Acquisition of MIT (Tables)

6 Months Ended

Jun. 30, 2013

Business Acquisition [Abstract]

Summary of Consideration Transferred

The following table summarizes the consideration transferred to acquire MIT at the acquisition date:

Fair Value of Consideration Transferred:

Common stock of Company	$	50,000
Contingent consideration		205,297
Total	$	255,297

Summary of Fair Values of Assets and Liabilities Assumed

The following table summarizes the fair values of the assets and liabilities assumed at the acquisition date.

Cash	$	829
Equipment and leasehold improvements, net accumulated depreciation of $201,730		653,567
Patent, net accumulated amortization of $2,290		14,000
Trade and other payables		(59,282)
Note payable		(700,000)
Net liabilities assumed	$	(90,886)
Goodwill	$	346,183