the Assigned Interests in consideration for the Company being released from its obligations to T1T LAB, LLC (including the obligations to make capital contributions to T1T LAB, LLC)(Also see Note 19 Subsequent Events).
 
T1T Group is wholly-owned by Enerfund, LLC (which is wholly-owned by Mike Zoi, a director and majority stockholder of the Company). 
 
Based on the foregoing, and in conformity with applicable accounting guidance, the Disposed Subsidiaries qualify as a discontinued operation.   Accordingly, financial results of the Disposed Subsidiaries have been reported as discontinued operations in the accompanying consolidated statements of operations and comprehensive loss for all periods presented.  
 
Summarized results of the Company’s discontinued operations are as follows:
  
 
 
Year ended December 31,
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Revenues
 
$
14,484
 
$
27,630
 
 
 
 
 
 
 
 
 
Loss Before Income taxes
 
 
(1,339,646)
 
 
(3,335,780)
 
 
 
 
 
 
 
 
 
Income Tax Benefit
 
 
-
 
 
35,955
 
 
 
 
 
 
 
 
 
Net Loss from Discontinued Operations
 
$
(1,339,646)
 
$
(3,299,825)
 
 
As of December 31, 2013, there were no assets or liabilities of discontinued operations because the entities were divested on September 25, 2013. As of December 31, 2012, the aggregate components of assets and liabilities classified as discontinued operations and included in current assets and current liabilities consisted of the following:
 
 
 
December 31
 
 
 
2012
 
 
 
 
 
 
Cash
 
$
32,950
 
 
 
 
 
 
Other Current Assets
 
 
29,056
 
 
 
 
 
 
Net Fixed Assets
 
 
29,258
 
 
 
 
 
 
Due from related parties
 
 
-
 
 
 
 
 
 
Intangible assets
 
 
101,196
 
 
 
 
 
 
Total Assets
 
$
192,460
 
 
 
 
 
 
Accounts Payable and Accrued Expenses
 
 
87,419
 
 
 
 
 
 
Due to related parties
 
 
135,693
 
 
 
 
 
 
Total Liabilities
 
$
223,112
 
 
 
 
 
 
Net assets (deficit) of discontinued operations
 
$
(30,652)