CORRECTION OF IMMATERIAL ERROR

3 Months Ended

Mar. 31, 2013

CORRECTION OF IMMATERIAL ERROR [Abstract]

NOTE 17 – CORRECTION OF IMMATERIAL ERROR

During the quarter ended March 31, 2013, the Company identified an immaterial error in its cash flow statements for prior periods. The Company improperly reported losses on the sale and writedowns of OREO as Investing Activities instead of as a reconciling item within Operating Activities, as well as reported unsettled trade liabilities for investment purchases as Operating Activities instead of Investing Activities. These changes had no impact to the overall total of cash inflows and outflows within the cash flow statements for prior periods. The Company has deemed these changes immaterial to its consolidated financial statement taken as a whole. The following table reflects the changes in the cash flow statements for prior periods:

	As Originally
	Reported			Adjustment			As Adjusted
Quarter Ended March 31, 2012
Net Cash provided by operating activities	$	44,556		$	(28,997	)	$	15,559
Net cash provided by investing activities		44,197			28,997			73,194
Net cash provided by financing activities		262,019			-			262,019
Increase in cash and cash equivalents		350,772			-			350,772
Cash and cash equivalents at beginning of period		499,344			-			499,344
Cash and cash equivalents at end of period	$	850,116		$	-		$	850,116


Year Ended December 31, 2012
Net cash provided by operating activities	$	133,331		$	4,365		$	137,696
Net cash provided by investing activities		292,473			(4,365	)		288,108
Net cash provided by financing activities		278,466			-			278,466
Increase in cash and cash equivalents		704,270			-			704,270
Cash and cash equivalents at beginning of period		499,344			-			499,344
Cash and cash equivalents at end of period	$	1,203,614		$	-		$	1,203,614


Year Ended December 31, 2011
Net cash provided by operating activities	$	256,425		$	21,332		$	277,757
Net cash provided by investing activities		661,840			(21,332	)		640,508
Net cash used in financing activities		(691,007	)		-			(691,007	)
Increase in cash and cash equivalents		227,258			-			227,258
Cash and cash equivalents at beginning of period		272,086			-			272,086
Cash and cash equivalents at end of period	$	499,344		$	-		$	499,344

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

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