Note 9 - Derivative liabilities

6 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative liabilities

Note 9 – Derivative liabilities

The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has entered into certain other financial instruments and contracts, such as debt financing arrangements with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. These instruments are required to be carried as derivative liabilities, at fair value.

The following table discloses the fair value of the Company’s derivative liabilities as of June 30, 2013 and December 31, 2012. The Company held no asset derivatives at either reporting date.

	Liability Derivatives
	June 30, 2013				December 31, 2012
	Balance Sheet  Location		Fair Value		Balance Sheet Location		Fair  Value
Derivatives not designated as hedging instruments
Secured Promissory Notes Warrants		Derivative Liabilities	$	40,000		Derivative Liabilities	$	68,250

The following table summarizes liabilities measured at fair value on a recurring basis for the periods presented:

	June 30, 2013								December 31, 2012
Fair Value Measurements Using:	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Liabilities
Derivative Liabilities	$	—	$	40,000	$	—	$	40,000	$	—	$	68,250	$	—	$	68,250