Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 19, 2013 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Trading Symbol | 'alyi | ' |
Entity Registrant Name | 'ALTERNET SYSTEMS INC | ' |
Entity Central Index Key | '0001126003 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 95,667,398 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 16, 2012 |
Current Assets | ' | ' |
Cash | $42,803 | $5,751 |
Accounts receivable, net | 362,843 | 1,249,447 |
Prepaid cost of sales | 9,750 | 108,382 |
Deposits and other assets | 67,693 | 53,643 |
Total current assets | 483,089 | 1,417,223 |
Fixed assets, net | 164,991 | 281,804 |
Intellectual property | 1,600,000 | 1,600,000 |
TOTAL ASSETS | 2,248,080 | 3,299,027 |
Current liabilities | ' | ' |
Accounts payable and accrued charges | 1,785,777 | 1,549,885 |
Wages payable | 1,583,127 | 821,628 |
Accrued taxes | 1,679,990 | 921,347 |
Deferred income | 136,150 | 288,688 |
Other loans payable, net of beneficial conversion feature | 1,146,178 | 642,796 |
Due to related parties | 177,552 | 255,376 |
Current portion of long-term debt | 102,607 | 166,099 |
Current portion of capital leases | 6,856 | 30,028 |
Total current liabilities | 6,618,237 | 4,675,847 |
Long term debt | 305,000 | 69,039 |
Capital leases | 0 | 5,043 |
TOTAL LIABILITIES | 6,923,237 | 4,749,929 |
Stockholders' deficiency | ' | ' |
Capital stock Authorized: 100,000,000 common shares with a par value of $0.00001 Issued and outstanding: 92,564,722 common shares (2012 - 89,056,203) | 925 | 890 |
Additional paid-in capital | 14,295,325 | 13,849,991 |
Private placement subscriptions | 130,362 | 130,362 |
Obligation to issue shares | 52,800 | 0 |
Deferred compensation | -39,375 | 0 |
Accumulated other comprehensive (loss) | -331,372 | -331,349 |
Accumulated (deficit) | -17,374,623 | -14,629,698 |
Stockholders Equity, Including Portion Attributable to Noncontrolling Interest | -3,265,958 | -979,804 |
Non-controlling interest | -1,409,199 | -471,098 |
TOTAL STOCKHOLDERS' EQUITY | -4,675,157 | -1,450,902 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $2,248,080 | $3,299,027 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 16, 2012 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 92,564,722 | 89,056,203 |
Common Stock, Shares, Outstanding | 92,564,722 | 89,056,203 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
REVENUE | ' | ' | ' | ' |
Sales | $125,571 | $176,591 | $1,082,129 | $452,891 |
COST OF SALES | 159,165 | 162,268 | 810,996 | 276,300 |
GROSS MARGIN | -33,594 | 14,323 | 271,133 | 176,591 |
OPERATING EXPENSES | ' | ' | ' | ' |
Bad debts | 5,875 | 0 | 642,366 | 853 |
Depreciation | 15,958 | 27,940 | 56,490 | 65,325 |
Investor relations | 32,441 | 120 | 91,696 | 26,610 |
Management and consulting | 353,423 | 570,602 | 1,447,511 | 1,260,963 |
Office and general | 21,350 | 33,131 | 66,395 | 107,323 |
Professional fees | 27,837 | 50,253 | 284,924 | 209,063 |
Rent | 31,323 | 30,930 | 95,943 | 95,285 |
Salaries | 602,045 | 334,629 | 1,084,334 | 802,814 |
Travel | 29,013 | 40,645 | 93,130 | 131,538 |
TOTAL OPERATING EXPENSES | 1,119,265 | 1,088,250 | 3,862,789 | 2,699,774 |
NET LOSS BEFORE OTHER ITEMS | -1,152,859 | -1,073,927 | -3,591,656 | -2,523,183 |
OTHER ITEMS | ' | ' | ' | ' |
Interest expense | -109,874 | -51,517 | -342,476 | -173,051 |
Gain (loss) on foreign exchange | 14,659 | 5,763 | 173,927 | -247,384 |
Interest income | 0 | 504 | 0 | 1,382 |
Loss on lease expiration | 0 | 0 | -60,323 | 0 |
Gain (loss) on debt settlement | 0 | 29,523 | 0 | -579,375 |
Forgiveness and adjustment of old accounts payable | 18,425 | 0 | 18,425 | 0 |
TOTAL OTHER ITEMS | -76,790 | -15,727 | -210,447 | -998,428 |
NET LOSS BEFORE INCOME TAXES | -1,229,649 | -1,089,654 | -3,802,103 | -3,521,611 |
INCOME TAXES | 0 | 0 | 0 | 2,399 |
NET LOSS BEFORE NON- CONTROLLING INTEREST | -1,229,649 | -1,089,654 | -3,802,103 | -3,524,010 |
Non-controlling interest | -377,301 | -345,484 | -1,057,179 | -1,011,811 |
NET AND COMPREHENSIVE LOSS ATTRIBUTABLE TO ALTERNET SYSTEMS INC. | ($852,348) | ($744,170) | ($2,744,924) | ($2,512,199) |
BASIC AND DILUTED NET AND COMPREHENSIVE LOSS PER COMMON SHARE | ($0.01) | ($0.01) | ($0.03) | ($0.03) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 91,360,926 | 84,334,030 | 90,646,892 | 81,296,505 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES | ' | ' |
Net income attributable to Alternet Systems Inc. | ($2,744,924) | ($2,512,199) |
Non-controlling interest | -1,057,179 | -1,011,811 |
Add items not affecting cash | ' | ' |
Depreciation | 56,490 | 65,325 |
Interest accrued | 180,009 | 36,096 |
Bad debt expense | 717,366 | 0 |
Shares for services | 318,666 | 88,656 |
Warrants issued in debt settlement | 0 | 85,198 |
Accretion of debt discount | 143,590 | 5,436 |
Unrealized foreign exchange (gain) loss | -131,707 | 0 |
Loss on lease expiration | 60,323 | 0 |
Loss on debt settlement | 0 | 579,375 |
Changes in non-cash working capital: | ' | ' |
Accounts receivable | 169,238 | 334,135 |
Prepaid cost of sales | 98,632 | 9,088 |
Deposits and other assets | -14,050 | 25,806 |
Accounts payable and accrued charges | 362,465 | -44,892 |
Wages payable | 814,619 | 789,554 |
Accrued taxes | 735,276 | 171,554 |
Deferred income | -152,538 | -79,214 |
Due to related parties | 53,883 | 317,316 |
Net cash (used in) operating activities | -389,841 | -1,140,577 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from loans payable | 663,000 | 405,438 |
Payments for loans payable | -54,338 | 0 |
Payments for capital leases | -28,215 | -38,139 |
Payments for long term debt | -132,531 | -31,992 |
Net proceeds on sale of common stock and subscriptions | 0 | 750,000 |
Share issue costs | -21,000 | -8,996 |
Net cash provided by financing activities | 426,916 | 1,076,311 |
EFFECT OF EXCHANGE RATES ON CASH | -23 | -12 |
NET INCREASE (DECREASE) IN CASH | 37,052 | -64,278 |
CASH, BEGINNING OF PERIOD | 5,751 | 77,312 |
CASH, END OF PERIOD | $42,803 | $13,034 |
NATURE_OF_OPERATIONS_AND_BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION [Text Block] | ' |
NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
Alternet Systems Inc., through its subsidiaries (“Alternet” or the “Company”), provides leading edge mobile financial solutions and mobile security and related solutions. The former are offered throughout the Western Hemisphere, but most actively in Central and South America and the Caribbean, and the latter are offered globally. | |
These condensed consolidated financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At September 30, 2013, the Company had a working capital deficiency of $(6,135,147). The Company’s continued operations are dependent on the successful implementation of its business plan, its ability to obtain additional financing as needed, continued support from creditors, settling its outstanding debts, and ultimately attaining profitable operations. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | ' |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Interim Financial Statements | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information and the instructions to Form 10-Q and Rule 10 - 01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim condensed consolidated financial statements should be read in conjunction with the restated audited consolidated financial statements and notes thereto contained in the company’s Annual Report on Form 10-K / A for the year ended December 31, 2012, collectively referred to as the “2012 Amended Annual Report”. The consolidated financial statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. | |
Principles of Consolidation | |
These condensed consolidated financial statements include the accounts of the following companies: | |
Alternet Systems Inc. | |
AI Systems Group, Inc., a wholly owned subsidiary of Alternet | |
Tekvoice Communications, Inc., a wholly owned subsidiary of Alternet | |
Alternet Transaction Systems, Inc. (“ATS”), a 51% owned subsidiary of Alternet | |
Utiba Guatemala, S.A., a wholly-owned subsidiary of Alternet Transaction Systems Inc. | |
International Mobile Security, Inc. (“IMS”), a 60% owned subsidiary of Alternet | |
Megatecnica, S.A., a wholly owned subsidiary of International Mobile Security, Inc. | |
Alternet Financial Solutions, L.L.C., wholly-owned subsidiary of Alternet | |
Alternet Payment Solutions, L.L.C., wholly-owned subsidiary of Alternet | |
The minority interests of ATS, IMS, and ATS’s and IMS’s wholly owned subsidiaries have been deducted from earnings and equity. All significant intercompany transactions and account balances have been eliminated. | |
Long-Lived Assets Including Other Acquired Intellectual Property | |
Management monitors the recoverability of long-lived assets and intangibles based on estimates using factors such as current market value, future asset utilization, and future undiscounted cash flows expected to result from its investment or use of the related assets. The Company’s policy is to record any impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable. Any impairment loss is calculated as the excess of the carrying value over estimated realizable value. The Company did not recognize any impairment charges related to long-lived assets during the nine months ended September 30, 2013 and 2012. | |
Intangible assets deemed to have an indefinite life are not amortized but are subject to impairment tests at each reporting date. The Company assesses the impairment of intangible assets on a quarterly basis or whenever events or changes in circumstances indicate that the fair value is less than its carrying value. If the carrying amount of the intangible asset exceeds its fair value, the intangible asset is considered impaired and the second step of the test is performed to determine the amount of impairment loss, if any. The Company did not recognize any impairment charges related to indefinite lived intangible assets during the nine months ended September 30, 2013 and 2012. | |
Loss per Share | |
The Company computes net earnings (loss) per share in accordance with ASC Topic 260, Earnings Per Share . Topic 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including warrants using the treasury stock method. Diluted EPS excludes all dilutive potential common shares if their effect is anti-dilutive. As the Company has net losses, no common equivalent shares have been included in the computation of diluted net loss per share as the effect would be anti-dilutive. | |
At September 30, 2013, nil (December 31, 2012 – 6,009,863) warrants were excluded from the loss per share calculation as their effect would be anti-dilutive. | |
Reclassification | |
Certain comparative figures have been reclassified in order to conform to the current period’s presentation. | |
Revisions to Prior Periods | |
The condensed consolidated statements of operations for the three and nine months ended September 30, 2012, respectively, have been revised to reflect adjustments made during the December 31, 2012 audit, which allows for comparability with the presentation of the condensed consolidated statements of operations for the three and nine months ended September 30, 2013, respectively. | |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income, which is included in ASC 220, Comprehensive Income. This update improves the reporting of reclassification out of accumulated other comprehensive income. The guidance is effective for the Company’s interim and annual reporting periods beginning January 1, 2013, and applied prospectively. This accounting pronouncement did not have a material effect on the Company’s consolidated financial statements. | |
In March 2013, the FASB issued ASU No. 2013-05, Liabilities (Topic 830): Parent’s Accounting for Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This ASU is effective for interim and annual periods beginning after December 15, 2013 and requires the release of any cumulative translation adjustment into net income upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in foreign entity. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. | |
In July 2013, FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU is effective for interim and annual periods beginning after December 15, 2013. This update standardizes the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows. | |
FIXED_ASSETS
FIXED ASSETS | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
FIXED ASSETS [Text Block] | ' | |||||||||
NOTE 3 – FIXED ASSETS | ||||||||||
30-Sep-13 | ||||||||||
Accumulated | Net Book | |||||||||
Cost | Depreciation | Value | ||||||||
$ | $ | $ | ||||||||
Computer equipment | 344,252 | 332,135 | 12,117 | |||||||
Computer equipment – capital leases | 40,880 | 18,131 | 22,749 | |||||||
Computer software | 289,028 | 159,156 | 129,872 | |||||||
Equipment | 10,576 | 10,323 | 253 | |||||||
684,736 | 519,745 | 164,991 | ||||||||
31-Dec-12 | ||||||||||
Accumulated | Net Book | |||||||||
Cost | Depreciation | Value | ||||||||
$ | $ | $ | ||||||||
Computer equipment | 344,252 | 328,614 | 15,638 | |||||||
Computer equipment – capital leases | 156,746 | 58,452 | 98,294 | |||||||
Computer software | 289,028 | 121,453 | 167,575 | |||||||
Equipment | 10,576 | 10,279 | 297 | |||||||
800,602 | 518,798 | 281,804 | ||||||||
Depreciation expense for the nine months ended September 30, 2013 and 2012 was $56,490 and $65,325, respectively. | ||||||||||
During the nine months ended September 30, 2013, the Company recorded a loss on its computer equipment – capital lease for a previously capitalized lease that matured during the period. The Company did not buyout the lease and as result, the equipment converted to a month to month rental. |
INTELLECTUAL_PROPERTY
INTELLECTUAL PROPERTY | 9 Months Ended |
Sep. 30, 2013 | |
INTELLECTUAL PROPERTY [Text Block] | ' |
NOTE 4 – INTELLECTUAL PROPERTY | |
On January 25, 2011, the Company signed a Copyright Agreement with a supplier for various intellectual properties of which $100,000 was due upon signing of the agreement. As of September 30, 2013 and December 31, 2012, the Company had $68,900 included in accounts payable and accrued charges relating to this agreement. | |
In December 2011, the Company purchased four software licenses from Utiba Pte. Ltd. (“Utiba”), a non-controlling interest investor in ATS, valued at $1,500,000. Each license provides the Company the ability to offer mobile financial services under a Software as a Services (SaaS) arrangement to its customers by providing unlimited access to Utiba’s underlying platform. Utiba is required to maintain the systems in working order and provide all necessary services to the Company. As the licenses are for a service that is emerging on a global scale and there is no set term for the service, the licenses have been determined to have an indefinite life. |
CONVERTIBLE_DEBENTURE_NOTES_AN
CONVERTIBLE DEBENTURE NOTES AND OTHER LOANS PAYABLE | 9 Months Ended |
Sep. 30, 2013 | |
CONVERTIBLE DEBENTURE NOTES AND OTHER LOANS PAYABLE [Text Block] | ' |
NOTE 5 – CONVERTIBLE DEBENTURE NOTES AND OTHER LOANS PAYABLE | |
Convertible Debentures | |
On August 29, 2012, the Company issued a note payable in the amount of $44,438. The note carries interest at the rate of 10% per annum and was due on February 28, 2013. Since the note was not repaid on maturity, the holder is entitled to convert all or any portion of the original principal face value of the note into shares of common stock of the Company at a conversion value of $0.075. The beneficial conversion feature discount resulting from the conversion price being $0.045 below the market price on August 29, 2012 of $0.12 provided a value of $26,663. During the nine months ended September 30, 2013, $8,596 of the debt discount was amortized. As of September 30, 2013, $53,374 (December 31, 2012 - $37,364) of principal, accrued interest, and unamortized debt discount on this note was included in other loans payable. The note was not repaid by February 28, 2013 and continues to accrue interest at the rate of 10% per annum. | |
On September 26, 2012, the Company issued a note payable in the amount of $60,000. The note carries interest at the rate of 10% per annum and was due on March 31, 2013. Since the note was not repaid on maturity, the holder is entitled to convert all or any portion of the original principal face value of the note into shares of common stock of the Company at a conversion value of $0.075. The beneficial conversion feature discount resulting from the conversion price being $0.045 below the market price on September 26, 2012 of $0.12 provided a value of $36,000. During the nine months ended September 30, 2013, $17,419 of the debt discount was amortized. As of September 30, 2013, $71,605 (December 31, 2012 - $44,175) of principal and accrued interest, and unamortized debt discount on this note was included in other loans payable. The note was not repaid by March 31, 2013 and continues to accrue interest at the rate of 10% per annum. | |
On October 19, 2012, the Company issued a note payable in the amount of $80,000. The note carries interest at the rate of 10% per annum and was due on April 30, 2013. Since the note was not repaid on maturity, the holder is entitled to convert all or any portion of the original principal face value of the note into shares of common stock of the Company at a conversion value of $0.075. The beneficial conversion feature discount resulting from the conversion price being $0.085 below the market price on October 19, 2012 of $0.16 provided a value of $80,000. During the nine months ended September 30, 2013, $49,741 of the debt discount was amortized. As of September 30, 2013, $86,970 (December 31, 2012 - $31,881) of principal, accrued interest, and unamortized debt discount on this note was included in other loans payable. The note was not repaid by April 30, 2013 and continues to accrue interest at the rate of 10% per annum. | |
On January 25, 2013, the Company issued a note payable in the amount of $80,000. The note carries interest at the rate of 10% per annum and was due on October 22, 2013. Since the note was not repaid on maturity, the holder is entitled to convert all or any portion of the original principal face value of the note into shares of common stock of the Company at a conversion value of $0.075. The beneficial conversion feature discount resulting from the conversion price being $0.055 below the market price on January 25, 2013 of $0.13 provided a value of $58,667. During the nine months ended September 30, 2013, $53,886 of the debt discount was amortized. As of September 30, 2013, $85,458 of principal, accrued interest, and unamortized debt discount on this note was included in other loans payable. The note was not repaid by October 22, 2013 and continues to accrue interest at the rate of 10% per annum. | |
On April 24, 2013, the Company issued a note payable in the amount of $50,000. The note carries interest at the rate of 10% per annum and was due on October 31, 2013. Since the note was not repaid on maturity, the holder is entitled to convert all or any portion of the original principal face value of the note into shares of common stock of the Company at a conversion value of $0.075. The beneficial conversion feature discount resulting from the conversion price being $0.025 below the market price on April 24, 2013 of $0.10 provided a value of $16,667. During the nine months ended September 30, 2013, $13,947 of the debt discount was amortized. As of September 30, 2013, $52,192 of principal, accrued interest, and unamortized debt discount on this note was included in other loans payable. The note was not repaid by October 31, 2013 and continues to accrue interest at the rate of 10% per annum. | |
Other Loans Payable | |
On January 25, 2011, the Company signed a promissory note whereby the Company agreed to repay a director $20,000 plus interest at 10% per annum on April 25, 2011. This loan was not repaid on its maturity and has since been renewed several times with the unpaid principal and interest being capitalized to the loan balance on each renewal. On July 1, 2013, the director combined this loan with a total unpaid principal and interest balance of $2,729 with two other matured loans and extended the maturity date to December 29, 2013. All other terms remained the same. Refer to the promissory note dated July 1, 2013 for further details. | |
On February 9, 2011, the Company signed a promissory note whereby the Company agreed to repay a director $5,000 plus interest at 10% per annum on May 9, 2011. This loan was not repaid on its maturity and has since been renewed several times with the unpaid principal and interest being capitalized to the loan balance on each renewal. On July 1, 2013, the director combined this loan with a total unpaid principal and interest balance of $6,025 with two other matured loans and extended the maturity date to December 29, 2013. All other terms remained the same. Refer to the promissory note dated July 1, 2013 for further details. | |
On February 11, 2011, the Company signed a promissory note whereby the Company agreed to repay a director $8,988 plus interest at 10% per annum on May 11, 2011. This loan was not repaid on its maturity and has since been renewed several times with the unpaid principal and interest being capitalized to the loan balance on each renewal. On July 1, 2013, the director combined this loan with a total unpaid principal and interest balance of $10,828 with two other matured loans and extended the maturity date to December 29, 2013. All other terms remained the same. Refer to the promissory note dated July 1, 2013 for further details. | |
On July 1, 2013, the above three promissory notes to one director of the Company were combined which capitalized the unpaid principal and interest on the three separate promissory notes totaling $20,553 into one promissory note and extended the maturity date to December 29, 2013. All other terms remained the same. As of September 30, 2013, the Company has accrued $971 (December 31, 2012 - $874 for all three previous promissory notes) of interest relating to this loan. The balance owing is included in due to related parties. | |
On January 25, 2012, the Company signed a promissory note whereby the Company agreed to repay a creditor $100,000 plus interest at 12% per annum on April 24, 2012. On April 8, 2012, the Company signed a debt settlement agreement with the creditor whereby the creditor converted the outstanding principal and interest of $102,466 into 683,105 common shares of the Company and 409,863 warrants. Each warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.25 per share until October 8, 2013. The Company issued 409,863 warrants on April 9, 2012, 113,889 common shares on April 11, 2012, 400,000 common shares on April 19, 2012, 152,778 common shares on April 26, 2012, and 16,438 common shares on May 7, 2012 resulting in a full repayment of the loan. Using the Black-Scholes option pricing model, the fair market value of the warrants at the time of issuance was determined to be $85,198 with the following assumptions: (1) risk-free rate of interest of 0.07%, (2) an expected life of 1.5 years, (3) expected stock price volatility of 178.93%, and (4) expected dividend yield of zero. | |
On February 1, 2012, the Company signed a promissory note whereby the Company agreed to repay a creditor $200,000 plus interest at 24% per annum on May 1, 2012. On May 1, 2012, the Company signed a new promissory note with the creditor which capitalized the unpaid principal and interest of $211,836 under the previous promissory note and extended the maturity date to September 30, 2012. On October 1, 2012, the Company signed a new promissory note with the creditor which capitalized the unpaid principal and interest of $233,147 under the previous promissory note and extended the maturity date to January 31, 2013. The note was not repaid by January 31, 2013; as a result, $18,856 of unpaid interest was capitalized to the principal resulting in a total principal balance outstanding of $252,003 which is incurring a late payment charge of 0.10% per day on any unpaid balances. As of September 30, 2013, the Company has accrued $54,000 of late payment charges which is included in the outstanding principal and interest balance of $287,767 (December 31, 2012 - $14,104 of interest in a principal and interest balance of $247,251). | |
On October 10, 2012, the Company signed a promissory note whereby the Company agreed to repay a creditor $50,000 plus interest at 10% per annum on April 8, 2013. On April 9, 2013, the Company signed a new promissory note with the creditor which capitalized the unpaid principal and interest of $52,479 under the previous promissory note and extended the maturity date to October 6, 2013. As of September 30, 2013, the Company has accrued $2,516 (December 31, 2012 - $1,137) of interest relating to this loan. The note was not repaid by October 6, 2013 and continues to accrue interest at the rate of 10% per annum. | |
On November 19, 2012, the Company signed a promissory note whereby the Company agreed to repay a creditor $100,000 plus interest at 10% per annum on May 18, 2013. The loan was not repaid by its maturity date; as such, a late payment charge is being accrued on the unpaid principal and interest of $104,959. As of September 30, 2013, the Company has accrued $18,709 (December 31, 2012 - $1,178) of interest relating to this loan. | |
On November 19, 2012, the Company signed a promissory note whereby the Company agreed to repay a creditor $100,000 plus interest at 10% per annum on May 18, 2013. The loan was not repaid by May 18, 2013 and continues to accrue interest at the rate of 10% per annum. On July 24, 2013, the creditor combined this loan with another matured loan and extended the maturity date to January 20, 2014. All other terms remained the same. Refer to the promissory note dated July 24, 2013 for further details. | |
On December 5, 2012, the Company signed a promissory note whereby the Company agreed to repay a creditor $25,000 plus interest at 10% per annum on June 3, 2013. On June 3, 2013, the Company signed a new promissory note with the creditor which capitalized the unpaid principal and interest of $26,240 under the previous promissory note and extended the maturity date to December 1, 2013. As of September 30, 2013, the Company has accrued $855 (December 31, 2012 - $185) of interest relating to this loan. | |
On January 24, 2013, the Company signed a promissory note whereby the Company agreed to repay a creditor $50,000 plus interest at 10% per annum on July 23, 2013. On July 24, 2013, the creditor combined this loan with another matured loan and extended the maturity date to January 20, 2014. All other terms remained the same. Refer to the promissory note dated July 24, 2013 for further details. | |
On February 8, 2013, the Company signed a promissory note whereby the Company agreed to repay a creditor $100,000 plus interest at 10% per annum on August 7, 2013. On August 8, 2013, the Company signed a new promissory note with the creditor which capitalized the unpaid principal and interest of $104,959 under the previous promissory note and extended the maturity date to February 4, 2014. As of September 30, 2013, the Company has accrued $1,553 of interest relating to this loan. | |
On February 19, 2013, the Company signed a promissory note whereby the Company agreed to repay a creditor $33,000 plus interest at 10% per annum on May 20, 2013. The loan was not repaid by May 18, 2013 and continued to accrue interest at the rate of 10% per annum. On July 17, 2013, the Company paid the creditor $34,338 resulting in a full repayment of the loan. | |
On February 28, 2013, the Company signed a promissory note whereby the Company agreed to repay a creditor $50,000 plus interest at 10% per annum on August 27, 2013. On August 28, 2013, the Company signed a new promissory note with the creditor which capitalized the unpaid principal and interest of $52,479 under the previous promissory note and extended the maturity date to February 24, 2014. As of September 30, 2013, the Company has accrued $1,685 of interest relating to this loan. | |
On July 24, 2013, the Company signed a new promissory note with a creditor which capitalized the unpaid principal and interest on two separate loans totaling $164,295 under previous promissory notes and extended the maturity date to January 20, 2014. As of September 30, 2013, the Company has accrued $3,106 (December 31, 2012 - $1,178 on the previous promissory note) of interest relating to this loan. | |
CAPITAL_LEASE
CAPITAL LEASE | 9 Months Ended | |||
Sep. 30, 2013 | ||||
CAPITAL LEASE [Text Block] | ' NOTE 7 – CAPITAL LEASES | |||
On April 27, 2011, the Company signed a lease agreement with a creditor to lease various computer equipment. The lease requires 24 monthly payments of $3,620 including implicit interest of 14.99% and expired on May 1, 2013. As of September 30, 2013, the balance on the lease was $Nil (December 31, 2012 - $17,439). | ||||
On September 26, 2011, the Company signed a lease agreement with a creditor to lease additional computer equipment. The lease requires 24 monthly payments of $668 including implicit interest of 12.75% and expired on September 1, 2013. As of September 30, 2013, the balance on the lease was $Nil (December 31, 2012 - $5,702). | ||||
On June 13, 2012, the Company signed a lease agreement with a creditor to lease additional computer equipment. The lease requires a down payment of $2,777 to be paid upon signing and 24 monthly payments of $396. The lease includes implicit interest of 13.21% and expires on June 1, 2014. As of September 30, 2013, the balance on this lease was $3,739 (December 31, 2012 - $6,772). | ||||
On August 1, 2012, the Company signed a lease agreement with a creditor to lease additional computer equipment. The lease requires a down payment of $1,956 to be paid upon signing and 24 monthly payments of $282. The lease includes implicit interest of 15.60% and expires on September 1, 2014. As of September 30, 2013, the balance on this lease was $3,117 (December 31, 2012 - $5,158). | ||||
The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of September 30, 2013, are as follows: | ||||
2013 | $ | 2,037 | ||
2014 | 5,319 | |||
Net minimum lease payments | 7,356 | |||
Less: Amount representing interest | (500 | ) | ||
Present value of net minimum lease payments | 6,856 | |||
Less: Current maturities of capital lease obligations | (6,856 | ) | ||
Long-term capital lease obligations | $ | - | ||
CAPITAL_STOCK
CAPITAL STOCK | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
CAPITAL STOCK [Text Block] | ' | ||||||
NOTE 8 – CAPITAL STOCK | |||||||
Common Shares | |||||||
The Company is authorized to issue up to 100,000,000 shares of the Company’s common stock with a par value of $0.00001. | |||||||
On September 21, 2012, the Company’s shareholders approved through a majority vote to amend the Company’s Articles of Incorporation by increasing the authorized stock of the Company to 510,000,000 consisting of 500,000,000 common shares with a par value of $0.00001 per share and 10,000,000 preferred shares with a par value of $0.00001 per share. In addition, the directors approved the 2012 Incentive Stock Option Plan whereby the Company can grant stock options to employees of the Company to acquire up to a maximum of 5% of the Company’s authorized stock. Options granted under the plan are non transferable, will vest over a period of three years, can have a maximum term of five years from each vesting date, and are subject to the employee being employed by the Company on the grant and exercise dates. | |||||||
Effective January 29, 2008, the Company adopted a Retainer Stock Plan for Professionals and Consultants (the “2008 Professional/Consultant Stock Compensation Plan”) for the purpose of providing the Company with the means to compensate, in the form of common stock of the Company, eligible consultants that have previously rendered services or that will render services during the term of this 2008 Professional/Consultant Stock Compensation Plan. A total of 6,000,000 common shares may be awarded under this plan. The Company filed a Registration Statement on Form S-8 to register the underlying shares included in the 2008 Plan. To date, 5,998,542 common shares valued at $431,631 relating to services provided have been awarded, leaving a balance of 1,458 shares which may be awarded under this plan. | |||||||
During the nine months ended September 30, 2013, the Company: | |||||||
issued 1,140,590 common shares valued at $145,388 for employment incentives in accordance with employment agreements; | |||||||
issued 1,667,929 common shares valued at $245,648 for legal, consulting, and investor relations services rendered; and | |||||||
issued 700,000 common shares valued at $105,000 for investor relations to be rendered over a twelve month period which were included in deferred compensation (See Note 10). | |||||||
As of September 30, 2013, the Company had $130,362 (December 31, 2012 - $130,362) in private placement subscriptions which are reported as private placement subscriptions within stockholders’ deficit. | |||||||
As of September 30, 2013, the Company is obligated to issue 1,046,667 common shares valued at $52,800 for services rendered by consultants during the nine months then ended. | |||||||
Warrants | |||||||
The Company’s warrant transactions are summarized as follows: | |||||||
Weighted | |||||||
Average | |||||||
Number of | Exercise | ||||||
Warrants | Price | ||||||
$ | |||||||
Balance, December 31, 2012 | 6,009,863 | 0.25 | |||||
Issued | - | - | |||||
Expired | (4,000,000 | ) | 0.25 | ||||
Cancelled | (2,009,863 | ) | 0.25 | ||||
Balance, September 30, 2013 | - | - | |||||
All warrants issued could have been called by the Company in the event the average closing price of the common stock of the Company for any 60 day period is $0.40 or greater. | |||||||
The weighted average life of warrants outstanding at September 30, 2013 and December 31, 2012 was 0 years and 0.61 years, respectively. All warrants outstanding had an intrinsic value of $Nil. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
RELATED PARTY TRANSACTIONS [Text Block] | ' |
NOTE 9 - RELATED PARTY TRANSACTIONS | |
As of September 30, 2013, a total of $1,511,817 (December 31, 2012 - $664,113) was payable to directors and officers of the Company of which $1,490,746 (December 31, 2012 – $644,531) was non-interest bearing and had no specific terms of repayment and $21,071 (December 31, 2012 - $19,582) related to loans detailed in Note 5. Of the amount payable, $117,800 (December 31, 2012 - $58,401) was included in accounts payable for expense reimbursements, $1,386,856 (December 31, 2012 - $573,310) was included in wages payable for accrued fees, and $7,161 (December 31, 2012 - $32,402) was included in due to related parties. | |
During the nine months ended September 30, 2013, the Company expensed a total of $796,250 (September 30, 2012 - $662,500) in consulting fees, investor relations and salaries paid to directors and officers of the Company. Of the amounts incurred, $796,250 (September 30, 2012 - $300,417) has been accrued, $Nil (September 30, 2012 - $113,958) has been paid in cash and $Nil (September 30, 2012 - $248,125) has been paid through the issuance of shares. During the nine months ended September 30, 2012, the Company signed debt settlement agreements with two directors and one officer of the Company to settle total accrued wages of $305,625 and expense reimbursements of $40,457 by issuing 2,628,738 shares of the Company’s common stock. One director and the officer sold their debt settlement agreements to an unrelated third party. All shares were issued during the nine months ended September 30, 2012. | |
As of September 30, 2013, the Company held an accounts receivable from a company with a director in common with the Company for $789,565 ; 6,674,709 Venezuelan bolivar fuerte (“VEF”) (December 31, 2012 - $789,565 ; VEF 6,674,709) which the Company fully allowed for during the period due to collectability uncertainty caused by the uncertainty of obtaining foreign currency in Venezuela. In addition, the Company owes this company $170,390 (VEF 5,963,674) (December 31, 2012 - $221,969 ; VEF 3,329,532) which is non-interest bearing, has no specific terms of repayment, and is included in due to related parties. | |
DEFERRED_COMPENSATION
DEFERRED COMPENSATION | 9 Months Ended |
Sep. 30, 2013 | |
DEFERRED COMPENSATION [Text Block] | ' |
NOTE 10 – DEFERRED COMPENSATION | |
On February 15, 2013, the Company signed an investor relations agreement with a consultant to provide investor relations services for a term of one year. The consultant will be compensated with monthly payments of $5,000 if the Company is able to raise $1,000,000 by May 16, 2013. As the Company did not raise the $1,000,000 by May 16, 2013, the monthly payments of $5,000 did not commence. The consultant will also receive 700,000 shares, which are deliverable in four equal tranches of 175,000 each on or before February 20, 2013, May 16, 2013, August 14, 2013, and November 12, 2013. On February 19, 2013, the Company issued 700,000 shares in the name of the consultant valued at $105,000 of which 525,000 valued at $78,750 have been delivered to the consultant. The remaining 175,000 shares will be delivered to the consultant over the term of the contract as described above. The value of the services is being expensed over the life of the contract. | |
The Company recorded the aggregate fair value of the shares issued pursuant to the above agreement as deferred compensation and amortizes the costs of these services on a straight-line basis over the respective term of the contract. During the nine months ended September 30, 2013, the Company expensed $65,625 relating to the above contract. The shares issued were all valued at their market price on the date of issuance. |
OPERATING_LEASES
OPERATING LEASES | 9 Months Ended | |||
Sep. 30, 2013 | ||||
OPERATING LEASES [Text Block] | ' | |||
NOTE 11 – OPERATING LEASES | ||||
The Company leases its operating and office facilities for various terms under long-term operating lease agreements. The leases expire at various dates through 2016 with one lease providing a renewal option of one year and another providing a renewal option for three years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties. One lease provides for increases in future minimum annual rental payments and requires the Company to pay executory costs (real estate taxes, insurance, and repairs). | ||||
Lease expense totaled $109,738 and $107,337 during the nine months ended September 30, 2013 and 2012, respectively. | ||||
The following is a schedule by year of future minimum rental payments required under the operating lease agreements: | ||||
2013 | $ | 243,732 | ||
2014 | 431,400 | |||
2015 | 425,702 | |||
2016 | 238,762 | |||
$ | 1,339,596 | |||
Total minimum lease payments do not include contingent rentals that may be paid under certain leases because of use in excess of specified amounts. Contingent rental payments were not significant for the nine months ended September 30, 2013 or 2012. |
SUPPLEMENTAL_DISCLOSURE_WITH_R
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS [Text Block] | ' | ||||||
NOTE 12 – SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | |||||||
Nine months ended | |||||||
September 30, 2013, | |||||||
2013 | 2012 | ||||||
$ | $ | ||||||
Supplemental cash flow disclosures: | |||||||
Interest paid during the period in cash | 15,486 | 10,760 | |||||
Cash paid for income taxes | - | 2,399 | |||||
Supplemental non-cash financing and investing activities disclosures: | |||||||
Shares issued for debt repayment | - | 1,210,344 | |||||
Shares issued for previously received share subscriptions | - | 500,000 | |||||
Shares obligated to be issued | 52,800 | (113,333 | ) | ||||
Equipment purchased through capital lease | - | 18,957 | |||||
Software purchased through long-term debt | - | 213,900 | |||||
Value of beneficial conversion features | 75,333 | 62,663 | |||||
Shares issued for share issue costs | 21,000 | - | |||||
Shares issued for deferred compensation | 105,000 | - | |||||
Shares issued for wages and related benefits payable | 85,795 | - | |||||
FAIR_VALUE
FAIR VALUE | 9 Months Ended | ||
Sep. 30, 2013 | |||
FAIR VALUE [Text Block] | ' NOTE 13 – FAIR VALUE | ||
Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||
Level 1 – | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||
Level 2 – | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | ||
Level 3 – | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||
The fair value of the Company’s accounts receivable, accounts payable and accrued liabilities, wages payable, accrued taxes, deferred income, other loans payable, and due to related parties approximate their carrying values. The Company’s other financial instruments, being cash, are measured at fair value using Level 1 inputs. |
CONCENTRATIONS
CONCENTRATIONS | 9 Months Ended |
Sep. 30, 2013 | |
CONCENTRATIONS [Text Block] | ' |
NOTE 14 – CONCENTRATIONS | |
Concentrations in Sales to Few Customers | |
During the nine months ended September 30, 2013, the largest two customers accounted for 38% and 23% of sales. Two other customers accounted for 46% and 22% of accounts receivable. During the nine months ended September 30, 2012, the three largest customers accounted for 51%, 18%, and 17% of sales with the two largest balances of accounts receivable representing 73% and 13%. | |
Concentrations in Sales to Foreign Customers | |
During the nine months ended September 30, 2013 and 2012, 100% of the Company’s net sales were made to foreign customers. An adverse change in either economic conditions abroad or the Company’s relationship with significant foreign distributors could negatively affect the volume of the Company’s international sales and the Company’s results of operations. | |
Company is Dependent on Few Major Suppliers | |
The Company is dependent on Utiba Pte. Ltd. (“Utiba”), a non-controlling interest investor in ATS, for all of its hosting services needs. During the nine months ended September 30, 2013 and 2012, products purchased from this company were approximately 82% and 72% of cost of sales, respectively. The Company is dependent on the ability of Utiba to provide uninterrupted services. The loss of this supplier or a significant reduction in product availability from this supplier could have a material adverse effect on the Company. The Company believes that its relationship with this supplier is in good standing. |
LAWSUIT
LAWSUIT | 9 Months Ended |
Sep. 30, 2013 | |
LAWSUIT [Text Block] | ' |
NOTE 15 – LAWSUIT | |
On September 20, 2012, the Company received a Demand for Arbitration notice that it had been named as party in a claim whereby the Claimant is seeking a judgment for damages that may exceed $1,000,000, subsequently increased to $5,000,000 resulting from failure to perform its obligations under an Agreement signed between the Claimant and the Company’s joint-venture partner. The Company was not party to the Agreement but was named in the notice. The Company engaged legal representatives which have requested a motion for the lawsuit to be dismissed against the Company as it was not party to the agreement in dispute. On September 25, 2013, a settlement agreement was signed between the Claimant and the Company’s joint-venture partner; as such, the Company was cleared of any obligations under the lawsuit. |
RESTATEMENT_OF_CONSOLIDATED_FI
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS [Text Block] | ' | |||||||||
NOTE 16 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (restated) | ||||||||||
Management, after consultation with the Board of Directors and the Company’s independent registered public accounting firm, determined that the Company’s consolidated financial statements for year ended December 31, 2012 contained errors relating to the omission of material accruals at December 31, 2012 and should be restated and, accordingly, that the Original Filing should no longer be relied upon. However, management determined that these errors did not have material impact on the condensed consolidated financial statements as at March 31, 2013 and for the three month period ended March 31, 2013 and the condensed consolidated financial statements as at June 30, 2013 and for the three and six month periods ended June 30, 2013; therefore, an amendment was not considered necessary for these reporting periods. | ||||||||||
Financial statement effect of the restatement: | ||||||||||
The error resulted in a $126,621 increase to sales, $266,534 increase to cost of sales, and $68,734 decrease to non-controlling interest for the year ended December 31, 2012; and a $92,831 increase to accounts payable and accrued charges and $21,292 decrease to non-controlling interest as at December 31, 2012. | ||||||||||
The tables below shows the effects of the restatement on the consolidated balance sheet as of December 31, 2012 and the consolidated statement of operations and the consolidated statement of cash flows for the year ended December 31, 2012. | ||||||||||
As Previously | Restatement | |||||||||
Reported | As Restated | Adjustments | ||||||||
December 31, | 31-Dec | 31-Dec | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||
$ | $ | $ | ||||||||
Liabilities and Stockholders’ Equity (Deficiency) | ||||||||||
Current liabilities | ||||||||||
Accounts payable and accrued charges | 1,457,054 | 1,549,885 | 92,831 | |||||||
Total current liabilities | 4,583,016 | 4,675,847 | 92,831 | |||||||
Stockholders' equity (deficiency) | ||||||||||
Accumulated deficit | (14,558,159 | ) | (14,629,698 | ) | (71,539 | ) | ||||
(908,265 | ) | (979,804 | ) | (71,539 | ) | |||||
Non-controlling interest | (449,806 | ) | (471,098 | ) | (21,292 | ) | ||||
(1,358,071 | ) | (1,450,902 | ) | (92,831 | ) | |||||
Year ended | Year ended | Year ended | ||||||||
December 31, | December 31, | December 31, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||
$ | $ | $ | ||||||||
Revenue | ||||||||||
Sales | 1,229,674 | 1,355,935 | 126,261 | |||||||
1,229,674 | 1,355,935 | 126,261 | ||||||||
Cost of Sales | 656,542 | 923,076 | 266,534 | |||||||
Gross Profit | 573,132 | 432,859 | (140,273 | ) | ||||||
Net Loss Before Other Items | (3,261,272 | ) | (3,401,545 | ) | (140,273 | ) | ||||
Net Loss Before Income Taxes | (4,700,780 | ) | (4,841,053 | ) | (140,273 | ) | ||||
Net Loss Before Non-Controlling Interest | (4,703,334 | ) | (4,843,607 | ) | (140,273 | ) | ||||
Non-Controlling Interest | (1,439,927 | ) | (1,508,661 | ) | (68,734 | ) | ||||
Net Loss Attributable to Alternet Systems Inc. | (3,263,407 | ) | (3,334,946 | ) | (71,539 | ) | ||||
Total Comprehensive Loss | (3,263,407 | ) | (3,334,946 | ) | (71,539 | ) | ||||
Year ended | Year ended | Year ended | ||||||||
December 31, | December 31, | December 31, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||
$ | $ | $ | ||||||||
Operating Activities | ||||||||||
Net income attributable to Alternet Systems Inc. | (3,263,407 | ) | (3,334,946 | ) | (71,539 | ) | ||||
Non-controlling interest | (1,439,927 | ) | (1,508,661 | ) | (68,734 | ) | ||||
Changes in non-cash working capital: | ||||||||||
Accounts payable and accrued charges | 342,197 | 482,470 | 140,273 | |||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | ||
Sep. 30, 2013 | |||
SUBSEQUENT EVENTS [Text Block] | ' | ||
NOTE 17 – SUBSEQUENT EVENTS | |||
• | On October 4, 2013, the Company issued 46,667 common shares valued at $2,800 to an investor relations consultant for a previously recorded obligation to issue shares valued at $2,800. | ||
• | On October 30, 2013, the Company issued 1,000,000 common shares valued at $50,000 to a consultant for a previously recorded obligation to issue shares valued at $50,000. | ||
• | On November 1, 2013, the Company issued 56,000 common shares valued at $2,800 to an investor relations consultant for services rendered. | ||
• | On October 23, 2013, the Company signed an agreement with an investor relations firm to provide investor relations services for a term of one year. The firm will be compensated $10,000 per month for the first two months of the contract and will receive 2,000,000 common shares of the Company which will be released upon the completion of certain benchmarks. On November 6, 2013, the 2,000,000 common shares were issued to the Company and will be held in escrow. | ||
• | On October 15, 2013, the Company, Utiba, ATS and Utiba Guatemala entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) in order to effect the sale by ATS of all of its business and assets to Utiba, as described below. For such transaction to proceed, the Company will require shareholders’ approval. A proxy along with a Special Meeting of Shareholders of the Company Such will be held in the near future. Proxy material will be distributed beforehand. | ||
Overview of the ATS Transaction and Consideration Payable | |||
1 | The sale pursuant to the Asset Purchase Agreement (as defined below) by ATS of substantially all of its business and assets to Utiba (including the assumption by Utiba of certain liabilities related to such business and assets), in consideration for up to $2,100,000 in cash (the "Cash Purchase Price") subject to certain adjustments related to certain net receivables or liabilities, as the case may be, and reduction to the extent of certain tax liabilities of ATS. The amount of $300,000 of the Cash Purchase Price will be held back to cover certain claims that may be made under the indemnification provisions of the Asset Purchase Agreement; | ||
2 | The entry by the Company into a non-compete covenant in favor of Utiba and its affiliates in the mobile payment, top up and mobile financial services industry for a period of 36 months, in consideration for a payment in cash on closing of the transactions contemplated by the Asset Purchase Agreement (the “Closing”) of $2,200,000 ; | ||
3 | The release by the Company of Utiba from all its obligations under the ATS Shareholders Agreement in consideration for a payment in cash on Closing of $200,000 ; | ||
4 | As additional contingent consideration, the Utiba Sellers have agreed that an amount of up to $2,000,280 (the “Maximum Earn-Out Payment”) that is earned by them under the earn-out provisions contained in the Utiba SPA shall be paid directly to ATS as additional consideration; and | ||
5 | Upon Closing, Utiba shall transfer its 49% interest in ATS to the Company so that the Company will own 100% of ATS after Closing. | ||
The maximum aggregate consideration, including contingent earn-out consideration that ATS and the Company may realize in connection with the ATS Transaction is approximately $6,500,000. The consideration payable under the Asset Purchase Agreement is subject to adjustment and certain deductions. | |||
Events occurring after September 30, 2013 were evaluated through the date this Interim Report was issued, in compliance FASB ASC Topic 855 “Subsequent Events”, to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Interim Financial Statements [Policy Text Block] | ' |
Interim Financial Statements | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information and the instructions to Form 10-Q and Rule 10 - 01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim condensed consolidated financial statements should be read in conjunction with the restated audited consolidated financial statements and notes thereto contained in the company’s Annual Report on Form 10-K / A for the year ended December 31, 2012, collectively referred to as the “2012 Amended Annual Report”. The consolidated financial statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. | |
Principles of Consolidation [Policy Text Block] | ' |
Principles of Consolidation | |
These condensed consolidated financial statements include the accounts of the following companies: | |
Alternet Systems Inc. | |
AI Systems Group, Inc., a wholly owned subsidiary of Alternet | |
Tekvoice Communications, Inc., a wholly owned subsidiary of Alternet | |
Alternet Transaction Systems, Inc. (“ATS”), a 51% owned subsidiary of Alternet | |
Utiba Guatemala, S.A., a wholly-owned subsidiary of Alternet Transaction Systems Inc. | |
International Mobile Security, Inc. (“IMS”), a 60% owned subsidiary of Alternet | |
Megatecnica, S.A., a wholly owned subsidiary of International Mobile Security, Inc. | |
Alternet Financial Solutions, L.L.C., wholly-owned subsidiary of Alternet | |
Alternet Payment Solutions, L.L.C., wholly-owned subsidiary of Alternet | |
The minority interests of ATS, IMS, and ATS’s and IMS’s wholly owned subsidiaries have been deducted from earnings and equity. All significant intercompany transactions and account balances have been eliminated. | |
Long-Lived Assets Including Other Acquired Intellectual Property [Policy Text Block] | ' |
Long-Lived Assets Including Other Acquired Intellectual Property | |
Management monitors the recoverability of long-lived assets and intangibles based on estimates using factors such as current market value, future asset utilization, and future undiscounted cash flows expected to result from its investment or use of the related assets. The Company’s policy is to record any impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable. Any impairment loss is calculated as the excess of the carrying value over estimated realizable value. The Company did not recognize any impairment charges related to long-lived assets during the nine months ended September 30, 2013 and 2012. | |
Intangible assets deemed to have an indefinite life are not amortized but are subject to impairment tests at each reporting date. The Company assesses the impairment of intangible assets on a quarterly basis or whenever events or changes in circumstances indicate that the fair value is less than its carrying value. If the carrying amount of the intangible asset exceeds its fair value, the intangible asset is considered impaired and the second step of the test is performed to determine the amount of impairment loss, if any. The Company did not recognize any impairment charges related to indefinite lived intangible assets during the nine months ended September 30, 2013 and 2012. | |
Loss per Share [Policy Text Block] | ' |
Loss per Share | |
The Company computes net earnings (loss) per share in accordance with ASC Topic 260, Earnings Per Share . Topic 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including warrants using the treasury stock method. Diluted EPS excludes all dilutive potential common shares if their effect is anti-dilutive. As the Company has net losses, no common equivalent shares have been included in the computation of diluted net loss per share as the effect would be anti-dilutive. | |
At September 30, 2013, nil (December 31, 2012 – 6,009,863) warrants were excluded from the loss per share calculation as their effect would be anti-dilutive. | |
Reclassification [Policy Text Block] | ' |
Reclassification | |
Certain comparative figures have been reclassified in order to conform to the current period’s presentation. | |
Revisions to Prior Periods [Policy Text Block] | ' |
Revisions to Prior Periods | |
The condensed consolidated statements of operations for the three and nine months ended September 30, 2012, respectively, have been revised to reflect adjustments made during the December 31, 2012 audit, which allows for comparability with the presentation of the condensed consolidated statements of operations for the three and nine months ended September 30, 2013, respectively. | |
Recent Accounting Pronouncements [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income, which is included in ASC 220, Comprehensive Income. This update improves the reporting of reclassification out of accumulated other comprehensive income. The guidance is effective for the Company’s interim and annual reporting periods beginning January 1, 2013, and applied prospectively. This accounting pronouncement did not have a material effect on the Company’s consolidated financial statements. | |
In March 2013, the FASB issued ASU No. 2013-05, Liabilities (Topic 830): Parent’s Accounting for Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This ASU is effective for interim and annual periods beginning after December 15, 2013 and requires the release of any cumulative translation adjustment into net income upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in foreign entity. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. | |
In July 2013, FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU is effective for interim and annual periods beginning after December 15, 2013. This update standardizes the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows. |
FIXED_ASSETS_Tables
FIXED ASSETS (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | ' | ' | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Accumulated | Net Book | Accumulated | Net Book | |||||||||||||||||
Cost | Depreciation | Value | Cost | Depreciation | Value | |||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||
Computer equipment | 344,252 | 332,135 | 12,117 | Computer equipment | 344,252 | 328,614 | 15,638 | |||||||||||||
Computer equipment – capital leases | 40,880 | 18,131 | 22,749 | Computer equipment – capital leases | 156,746 | 58,452 | 98,294 | |||||||||||||
Computer software | 289,028 | 159,156 | 129,872 | Computer software | 289,028 | 121,453 | 167,575 | |||||||||||||
Equipment | 10,576 | 10,323 | 253 | Equipment | 10,576 | 10,279 | 297 | |||||||||||||
684,736 | 519,745 | 164,991 | 800,602 | 518,798 | 281,804 |
CAPITAL_LEASE_Tables
CAPITAL LEASE (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | |||
2013 | $ | 2,037 | ||
2014 | 5,319 | |||
Net minimum lease payments | 7,356 | |||
Less: Amount representing interest | (500 | ) | ||
Present value of net minimum lease payments | 6,856 | |||
Less: Current maturities of capital lease obligations | (6,856 | ) | ||
Long-term capital lease obligations | $ | - |
CAPITAL_STOCK_Tables
CAPITAL STOCK (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | ' | ||||||
Weighted | |||||||
Average | |||||||
Number of | Exercise | ||||||
Warrants | Price | ||||||
$ | |||||||
Balance, December 31, 2012 | 6,009,863 | 0.25 | |||||
Issued | - | - | |||||
Expired | (4,000,000 | ) | 0.25 | ||||
Cancelled | (2,009,863 | ) | 0.25 | ||||
Balance, September 30, 2013 | - | - |
OPERATING_LEASES_Tables
OPERATING LEASES (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
2013 | $ | 243,732 | ||
2014 | 431,400 | |||
2015 | 425,702 | |||
2016 | 238,762 | |||
$ | 1,339,596 |
SUPPLEMENTAL_DISCLOSURE_WITH_R1
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||
Nine months ended | |||||||
September 30, 2013, | |||||||
2013 | 2012 | ||||||
$ | $ | ||||||
Supplemental cash flow disclosures: | |||||||
Interest paid during the period in cash | 15,486 | 10,760 | |||||
Cash paid for income taxes | - | 2,399 | |||||
Supplemental non-cash financing and investing activities disclosures: | |||||||
Shares issued for debt repayment | - | 1,210,344 | |||||
Shares issued for previously received share subscriptions | - | 500,000 | |||||
Shares obligated to be issued | 52,800 | (113,333 | ) | ||||
Equipment purchased through capital lease | - | 18,957 | |||||
Software purchased through long-term debt | - | 213,900 | |||||
Value of beneficial conversion features | 75,333 | 62,663 | |||||
Shares issued for share issue costs | 21,000 | - | |||||
Shares issued for deferred compensation | 105,000 | - | |||||
Shares issued for wages and related benefits payable | 85,795 | - |
RESTATEMENT_OF_CONSOLIDATED_FI1
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
RESTATEMENT OF CONSOLIDATED BALANCE SHEET [Table Text Block] | ' | |||||||||
As Previously | Restatement | |||||||||
Reported | As Restated | Adjustments | ||||||||
December 31, | 31-Dec | 31-Dec | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||
$ | $ | $ | ||||||||
Liabilities and Stockholders’ Equity (Deficiency) | ||||||||||
Current liabilities | ||||||||||
Accounts payable and accrued charges | 1,457,054 | 1,549,885 | 92,831 | |||||||
Total current liabilities | 4,583,016 | 4,675,847 | 92,831 | |||||||
Stockholders' equity (deficiency) | ||||||||||
Accumulated deficit | (14,558,159 | ) | (14,629,698 | ) | (71,539 | ) | ||||
(908,265 | ) | (979,804 | ) | (71,539 | ) | |||||
Non-controlling interest | (449,806 | ) | (471,098 | ) | (21,292 | ) | ||||
(1,358,071 | ) | (1,450,902 | ) | (92,831 | ) | |||||
RESTATEMENT OF CONSOLIDATED STATEMENT OF OPERATIONS [Table Text Block] | ' | |||||||||
Year ended | Year ended | Year ended | ||||||||
December 31, | December 31, | December 31, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||
$ | $ | $ | ||||||||
Revenue | ||||||||||
Sales | 1,229,674 | 1,355,935 | 126,261 | |||||||
1,229,674 | 1,355,935 | 126,261 | ||||||||
Cost of Sales | 656,542 | 923,076 | 266,534 | |||||||
Gross Profit | 573,132 | 432,859 | (140,273 | ) | ||||||
Net Loss Before Other Items | (3,261,272 | ) | (3,401,545 | ) | (140,273 | ) | ||||
Net Loss Before Income Taxes | (4,700,780 | ) | (4,841,053 | ) | (140,273 | ) | ||||
Net Loss Before Non-Controlling Interest | (4,703,334 | ) | (4,843,607 | ) | (140,273 | ) | ||||
Non-Controlling Interest | (1,439,927 | ) | (1,508,661 | ) | (68,734 | ) | ||||
Net Loss Attributable to Alternet Systems Inc. | (3,263,407 | ) | (3,334,946 | ) | (71,539 | ) | ||||
Total Comprehensive Loss | (3,263,407 | ) | (3,334,946 | ) | (71,539 | ) | ||||
RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOWS [Table Text Block] | ' | |||||||||
Year ended | Year ended | Year ended | ||||||||
December 31, | December 31, | December 31, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||
$ | $ | $ | ||||||||
Operating Activities | ||||||||||
Net income attributable to Alternet Systems Inc. | (3,263,407 | ) | (3,334,946 | ) | (71,539 | ) | ||||
Non-controlling interest | (1,439,927 | ) | (1,508,661 | ) | (68,734 | ) | ||||
Changes in non-cash working capital: | ||||||||||
Accounts payable and accrued charges | 342,197 | 482,470 | 140,273 |
NATURE_OF_OPERATIONS_AND_BASIS1
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Nature Of Operations And Basis Of Presentation 1 | ($6,135,147) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies 1 | 51.00% |
Summary Of Significant Accounting Policies 2 | 60.00% |
Summary Of Significant Accounting Policies 3 | 0 |
Summary Of Significant Accounting Policies 4 | 6,009,863 |
FIXED_ASSETS_Narrative_Details
FIXED ASSETS (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fixed Assets 1 | $56,490 |
Fixed Assets 2 | $65,325 |
INTELLECTUAL_PROPERTY_Narrativ
INTELLECTUAL PROPERTY (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Intellectual Property 1 | $100,000 |
Intellectual Property 2 | 68,900 |
Intellectual Property 3 | $1,500,000 |
CONVERTIBLE_DEBENTURE_NOTES_AN1
CONVERTIBLE DEBENTURE NOTES AND OTHER LOANS PAYABLE (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Y | |
Convertible Debenture Notes And Other Loans Payable 1 | $44,438 |
Convertible Debenture Notes And Other Loans Payable 2 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 3 | 0.075 |
Convertible Debenture Notes And Other Loans Payable 4 | 0.045 |
Convertible Debenture Notes And Other Loans Payable 5 | 0.12 |
Convertible Debenture Notes And Other Loans Payable 6 | 26,663 |
Convertible Debenture Notes And Other Loans Payable 7 | 8,596 |
Convertible Debenture Notes And Other Loans Payable 8 | 53,374 |
Convertible Debenture Notes And Other Loans Payable 9 | 37,364 |
Convertible Debenture Notes And Other Loans Payable 10 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 11 | 60,000 |
Convertible Debenture Notes And Other Loans Payable 12 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 13 | 0.075 |
Convertible Debenture Notes And Other Loans Payable 14 | 0.045 |
Convertible Debenture Notes And Other Loans Payable 15 | 0.12 |
Convertible Debenture Notes And Other Loans Payable 16 | 36,000 |
Convertible Debenture Notes And Other Loans Payable 17 | 17,419 |
Convertible Debenture Notes And Other Loans Payable 18 | 71,605 |
Convertible Debenture Notes And Other Loans Payable 19 | 44,175 |
Convertible Debenture Notes And Other Loans Payable 20 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 21 | 80,000 |
Convertible Debenture Notes And Other Loans Payable 22 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 23 | 0.075 |
Convertible Debenture Notes And Other Loans Payable 24 | 0.085 |
Convertible Debenture Notes And Other Loans Payable 25 | 0.16 |
Convertible Debenture Notes And Other Loans Payable 26 | 80,000 |
Convertible Debenture Notes And Other Loans Payable 27 | 49,741 |
Convertible Debenture Notes And Other Loans Payable 28 | 86,970 |
Convertible Debenture Notes And Other Loans Payable 29 | 31,881 |
Convertible Debenture Notes And Other Loans Payable 30 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 31 | 80,000 |
Convertible Debenture Notes And Other Loans Payable 32 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 33 | 0.075 |
Convertible Debenture Notes And Other Loans Payable 34 | 0.055 |
Convertible Debenture Notes And Other Loans Payable 35 | 0.13 |
Convertible Debenture Notes And Other Loans Payable 36 | 58,667 |
Convertible Debenture Notes And Other Loans Payable 37 | 53,886 |
Convertible Debenture Notes And Other Loans Payable 38 | 85,458 |
Convertible Debenture Notes And Other Loans Payable 39 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 40 | 50,000 |
Convertible Debenture Notes And Other Loans Payable 41 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 42 | 0.075 |
Convertible Debenture Notes And Other Loans Payable 43 | 0.025 |
Convertible Debenture Notes And Other Loans Payable 44 | 0.1 |
Convertible Debenture Notes And Other Loans Payable 45 | 16,667 |
Convertible Debenture Notes And Other Loans Payable 46 | 13,947 |
Convertible Debenture Notes And Other Loans Payable 47 | 52,192 |
Convertible Debenture Notes And Other Loans Payable 48 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 49 | 20,000 |
Convertible Debenture Notes And Other Loans Payable 50 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 51 | 2,729 |
Convertible Debenture Notes And Other Loans Payable 52 | 5,000 |
Convertible Debenture Notes And Other Loans Payable 53 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 54 | 6,025 |
Convertible Debenture Notes And Other Loans Payable 55 | 8,988 |
Convertible Debenture Notes And Other Loans Payable 56 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 57 | 10,828 |
Convertible Debenture Notes And Other Loans Payable 58 | 20,553 |
Convertible Debenture Notes And Other Loans Payable 59 | 971 |
Convertible Debenture Notes And Other Loans Payable 60 | 874 |
Convertible Debenture Notes And Other Loans Payable 61 | 100,000 |
Convertible Debenture Notes And Other Loans Payable 62 | 12.00% |
Convertible Debenture Notes And Other Loans Payable 63 | 102,466 |
Convertible Debenture Notes And Other Loans Payable 64 | 683,105 |
Convertible Debenture Notes And Other Loans Payable 65 | 409,863 |
Convertible Debenture Notes And Other Loans Payable 66 | $0.25 |
Convertible Debenture Notes And Other Loans Payable 67 | 409,863 |
Convertible Debenture Notes And Other Loans Payable 68 | 113,889 |
Convertible Debenture Notes And Other Loans Payable 69 | 400,000 |
Convertible Debenture Notes And Other Loans Payable 70 | 152,778 |
Convertible Debenture Notes And Other Loans Payable 71 | 16,438 |
Convertible Debenture Notes And Other Loans Payable 72 | 85,198 |
Convertible Debenture Notes And Other Loans Payable 73 | 0.07% |
Convertible Debenture Notes And Other Loans Payable 74 | 1.5 |
Convertible Debenture Notes And Other Loans Payable 75 | 178.93% |
Convertible Debenture Notes And Other Loans Payable 76 | 200,000 |
Convertible Debenture Notes And Other Loans Payable 77 | 24.00% |
Convertible Debenture Notes And Other Loans Payable 78 | 211,836 |
Convertible Debenture Notes And Other Loans Payable 79 | 233,147 |
Convertible Debenture Notes And Other Loans Payable 80 | 18,856 |
Convertible Debenture Notes And Other Loans Payable 81 | 252,003 |
Convertible Debenture Notes And Other Loans Payable 82 | 0.10% |
Convertible Debenture Notes And Other Loans Payable 83 | 54,000 |
Convertible Debenture Notes And Other Loans Payable 84 | 287,767 |
Convertible Debenture Notes And Other Loans Payable 85 | 14,104 |
Convertible Debenture Notes And Other Loans Payable 86 | 247,251 |
Convertible Debenture Notes And Other Loans Payable 87 | 50,000 |
Convertible Debenture Notes And Other Loans Payable 88 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 89 | 52,479 |
Convertible Debenture Notes And Other Loans Payable 90 | 2,516 |
Convertible Debenture Notes And Other Loans Payable 91 | 1,137 |
Convertible Debenture Notes And Other Loans Payable 92 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 93 | 100,000 |
Convertible Debenture Notes And Other Loans Payable 94 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 95 | 104,959 |
Convertible Debenture Notes And Other Loans Payable 96 | 18,709 |
Convertible Debenture Notes And Other Loans Payable 97 | 1,178 |
Convertible Debenture Notes And Other Loans Payable 98 | 100,000 |
Convertible Debenture Notes And Other Loans Payable 99 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 100 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 101 | 25,000 |
Convertible Debenture Notes And Other Loans Payable 102 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 103 | 26,240 |
Convertible Debenture Notes And Other Loans Payable 104 | 855 |
Convertible Debenture Notes And Other Loans Payable 105 | 185 |
Convertible Debenture Notes And Other Loans Payable 106 | 50,000 |
Convertible Debenture Notes And Other Loans Payable 107 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 108 | 100,000 |
Convertible Debenture Notes And Other Loans Payable 109 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 110 | 104,959 |
Convertible Debenture Notes And Other Loans Payable 111 | 1,553 |
Convertible Debenture Notes And Other Loans Payable 112 | 33,000 |
Convertible Debenture Notes And Other Loans Payable 113 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 114 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 115 | 34,338 |
Convertible Debenture Notes And Other Loans Payable 116 | 50,000 |
Convertible Debenture Notes And Other Loans Payable 117 | 10.00% |
Convertible Debenture Notes And Other Loans Payable 118 | 52,479 |
Convertible Debenture Notes And Other Loans Payable 119 | 1,685 |
Convertible Debenture Notes And Other Loans Payable 120 | 164,295 |
Convertible Debenture Notes And Other Loans Payable 121 | 3,106 |
Convertible Debenture Notes And Other Loans Payable 122 | $1,178 |
CAPITAL_LEASE_Narrative_Detail
CAPITAL LEASE (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
M | |
Capital Lease 1 | 24 |
Capital Lease 2 | $3,620 |
Capital Lease 3 | 14.99% |
Capital Lease 4 | 0 |
Capital Lease 5 | 17,439 |
Capital Lease 6 | 24 |
Capital Lease 7 | 668 |
Capital Lease 8 | 12.75% |
Capital Lease 9 | 0 |
Capital Lease 10 | 5,702 |
Capital Lease 11 | 2,777 |
Capital Lease 12 | 24 |
Capital Lease 13 | 396 |
Capital Lease 14 | 13.21% |
Capital Lease 15 | 3,739 |
Capital Lease 16 | 6,772 |
Capital Lease 17 | 1,956 |
Capital Lease 18 | 24 |
Capital Lease 19 | 282 |
Capital Lease 20 | 15.60% |
Capital Lease 21 | 3,117 |
Capital Lease 22 | $5,158 |
CAPITAL_STOCK_Narrative_Detail
CAPITAL STOCK (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
D | |
Y | |
Capital Stock 1 | 100,000,000 |
Capital Stock 2 | $0.00 |
Capital Stock 3 | 510,000,000 |
Capital Stock 4 | 500,000,000 |
Capital Stock 5 | $0.00 |
Capital Stock 6 | 10,000,000 |
Capital Stock 7 | $0.00 |
Capital Stock 8 | 5.00% |
Capital Stock 9 | 6,000,000 |
Capital Stock 10 | 5,998,542 |
Capital Stock 11 | 431,631 |
Capital Stock 12 | 1,458 |
Capital Stock 13 | 1,140,590 |
Capital Stock 14 | 145,388 |
Capital Stock 15 | 1,667,929 |
Capital Stock 16 | 245,648 |
Capital Stock 17 | 700,000 |
Capital Stock 18 | 105,000 |
Capital Stock 19 | 130,362 |
Capital Stock 20 | 130,362 |
Capital Stock 21 | 1,046,667 |
Capital Stock 22 | 52,800 |
Capital Stock 23 | 60 |
Capital Stock 24 | 0.4 |
Capital Stock 25 | 0 |
Capital Stock 26 | 0.61 |
Capital Stock 27 | $0 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions 1 | $1,511,817 |
Related Party Transactions 2 | 664,113 |
Related Party Transactions 3 | 1,490,746 |
Related Party Transactions 4 | 644,531 |
Related Party Transactions 5 | 21,071 |
Related Party Transactions 6 | 19,582 |
Related Party Transactions 7 | 117,800 |
Related Party Transactions 8 | 58,401 |
Related Party Transactions 9 | 1,386,856 |
Related Party Transactions 10 | 573,310 |
Related Party Transactions 11 | 7,161 |
Related Party Transactions 12 | 32,402 |
Related Party Transactions 13 | 796,250 |
Related Party Transactions 14 | 662,500 |
Related Party Transactions 15 | 796,250 |
Related Party Transactions 16 | 300,417 |
Related Party Transactions 17 | 0 |
Related Party Transactions 18 | 113,958 |
Related Party Transactions 19 | 0 |
Related Party Transactions 20 | 248,125 |
Related Party Transactions 21 | 305,625 |
Related Party Transactions 22 | 40,457 |
Related Party Transactions 23 | 2,628,738 |
Related Party Transactions 24 | 789,565 |
Related Party Transactions 25 | 6,674,709 |
Related Party Transactions 26 | 789,565 |
Related Party Transactions 27 | 6,674,709 |
Related Party Transactions 28 | 170,390 |
Related Party Transactions 29 | 5,963,674 |
Related Party Transactions 30 | $221,969 |
Related Party Transactions 31 | 3,329,532 |
DEFERRED_COMPENSATION_Narrativ
DEFERRED COMPENSATION (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Deferred Compensation 1 | $5,000 |
Deferred Compensation 2 | 1,000,000 |
Deferred Compensation 3 | 1,000,000 |
Deferred Compensation 4 | 5,000 |
Deferred Compensation 5 | 700,000 |
Deferred Compensation 6 | 175,000 |
Deferred Compensation 7 | 700,000 |
Deferred Compensation 8 | 105,000 |
Deferred Compensation 9 | 525,000 |
Deferred Compensation 10 | 78,750 |
Deferred Compensation 11 | 175,000 |
Deferred Compensation 12 | $65,625 |
OPERATING_LEASES_Narrative_Det
OPERATING LEASES (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Operating Leases 1 | $109,738 |
Operating Leases 2 | $107,337 |
CONCENTRATIONS_Narrative_Detai
CONCENTRATIONS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Concentrations 1 | 38.00% |
Concentrations 2 | 23.00% |
Concentrations 3 | 46.00% |
Concentrations 4 | 22.00% |
Concentrations 5 | 51.00% |
Concentrations 6 | 18.00% |
Concentrations 7 | 17.00% |
Concentrations 8 | 73.00% |
Concentrations 9 | 13.00% |
Concentrations 10 | 100.00% |
Concentrations 11 | 82.00% |
Concentrations 12 | 72.00% |
LAWSUIT_Narrative_Details
LAWSUIT (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Lawsuit 1 | $1,000,000 |
Lawsuit 2 | $5,000,000 |
RESTATEMENT_OF_CONSOLIDATED_FI2
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restatement Of Consolidated Financial Statements 1 | $126,621 |
Restatement Of Consolidated Financial Statements 2 | 266,534 |
Restatement Of Consolidated Financial Statements 3 | 68,734 |
Restatement Of Consolidated Financial Statements 4 | 92,831 |
Restatement Of Consolidated Financial Statements 5 | $21,292 |
SUBSEQUENT_EVENTS_Narrative_De
SUBSEQUENT EVENTS (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
M | |
Subsequent Events 1 | 46,667 |
Subsequent Events 2 | $2,800 |
Subsequent Events 3 | 2,800 |
Subsequent Events 4 | 1,000,000 |
Subsequent Events 5 | 50,000 |
Subsequent Events 6 | 50,000 |
Subsequent Events 7 | 56,000 |
Subsequent Events 8 | 2,800 |
Subsequent Events 9 | 10,000 |
Subsequent Events 10 | 2,000,000 |
Subsequent Events 11 | 2,000,000 |
Subsequent Events 12 | 2,100,000 |
Subsequent Events 13 | 300,000 |
Subsequent Events 14 | 36 |
Subsequent Events 15 | 2,200,000 |
Subsequent Events 16 | 200,000 |
Subsequent Events 17 | 2,000,280 |
Subsequent Events 18 | 49.00% |
Subsequent Events 19 | 100.00% |
Subsequent Events 20 | $6,500,000 |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Fixed Assets Schedule Of Property, Plant And Equipment 1 | $344,252 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 2 | 332,135 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 3 | 12,117 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 4 | 40,880 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 5 | 18,131 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 6 | 22,749 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 7 | 289,028 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 8 | 159,156 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 9 | 129,872 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 10 | 10,576 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 11 | 10,323 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 12 | 253 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 13 | 684,736 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 14 | 519,745 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 15 | 164,991 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 1 | ' | 344,252 |
Fixed Assets Schedule Of Property, Plant And Equipment 2 | ' | 328,614 |
Fixed Assets Schedule Of Property, Plant And Equipment 3 | ' | 15,638 |
Fixed Assets Schedule Of Property, Plant And Equipment 4 | ' | 156,746 |
Fixed Assets Schedule Of Property, Plant And Equipment 5 | ' | 58,452 |
Fixed Assets Schedule Of Property, Plant And Equipment 6 | ' | 98,294 |
Fixed Assets Schedule Of Property, Plant And Equipment 7 | ' | 289,028 |
Fixed Assets Schedule Of Property, Plant And Equipment 8 | ' | 121,453 |
Fixed Assets Schedule Of Property, Plant And Equipment 9 | ' | 167,575 |
Fixed Assets Schedule Of Property, Plant And Equipment 10 | ' | 10,576 |
Fixed Assets Schedule Of Property, Plant And Equipment 11 | ' | 10,279 |
Fixed Assets Schedule Of Property, Plant And Equipment 12 | ' | 297 |
Fixed Assets Schedule Of Property, Plant And Equipment 13 | ' | 800,602 |
Fixed Assets Schedule Of Property, Plant And Equipment 14 | ' | 518,798 |
Fixed Assets Schedule Of Property, Plant And Equipment 15 | ' | $281,804 |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments for Capital Leases (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 1 | $2,037 |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 2 | 5,319 |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 3 | 7,356 |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 4 | -500 |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 5 | 6,856 |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 6 | -6,856 |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 7 | $0 |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | $6,009,863 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | 0.25 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | -4,000,000 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | 0.25 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7 | -2,009,863 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8 | 0.25 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 9 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 10 | $0 |
Schedule_of_Future_Minimum_Ren
Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Operating Leases Schedule Of Future Minimum Rental Payments For Operating Leases 1 | $243,732 |
Operating Leases Schedule Of Future Minimum Rental Payments For Operating Leases 2 | 431,400 |
Operating Leases Schedule Of Future Minimum Rental Payments For Operating Leases 3 | 425,702 |
Operating Leases Schedule Of Future Minimum Rental Payments For Operating Leases 4 | 238,762 |
Operating Leases Schedule Of Future Minimum Rental Payments For Operating Leases 5 | $1,339,596 |
Schedule_of_Cash_Flow_Suppleme
Schedule of Cash Flow, Supplemental Disclosures (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 1 | $15,486 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 2 | 10,760 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 3 | 0 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 4 | 2,399 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 5 | 0 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 6 | 1,210,344 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 7 | 0 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 8 | 500,000 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 9 | 52,800 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 10 | -113,333 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 11 | 0 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 12 | 18,957 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 13 | 0 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 14 | 213,900 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 15 | 75,333 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 16 | 62,663 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 17 | 21,000 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 18 | 0 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 19 | 105,000 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 20 | 0 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 21 | 85,795 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 22 | $0 |
RESTATEMENT_OF_CONSOLIDATED_BA
RESTATEMENT OF CONSOLIDATED BALANCE SHEET (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 1 | $1,457,054 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 2 | 1,549,885 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 3 | 92,831 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 4 | 4,583,016 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 5 | 4,675,847 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 6 | 92,831 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 7 | -14,558,159 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 8 | -14,629,698 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 9 | -71,539 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 10 | -908,265 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 11 | -979,804 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 12 | -71,539 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 13 | -449,806 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 14 | -471,098 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 15 | -21,292 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 16 | -1,358,071 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 17 | -1,450,902 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Balance Sheet 18 | ($92,831) |
RESTATEMENT_OF_CONSOLIDATED_ST
RESTATEMENT OF CONSOLIDATED STATEMENT OF OPERATIONS (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 1 | $1,229,674 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 2 | 1,355,935 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 3 | 126,261 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 4 | 1,229,674 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 5 | 1,355,935 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 6 | 126,261 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 7 | 656,542 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 8 | 923,076 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 9 | 266,534 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 10 | 573,132 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 11 | 432,859 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 12 | -140,273 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 13 | -3,261,272 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 14 | -3,401,545 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 15 | -140,273 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 16 | -4,700,780 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 17 | -4,841,053 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 18 | -140,273 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 19 | -4,703,334 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 20 | -4,843,607 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 21 | -140,273 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 22 | -1,439,927 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 23 | -1,508,661 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 24 | -68,734 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 25 | -3,263,407 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 26 | -3,334,946 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 27 | -71,539 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 28 | -3,263,407 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 29 | -3,334,946 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Operations 30 | ($71,539) |
RESTATEMENT_OF_CONSOLIDATED_ST1
RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOWS (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 1 | ($3,263,407) |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 2 | -3,334,946 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 3 | -71,539 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 4 | -1,439,927 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 5 | -1,508,661 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 6 | -68,734 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 7 | 342,197 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 8 | 482,470 |
Restatement Of Consolidated Financial Statements Restatement Of Consolidated Statement Of Cash Flows 9 | $140,273 |