Annual report pursuant to Section 13 and 15(d)

NOTE 12 - FAIR VALUE OF FINANCIAL INSTRUMENTS

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NOTE 12 - FAIR VALUE OF FINANCIAL INSTRUMENTS
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
NOTE 12 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company follows the provisions of ASC 825-10.  For financial assets and liabilities included within the scope of ASC 825-10, the Company was required to adopt the provisions of ASC 825-10 prospectively as of the beginning of Fiscal 2009.  The adoption of ASC 825-10 did not have a material impact on our consolidated financial position or results of operations.

 The Company determined that the anti-dilutive provisions embedded in the Series C 9% Convertible Preferred Stock and related issued warrants did not meet the defined criteria of a derivative in such that the net settlement requirement of delivery of common shares does not meet the “readily convertible to cash” as described in Accounting Standards Codification 815 and therefore bifurcation is not required.  As of December 31, 2014, the Company’ s common stock was thinly traded and there was no active trading market.

The Company determined that there were no items required to be measured at fair value on a recurring basis in the consolidated financial statements as of December 31, 2014 and 2013.