Annual report pursuant to Section 13 and 15(d)

DISCLOSURES ABOUT FAIR VALUE

v2.4.0.8
DISCLOSURES ABOUT FAIR VALUE
 12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
17.
DISCLOSURES ABOUT FAIR VALUE
 
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables according to FASB ASC 820 pricing levels.
 
 
 
Fair Value Measurement Using
 
 
 
 
 
 
Quoted prices
 
 
 
 
 
 
 
 
 
 
 
 
in active
 
Significant
 
 
 
 
 
 
 
 
 
markets of
 
other
 
Significant
 
 
 
 
 
 
identical
 
observable
 
Unobservable
 
 
 
Recorded
 
assets
 
inputs
 
Inputs
 
 
 
value
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
 
$
55,112
 
$
55,112
 
$
-
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liability
 
$
2,146,000
 
$
-
 
$
-
 
$
2,146,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
 
$
56,949
 
$
55,449
 
$
1,500
 
$
-
 
 
At December 31, 2013 and 2012, the Company's available-for-sale equity securities were valued using Level 1 and Level 2 inputs as summarized above. Level 1 inputs are based on unadjusted prices for identical assets in active markets that the Company can access. Level 2 inputs are based on quoted prices for similar assets other than quoted prices in Level 1, quoted prices in markets that are not yet active, or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets.
 
The derivative liabilities are measured at fair value using quoted market prices and estimated volatility factors based on historical quoted market prices for the Company’s common stock, and are classified within Level 3 of the valuation hierarchy.
 
Certain assets are not carried at fair value on a recurring basis, including investments accounted for under the equity and cost methods. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the consolidated financial statements.
 
See Note 4 for further details of the Company's investments.