2.4.0.8060200 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTStruefalsefalse1false falsefalsec20121001to20130630http://www.sec.gov/CIK0000799235duration2012-10-01T00:00:002013-06-30T00:00:001true 1us-gaap_FairValueDisclosuresAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]2false 2us-gaap_FairValueDisclosuresTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">NOTE 2 &#8211; FAIR VALUE OF FINANCIAL INSTRUMENTS</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">The Company adopted new guidance as of October 1, 2008, related to the measurement of the fair value of certain of its financial assets required to be measured on a recurring basis. Under the new guidance, based on the observability of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:</div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 18pt;"></td><td style="width: 36pt; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; vertical-align: top; align: right;">&#9679;</td><td style="text-align: justify; width: auto; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; vertical-align: top;">Level 1 &#8212; Quoted prices in active markets for identical assets or liabilities.</td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 18pt;"></td><td style="width: 36pt; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; vertical-align: top; align: right;">&#9679;</td><td style="text-align: justify; width: auto; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; vertical-align: top;">Level 2 &#8212; Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or, other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 18pt;"></td><td style="width: 36pt; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; vertical-align: top; align: right;">&#9679;</td><td style="text-align: justify; width: auto; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; vertical-align: top;">Level 3 &#8212; Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</td></tr></table></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Interest income on cash and cash equivalents is recognized as earned on the accrual basis.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Investments are reported at fair value, determined based on the quoted prices in an active market for identical assets and classified as Level 1 under the ASC 820.</div><div><br /></div><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">During the nine months ended June 30, 2013, the Company&#8217;s investment in the common stock and warrants of OER, a Canadian oil and gas company that trades on the Toronto Stock Exchange (TSX) decreased in value by $37,625. This decrease in value is included as a decrease in stockholders' equity in accumulated other comprehensive loss.</div></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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