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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2012

The fair value of our financial instruments consisted of the following at December 31:

Description	2012		2011
Assets:
Other receivable (1)	$	---	$	246,410
Notes receivable and accrued interest	$	1,302,220		---

Liabilities:
Convertible note – June 2011	$	134,154	$	129,781
Convertible note – July 2011	$	113,084	$	105,101
Convertible note – June 2012	$	1,593,924		---

(1)

The Company received remittance in March 2012.

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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+ Details