5. ADVANCES PAYABLE

9 Months Ended

Sep. 30, 2013

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

Other Liabilities Disclosure [Text Block]

5. ADVANCES PAYABLE

During nine months ended September 30, 2013, the Company has received working capital advances in the amount of $312,310. These advances are non-interest bearing and payable upon demand. The Company has imputed interest on these advances in the amount of $23,651 for the nine months ended September 30, 2013. The imputed interest was recorded as an increase in additional paid-in capital.

During the nine months ended September 30, 2013, non-interest bearing advances in the amount of $575,958 were refinanced into Convertible Notes Payable. See Note 3.