ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2014

ACCOUNTING POLICIES [Text Block]

2.     ACCOUNTING POLICIES

The accompanying financial data as of June 30, 2014 and December 31, 2013 and for the three and six month periods ended June 30, 2014 and 2013 and for the period from inception, May 25, 2004, to June 30, 2014, has been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC).

The complete accounting policies followed by the Group are set forth in Note 2 to the audited consolidated financial statements contained in the Group's Annual Report on Form 10-K for the year ended December 31, 2013.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures, if any, of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.

In the opinion of management, all adjustments (which include normal recurring adjustments, except as disclosed herein) necessary to present a fair statement of financial position as of June 30, 2014 and December 31, 2013, results of operations for the three and six month periods ended June 30, 2014 and 2013 and for the period from inception, May 25, 2004, to June 30, 2014, cash flows for the six month period ended June 30, 2014 and 2013 and for the period from inception, May 25, 2004, to June 30, 2014 and statement of shareholders’ equity (deficit) for the period from inception, May 25, 2004, to June 30, 2014, as applicable, have been made. The result of operations for the three and six month periods ended June 30, 2014 is not necessarily indicative of the operating results for the full fiscal year or any future periods.