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9. FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Fair value measurement on recurring basis

	Level 1		Level 2		Level 3		Total
Long-term investments	$	-	$	-	$	-	$	-
Total	$	-	$	-	$	-	$	-

Derivative liabilities	$	-	$	-	$	752,708	$	752,708
Total	$	-	$	-	$	752,708	$	752,708

Summary of changes in the fair value of derivative liabilities

	Derivative Liability
Balance, December 31, 2011	$	237,395

Transfers in (out) at mark-market value on date of payoff		(209,487	)

Transfers in upon initial fair value of derivative liability		337,615

Loss from change in fair value of derivative liability		387,185

Balance, September 30, 2012	$	752,708

Total loss for the period included in earnings relating to the liabilities held at September 30, 2012	$	(387,185	)

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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