FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2012

Fair Value Measures and Disclosures

Fair Value Disclosures [Text Block]

NOTE 8 - FAIR VALUE MEASUREMENTS

For asset and liabilities measured at fair value, the Company uses the following hierarchy of inputs:

· Level one -- Quoted market prices in active markets for identical assets or liabilities;

· Level two -- Inputs other than level one inputs that are either directly or indirectly observable; and

· Level three -- Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

Liabilities measured at fair value on a recurring basis at March 31, 2012, are summarized as follows:

	Level 1		Level 2		Level 3		Total
Fair value of derivatives	$	-	$	428,322	$	-	$	428,322

Liabilities measured at fair value on a recurring basis at December 31, 2011, are summarized as follows:

	Level 1		Level 2		Level 3		Total
Fair value of derivatives	$	-	$	294,717	$	-	$	294,717