Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.6
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2013
Summary of Significant Accounting Policies [Abstract]  
Schedule of Net Deferred Tax Liability
The following table provides a breakdown of the Company's net deferred tax liability as of March 31, 2013:
 

Net Operating Loss
  $ 92,188  
Goodwill and trade name
    (85,872 )
Developed technology
    (180,100 )
Property and equipment
    (21,953 )
    $ (195,737 )
 
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets measured at fair value on a recurring basis are summarized below:
   
March 31,
2013
   
Quoted
prices in
active markets
for
identical assets
(Level 1)
   
Significant
other
observable
inputs
(Level 2)
   
Significant
unobservable
inputs
(Level 3)
 
Assets:
                       
Marketable securities
  $ 254,787     $ 254,787     $ -     $ -  
                                 
Liabilities:
                               
Fair value of warrant obligations (Note 10)
  $ 304,560     $ -     $ -     $ 304,560  

   
December 31,
2012
   
Quoted
prices in
active markets
for
identical assets
(Level 1)
   
Significant
other
observable
inputs
(Level 2)
   
Significant
unobservable
inputs
(Level 3)
 
Marketable securities
  $ 251,349     $ 251,349     $ -     $ -  
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
             
   
2013
   
2012
 
Warrants to purchase common stock
    131,250       ---