4. ADVANCES PAYABLE

6 Months Ended

Jun. 30, 2013

Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]

Other Liabilities Disclosure [Text Block]

4. ADVANCES PAYABLE

During six months ended June 30, 2013, the Company has received working capital advances in the amount of $271,878. These advances are non-interest bearing and payable upon demand. The Company has imputed interest on these advances in the amount of $16,377 for the six months ended June 30, 2013. The imputed interest was recorded as an increase in additional paid-in capital.

During the six months ended June 30, 2013, non-interest bearing advances in the amount of $263,648 were refinanced into Convertible Notes Payable. See Note 3.