Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2012 | Nov. 13, 2012 | |
Document Type | '10-Q | ' |
Amendment Flag | 'true | ' |
Amendment Description | 'On November 12, 2013, management of Alternet Systems, Inc. (the “Company”), after consultation with the Board of Directors, determined that the Company’s consolidated financial statements for the quarter ended September 30, 2012 contained errors relating to the omission of material accruals at September 30, 2012 and should no longer be relied upon and be restated accordingly. This Amendment reflects the restatement of the Company’s consolidated financial statements and amendment of related disclosures as at September 30, 2012. | ' |
Document Period End Date | 30-Sep-12 | ' |
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 | ' | 86,606,607 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2012 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_INTERIM_BALANCE_S
CONSOLIDATED INTERIM BALANCE SHEETS (USD $) | Sep. 30, 2012 | Dec. 31, 2011 |
Current Assets | ' | ' |
Cash | $13,034 | $77,312 |
Accounts receivable | 1,789,478 | 2,215,586 |
Share subscriptions receivable | 4,000 | 4,000 |
Prepaids and deposits | 389,674 | 335,010 |
Deferred financing costs | 88,409 | 0 |
Total Current Assets | 2,284,595 | 2,631,908 |
Fixed assets | 309,939 | 142,408 |
Intellectual property | 1,600,000 | 1,600,000 |
TOTAL ASSETS | 4,194,534 | 4,374,316 |
Current Liabilities | ' | ' |
Accounts payable and accrued charges | 1,222,303 | 1,802,876 |
Wages payable | 695,669 | 321,285 |
Accrued taxes | 677,387 | 505,833 |
Customer deposits | 563,855 | 655,828 |
Deferred income | 280,186 | 359,400 |
Other loans payable | 341,516 | 2,448 |
Due to related parties | 367,356 | 50,040 |
Current portion of long-term debt | 129,029 | 0 |
Current portion of capital leases | 41,602 | 44,499 |
Derivative liability | 73,659 | 0 |
Total Current Liabilities | 4,392,562 | 3,742,209 |
Long term debt | 99,937 | 0 |
Capital leases | 6,856 | 23,142 |
TOTAL LIABILITIES | 4,499,355 | 3,765,351 |
STOCKHOLDERS' EQUITY (DEFICIENCY) | ' | ' |
Capital stock Authorized: 100,000,000 common shares with a par value of $0.00001 Issued and outstanding: 86,606,607 common shares (2011 - 74,171,876) | 863 | 738 |
Additional paid-in capital | 13,446,635 | 11,171,559 |
Private placement subscriptions | 480,362 | 630,362 |
Obligation to issue shares | 0 | 113,333 |
Deficit | -14,189,699 | -11,626,148 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -261,839 | 289,844 |
Non-controlling interest | -42,982 | 319,121 |
TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY) | -304,821 | 608,965 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $4,194,534 | $4,374,316 |
CONSOLIDATED_INTERIM_BALANCE_S1
CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2012 | Dec. 31, 2011 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 86,606,607 | 74,171,876 |
Common Stock, Shares, Outstanding | 86,606,607 | 74,171,876 |
CONSOLIDATED_INTERIM_STATEMENT
CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | |
REVENUE | ' | ' | ' | ' |
Sales | $176,591 | $60,606 | $579,152 | $137,450 |
Sales discounts | 0 | 0 | 0 | -8,656 |
TOTAL REVENUE | 176,591 | 60,606 | 579,152 | 128,794 |
COST OF SALES | ' | ' | ' | ' |
Direct cost of sales | 162,268 | 48,138 | 542,834 | 98,786 |
GROSS PROFIT | 14,323 | 12,468 | 36,318 | 30,008 |
OPERATING EXPENSES | ' | ' | ' | ' |
Bad debt | 0 | 0 | 853 | 3,023 |
Bank charges and interest | 52,905 | 10,087 | 168,510 | 44,718 |
Depreciation | 27,940 | 13,395 | 65,325 | 22,436 |
Financing costs | 6,829 | 0 | 6,829 | 0 |
Interest on long-term debt and capital leases | 1,930 | 1,726 | 9,222 | 3,697 |
Investor relations | 120 | 120 | 26,610 | 40,530 |
Licenses, dues, and insurance | 628 | 450 | 3,381 | 3,182 |
Management and consulting | 570,602 | 169,110 | 1,260,963 | 502,840 |
Marketing | 1,033 | 4,068 | 18,697 | 9,368 |
Office and general | 8,551 | 27,872 | 30,818 | 49,848 |
Professional fees | 43,508 | 129,144 | 207,408 | 238,201 |
Rent | 30,930 | 22,577 | 95,285 | 58,883 |
Salaries | 334,629 | 231,259 | 802,814 | 801,189 |
Telephone and utilities | 14,165 | 9,275 | 44,309 | 19,576 |
Travel | 40,645 | 65,866 | 131,538 | 149,145 |
TOTAL OPERATING EXPENSES | 1,134,415 | 684,949 | 2,872,562 | 1,946,636 |
NET LOSS BEFORE OTHER ITEMS | -1,120,092 | -672,481 | -2,836,244 | -1,916,628 |
OTHER ITEMS | ' | ' | ' | ' |
Customer fees | 0 | 21 | 0 | 187 |
Gain (loss) on foreign exchange | 5,763 | -37 | -247,384 | -354 |
Interest income | 504 | 0 | 1,382 | 2,231 |
Gain (loss) on debt settlement | 22,778 | -147,865 | -581,030 | -291,818 |
Increase (decrease) in derivative liability | 21,579 | 0 | 21,579 | -165,734 |
TOTAL OTHER ITEMS | 50,624 | -147,881 | -805,453 | -455,488 |
NET LOSS BEFORE INCOME TAXES | -1,069,468 | -820,362 | -3,646,495 | -2,372,116 |
INCOME TAXES | 0 | 0 | 2,399 | 0 |
NET LOSS BEFORE NON-CONTROLLING INTEREST | -1,069,468 | -820,362 | -3,644,096 | -2,372,116 |
Non-controlling interest | -345,484 | -235,264 | -1,080,545 | -529,321 |
NET LOSS ATTRIBUTABLE TO ALTERNET SYSTEMS INC. FOR THE PERIOD | ($723,984) | ($585,098) | ($2,563,551) | ($1,842,795) |
BASIC NET LOSS PER SHARE | ($0.01) | ($0.01) | ($0.03) | ($0.03) |
WEIGHTED COMMON SHARES OUTSTANDING | 84,334,030 | 66,608,356 | 81,296,505 | 57,417,023 |
CONSOLIDATED_INTERIM_STATEMENT1
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2011 | |
OPERATING ACTIVITIES | ' | ' |
Net loss from operations attributable to Alternet Systems Inc. | ($2,563,551) | ($1,842,795) |
Non-controlling interest | -1,080,545 | -529,321 |
Add: Items Not Affecting Cash | ' | ' |
Depreciation | 65,325 | 22,436 |
Shares for services | 63,000 | 336,375 |
Shares for debt | 0 | 1,261,092 |
Deferred compensation | 0 | 74,832 |
Loss on debt settlement | 581,030 | 291,818 |
Changes In Non-Cash Working Capital: | ' | ' |
Accounts receivable | 426,108 | 533,495 |
Prepaids and deposits | -54,664 | -14,329 |
Accounts payable and accrued charges | 219,415 | -615,234 |
Wages payable | 704,410 | -128,690 |
Accrued taxes | 171,554 | 149,762 |
Customer deposits | -91,973 | -31,800 |
Deferred income | -79,214 | 104,895 |
Due to related parties | 317,316 | -84,042 |
Net Cash Provided by (Used in) Operating Activities | -1,321,789 | -471,506 |
INVESTING ACTIVITIES | ' | ' |
Acquisition of fixed assets | -232,856 | -139,502 |
Acquisition of intellectual property | 0 | -100,000 |
Net Cash Provided by (Used in) Investing Activities | -232,856 | -239,502 |
FINANCING ACTIVITIES | ' | ' |
Change in loans payable | 469,132 | -336,410 |
Change in capital leases | -19,183 | 77,590 |
Change in long-term debt | 228,966 | 0 |
Derivative liability | 73,659 | 0 |
Deferred financing costs | -88,409 | 0 |
Net proceeds on sale of common stock and subscriptions | 750,000 | 1,183,500 |
Share issue costs | -8,996 | -15,000 |
Warrants issued | 85,198 | 0 |
Net Cash Provided by (Used in) Financing Activities | 1,490,367 | 909,680 |
NET CHANGE IN CASH DURING THE PERIOD | -64,278 | 198,672 |
CASH, BEGINNING OF PERIOD | 77,312 | 13,718 |
CASH, END OF PERIOD | $13,034 | $212,390 |
CONSOLIDATED_INTERIM_STATEMENT2
CONSOLIDATED INTERIM STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Private Placement Subscriptions [Member] | Deferred Compensation [Member] | Obligation to Issue shares [Member] | Accumulated Deficit [Member] | Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | Total |
Beginning Balance at Dec. 31, 2010 | $483 | $7,860,223 | $145,362 | ($79,832) | $108,000 | ($9,016,091) | ($165,662) | ($114,164) | ($1,261,681) |
Beginning Balance (Shares) at Dec. 31, 2010 | 48,219,648 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.155 per share - February 25, 2011 | 12 | 189,144 | ' | ' | ' | ' | ' | ' | 189,156 |
Issuance of common stock for debt at $0.155 per share - February 25, 2011 (Shares) | 1,220,363 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.13 per share - April 12, 2011 | 22 | 287,834 | ' | ' | ' | ' | ' | ' | 287,856 |
Issuance of common stock for debt at $0.13 per share - April 12, 2011 (Shares) | 2,214,276 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.13 per share - April 19, 2011 | 15 | 194,726 | ' | ' | ' | ' | ' | ' | 194,741 |
Issuance of common stock for debt at $0.13 per share - April 19, 2011 (Shares) | 1,498,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.13 per share - April 19, 2011 | 13 | 167,557 | ' | ' | ' | ' | ' | ' | 167,570 |
Issuance of common stock for services at $0.13 per share - April 19, 2011 (Shares) | 1,289,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.13 per share - April 21, 2011 | 4 | 57,726 | ' | ' | ' | ' | ' | ' | 57,730 |
Issuance of common stock for debt at $0.13 per share - April 21, 2011 (Shares) | 444,079 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.13 per share - April 21, 2011 | 6 | 77,994 | ' | ' | -78,000 | ' | ' | ' | ' |
Issuance of common stock for services at $0.13 per share - April 21, 2011 (Shares) | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.12 per share - May 3, 2011 | 15 | 179,985 | ' | ' | -120,000 | ' | ' | ' | 60,000 |
Issuance of common stock for services at $0.12 per share - May 3, 2011 (Shares) | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.10 per share - May 13, 2011 | 10 | 101,651 | ' | ' | ' | ' | ' | ' | 101,661 |
Issuance of common stock for debt at $0.10 per share - May 13, 2011 (Shares) | 1,016,613 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.12 per share - June 7, 2011 | 4 | 47,996 | ' | ' | ' | ' | ' | ' | 48,000 |
Issuance of common stock for services at $0.12 per share - June 7, 2011 (Shares) | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.11 per share - June 8, 2011 | 3 | 27,497 | ' | ' | ' | ' | ' | ' | 27,500 |
Issuance of common stock for services at $0.11 per share - June 8, 2011 (Shares) | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $0.10 per share - June 15, 2011 | 33 | 499,967 | ' | ' | ' | ' | ' | ' | 500,000 |
Issuance of common stock for cash at $0.10 per share - June 15, 2011 (Shares) | 3,333,333 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.11 per share - June 21, 2011 | 2 | 27,498 | ' | ' | ' | ' | ' | ' | 27,500 |
Issuance of common stock for services at $0.11 per share - June 21, 2011 (Shares) | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.10 per share - July 7, 2011 | 2 | 24,998 | ' | ' | -25,000 | ' | ' | ' | ' |
Issuance of common stock for services at $0.10 per share - July 7, 2011 (Shares) | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $0.10 per share - July 14, 2011 | 19 | 193,481 | -193,500 | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $0.10 per share - July 14, 2011 (Shares) | 1,935,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.10 per share - July 14, 2011 | 2 | 25,291 | ' | ' | ' | ' | ' | ' | 25,293 |
Issuance of common stock for debt at $0.10 per share - July 14, 2011 (Shares) | 252,934 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.12 per share - July 20, 2011 | 23 | 271,802 | ' | ' | ' | ' | ' | ' | 271,825 |
Issuance of common stock for debt at $0.12 per share - July 20, 2011 (Shares) | 2,265,207 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.13 per share - July 25, 2011 | 1 | 17,329 | ' | ' | ' | ' | ' | ' | 17,330 |
Issuance of common stock for debt at $0.13 per share - July 25, 2011 (Shares) | 133,304 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $0.15 per share - August 2, 2011 | 6 | 89,994 | ' | ' | ' | ' | ' | ' | 90,000 |
Issuance of common stock for cash at $0.15 per share - August 2, 2011 (Shares) | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.12 per share - August 2, 2011 | 7 | 87,993 | ' | ' | ' | ' | ' | ' | 88,000 |
Issuance of common stock for debt at $0.12 per share - August 2, 2011 (Shares) | 733,333 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.11 per share - August 11, 2011 | 1 | 12,374 | ' | ' | ' | ' | ' | ' | 12,375 |
Issuance of common stock for services at $0.11 per share - August 11, 2011 (Shares) | 112,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.12 per share - August 16, 2011 | 1 | 13,499 | ' | ' | ' | ' | ' | ' | 13,500 |
Issuance of common stock for services at $0.12 per share - August 16, 2011 (Shares) | 112,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.12 per share - September 15, 2011 | 5 | 59,995 | ' | ' | ' | ' | ' | ' | 60,000 |
Issuance of common stock for debt at $0.12 per share - September 15, 2011 (Shares) | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of common stock issued for services at $0.13 per share - April 19, 2011 | -3 | -32,497 | ' | 16,250 | ' | ' | ' | ' | -16,250 |
Cancellation of common stock issued for services at $0.13 per share - April 19, 2011 (Shares) | -250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.14 per share - November 21, 2011 | 1 | 13,999 | ' | ' | ' | ' | ' | ' | 14,000 |
Issuance of common stock for services at $0.14 per share - November 21, 2011 (Shares) | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.14 per share - November 22, 2011 | 1 | 15,749 | ' | ' | ' | ' | ' | ' | 15,750 |
Issuance of common stock for services at $0.14 per share - November 22, 2011 (Shares) | 112,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.14 per share - December 7, 2011 | 10 | 139,990 | ' | ' | ' | ' | ' | ' | 140,000 |
Issuance of common stock for services at $0.14 per share - December 7, 2011 (Shares) | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $0.15 per share - December 29, 2011 | 33 | 499,967 | -500,000 | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $0.15 per share - December 29, 2011 (Shares) | 3,333,333 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.17 per share - December 29, 2011 | 2 | 41,802 | ' | ' | ' | ' | ' | ' | 41,804 |
Issuance of common stock for debt at $0.17 per share - December 29, 2011 (Shares) | 245,903 | ' | ' | ' | ' | ' | ' | ' | ' |
Share issue costs | ' | -39,000 | ' | ' | ' | ' | ' | ' | -39,000 |
Share subscriptions from prior years issued | 5 | 14,995 | -15,000 | ' | ' | ' | ' | ' | ' |
Share subscriptions from prior years issued (Shares) | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement subscriptions received | ' | ' | 1,193,500 | ' | ' | ' | ' | ' | 1,193,500 |
Services provided per term of contracts | ' | ' | ' | 76,082 | ' | ' | ' | ' | 76,082 |
Obligation to issue shares per consulting agreements | ' | ' | ' | -12,500 | -10,000 | ' | ' | ' | -22,500 |
Obligation to issue shares per employment agreement | ' | ' | ' | ' | 100,000 | ' | ' | ' | 100,000 |
Obligation to issue shares per consulting agreement | ' | ' | ' | ' | 25,000 | ' | ' | ' | 25,000 |
Obligation to issue shares per debt settlement agreement | ' | ' | ' | ' | 113,333 | ' | ' | ' | 113,333 |
Subsidiary shares to be issued to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | 1,250,000 |
Increase (decrease) in derivative liability | ' | ' | ' | ' | ' | ' | -165,734 | ' | -165,734 |
Non-controlling interest | ' | ' | ' | ' | ' | ' | ' | -816,715 | -816,715 |
Net loss for the year | ' | ' | ' | ' | ' | -2,278,661 | ' | ' | -2,278,661 |
Ending Balance at Dec. 31, 2011 | 738 | 11,171,559 | 630,362 | ' | 113,333 | -11,294,752 | -331,396 | 319,121 | 608,965 |
Ending Balance (Shares) at Dec. 31, 2011 | 74,171,826 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.29 per share - February 22, 2012 | 1 | 17,399 | ' | ' | ' | ' | ' | ' | 17,400 |
Issuance of common stock for debt at $0.29 per share - February 22, 2012 (Shares) | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.30 per share - March 5, 2012 | 21 | 641,486 | ' | ' | -113,333 | ' | ' | ' | 528,174 |
Issuance of common stock for debt at $0.30 per share - March 5, 2012 (Shares) | 2,138,358 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.31 per share - March 31, 2012 | 1 | 34,874 | ' | ' | ' | ' | ' | ' | 34,875 |
Issuance of common stock for services at $0.31 per share - March 31, 2012 (Shares) | 112,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.28 per share - April 11, 2012 | 1 | 31,888 | ' | ' | ' | ' | ' | ' | 31,889 |
Issuance of common stock for debt at $0.28 per share - April 11, 2012 (Shares) | 113,889 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.24 per share - April 19, 2012 | 4 | 95,996 | ' | ' | ' | ' | ' | ' | 96,000 |
Issuance of common stock for debt at $0.24 per share - April 19, 2012 (Shares) | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.25 per share - April 26, 2012 | 2 | 38,193 | ' | ' | ' | ' | ' | ' | 38,195 |
Issuance of common stock for debt at $0.25 per share - April 26, 2012 (Shares) | 152,778 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.22 per share - May 7, 2012 | 1 | 3,615 | ' | ' | ' | ' | ' | ' | 3,616 |
Issuance of common stock for debt at $0.22 per share - May 7, 2012 (Shares) | 16,438 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $0.15 per share - May 17, 2012 | 14 | 210,303 | ' | ' | ' | ' | ' | ' | 210,317 |
Issuance of common stock for cash at $0.15 per share - May 17, 2012 (Shares) | 1,402,116 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $0.15 per share - June 4, 2012 | 13 | 189,670 | ' | ' | ' | ' | ' | ' | 189,683 |
Issuance of common stock for cash at $0.15 per share - June 4, 2012 (Shares) | 1,264,550 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.14 per share July 2, 2012 | 1 | 8,254 | ' | ' | ' | ' | ' | ' | 8,255 |
Issuance of common stock for debt at $0.14 per share July 2, 2012 (Shares) | 58,965 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.12 per share - August 14, 2012 | 1 | 13,499 | ' | ' | -14,625 | ' | ' | ' | -1,125 |
Issuance of common stock for services at $0.12 per share - August 14, 2012 (Shares) | 112,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services at $0.13 per share - August 20, 2012 | 1 | 14,624 | ' | ' | ' | ' | ' | ' | 14,625 |
Issuance of common stock for services at $0.13 per share - August 20, 2012 (Shares) | 112,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.12 per share - August 29, 2012 | 11 | 135,036 | ' | ' | ' | ' | ' | ' | 135,047 |
Issuance of common stock for debt at $0.12 per share - August 29, 2012 (Shares) | 1,125,393 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for debt at $0.13 per share September 4, 2012 | 20 | 264,070 | ' | ' | ' | ' | ' | ' | 264,090 |
Issuance of common stock for debt at $0.13 per share September 4, 2012 (Shares) | 2,031,461 | ' | ' | ' | ' | ' | ' | ' | ' |
Share issue costs | ' | -8,996 | ' | ' | ' | ' | ' | ' | -8,996 |
Warrants issued for debt | ' | 85,198 | ' | ' | ' | ' | ' | ' | 85,198 |
Share subscriptions from prior years issued | 33 | 499,967 | -500,000 | ' | ' | ' | ' | ' | ' |
Share subscriptions from prior years issued (Shares) | 3,333,333 | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement subscriptions received | ' | ' | 400,000 | ' | ' | ' | ' | ' | 400,000 |
Private placement subscriptions cancelled | ' | ' | -50,000 | ' | ' | ' | ' | ' | -50,000 |
Obligation to issue shares per consulting agreement | ' | ' | ' | ' | 14,625 | ' | ' | ' | 14,625 |
Subsidiary shares to be issued to non-controlling interest | ' | ' | ' | ' | ' | ' | ' | 671,000 | 671,000 |
Increase (decrease) in derivative liability | ' | ' | ' | ' | ' | ' | 21,579 | ' | 21,579 |
Adjustment to non-controlling interest accounts payable | ' | ' | ' | ' | ' | ' | ' | 47,442 | 47,442 |
Non-controlling interest | ' | ' | ' | ' | ' | ' | ' | -1,080,545 | -1,080,545 |
Net loss for the year | ' | ' | ' | ' | ' | -2,585,130 | ' | ' | -2,585,130 |
Ending Balance at Sep. 30, 2012 | $863 | $13,446,635 | $480,632 | ' | ' | ($13,879,882) | ($309,817) | ($42,982) | ($304,821) |
Ending Balance (Shares) at Sep. 30, 2012 | 86,606,607 | ' | ' | ' | ' | ' | ' | ' | ' |
NATURE_OF_OPERATIONS_AND_BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2012 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION [Text Block] | ' |
NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
Alternet Systems Inc. (Alternet or the Company), through its subsidiaries, 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. | |
The Company was organized under the laws of the State of Nevada on June 26, 2000, under the name North Pacific Capital Corp. In 2001 the Company changed its name to SchoolWeb Systems Inc. and then, in 2002, to Alternet Systems, Inc. On December 31, 2007 the Company - executed a merger with TekVoice Communications, Inc. of Miami, Florida. Since then the Company has changed business focus and strategy to mobile financial services and mobile security. In 2011 TekVoice became inactive. | |
In July 2009, the Company purchased 51% of the outstanding shares of Alternet Transactions Systems, Inc. (ATS), a company incorporated in the State of Florida on July 29, 2009, for $5,100. ATS is doing business as Utiba Americas. In December 2011, ATS opened a branch in Ecuador. | |
In September 2009, the Company purchased 60% of the outstanding shares of International Mobile Security, Inc. (IMS), a company incorporated in the State of Florida for $6,000. | |
In February 2011, the Company purchased 100% of the outstanding shares of Megatecnica, S.A., a company incorporated in Panama. | |
In August 2011, the Company incorporated a wholly owned subsidiary, Utiba Guatemala, S.A., in Guatemala. | |
In September 2011, the Company formed two one-member limited liability companies, Alternet Financial Solutions, L.L.C. and Alternet Payment Solutions, L.L.C., in the State of Florida. | |
These consolidated interim 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, 2012 the Company had a working capital deficiency of $2,107,967. The Companys 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. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||
Sep. 30, 2012 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | ' | ||
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
The consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. | |||
Principles of Consolidation | |||
The consolidated interim 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 Transactions Systems, Inc., a 51% owned subsidiary of Alternet | |||
Utiba Guatemala, S.A., a wholly-owned subsidiary of Alternet Transactions Systems Inc. | |||
International Mobile Security, Inc, 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 ATSs and IMSs wholly owned subsidiaries have been deducted from earnings and equity. All significant intercompany transactions and account balances have been eliminated. | |||
Use of Estimates and Assumptions | |||
Preparation of the Company�?s financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |||
Cash and Cash Equivalents | |||
The Company considers all liquid investments, with an original maturity of three months or less when purchased, to be cash equivalents. | |||
Equipment | |||
Fixed assets are recorded at cost and depreciated at the following rates: | |||
Computer equipment | - | 30% declining balance basis | |
Computer software | - | 30% declining balance basis | |
Equipment | - | 20% declining balance basis | |
Impairment of Long Lived Assets | |||
Management monitors the recoverability of long-lived assets 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. | |||
Intellectual Property - The Company accounts for its intellectual property in accordance with the Statement of Financial Accounting Standards No. 142, -Goodwill and Other Intangible Assets - (SFAS 142). Under the provisions of SFAS 142, 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. | |||
Revenue Recognition | |||
The Company derives its revenues from the sale of licenses of software, implementation services, support services, and telecommunication services. Revenues are recognized when title transfers or services are rendered, as follows: | |||
a) | Revenue from the sale of licenses is recognized when the title of the license transfers to the customer. | ||
b) | Revenue from implementation services performed is recognized upon completion of the service. | ||
c) | Revenue from support services is recognized as earned. | ||
d) | Revenue from telecommunications and hosted services are recognized when billed, which occurs in the month the services are provided. | ||
The Company invoices 100% of the implementation services and requires customers to pay a non-refundable deposit prior to any services being performed. The Company recognizes the customer deposit as unearned revenue until either completion of the implementation or upon the contract being cancelled at which time the revenue is recognized. The uncollected portion of the implementation invoice is recorded as customer deposits until collection has occurred, completion of the implementation services, or upon the contract being cancelled. | |||
The Company invoices support services at the beginning of the term and recognizes the revenue over the term of the agreement. | |||
Foreign Currency Translation | |||
The financial statements are presented in United States dollars. In accordance with Statement of Financial Accounting Standards No. 52, �?Foreign Currency Translation�?, foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenue and expenses are translated at average rates of exchange during the year. Related translation adjustments are reported as a separate component of stockholders�? deficit, whereas gains or losses resulting from foreign currency transactions are included in the results of operations. | |||
Fair Value of Financial Instruments | |||
In accordance with the requirements of SFAS No. 107, the Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate carrying value due to the short-term maturity of the instruments. | |||
Income Taxes The Company accounts for income taxes under a method which requires the Company to recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Companys financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements carrying amounts and tax basis of assets and liabilities using enacted tax rates. The Company presently prepares its tax returns on the cash basis and financial statement on the accrual basis. No deferred tax assets or liabilities have been recognized at this time, since the Company has shown losses for both tax and financial reporting. | |||
Stock-Based Compensation Prior to January 1, 2006, the Company accounted for stock-based awards under the recognition and measurement provisions of Accounting Principles Board Opinion (APB) No. 25, -"Accounting for Stock Issued to Employees" using the intrinsic value method of accounting, under which compensation expense was only recognized if the exercise price of the Companys employee stock options was less than the market price of the underlying common stock on the date of grant. Effective January 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123R -"Share Based Payments" , using the modified prospective transition method. Under that transition method, compensation cost is recognized for all share-based payments granted prior to, but not yet vested as of January 1, 2006, based on the grant date fair value estimated in accordance with the original provisions of SFAS No. 123, and compensation cost for all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of SFAS 123R. | |||
All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. | |||
Loss per Share The Company computes net earnings (loss) per share in accordance with SFAS No. 128, Earnings per Share. SFAS No. 128 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. | |||
Risk Management The Company is exposed to credit risk through accounts receivable and therefore, the Company maintains adequate provisions for potential credit losses. | |||
The Company�?s functional currency is the United States dollar. The Company operates in foreign jurisdictions, giving rise to exposure to market risks from changes in foreign currency rates. The financial risk to the Company's operations arises from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. | |||
Recent Accounting Pronouncements | |||
In January 2011, the FASB issued ASU 2011-01, Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20 ( Receivables Topic 310), which is effective upon issuance. This update defers the effective date of the disclosures required under ASU 2010-20 to be concurrent with the effective date of the guidance for determining what constitutes a troubled debt restricting as presented in proposed ASU update: Receivables (Topic 310) Clarifications to Accounting for Troubled Debt Restructurings by Creditors . This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In April 2011, the FASB issued ASU 2011-03, Reconsideration of Effective Control for Repurchase Agreements (Transfers and Service Pricing Topic 860), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update provides on the accounting for repurchase agreements (repos) and other agreements that entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFS (Fair Value Measurement Topic 820), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update explains how to measure fair value. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income (Comprehensive Income Topic 220), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update provides guidance on improving the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This standard did not have an effect on the Company's reported financial position or results of operations | |||
In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment ( Intangibles - Goodwill and Other Topic 350), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update simplifies how entities test goodwill for impairment by permitting them to use qualitative factors to first to determine whether an impairment is more likely or not. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In September 2011, the FASB issued ASU 2011-09, Disclosures about an Employer's Participation in a Multiemployer Plan ( Compensation - Retirement Benefits - Multiemployer Plans Topic 715-80), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update requires increased disclosure from Company's participating in a Multiemployer Plan. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities ( Balance Sheet Topic 210), which is effective for financial statements issued for interim and annual periods beginning on or after January 1, 2013. This update facilitates comparison between financial statements presented under US GAAP and financial statements prepared under IFRS. This standard is not expected to have an effect on the Company's reported financial position or results of operations. | |||
In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05 ( Comprehensive Income Topic 220), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update defers some of the requirements relating to the reclassification of items out of Other Comprehensive Income under ASU 2011-05. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In July 2012, the FASB issued ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment ( Intangibles - Goodwill and Other Topic 350), which is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. This update simplifies how an entity tests these assets for impairment and tries to improve the consistency in testing guidance among long-lived asset categories. This standard is not expected to have an effect on the Company's reported financial position or results of operations. |
FIXED_ASSETS
FIXED ASSETS | 9 Months Ended | |||||||||
Sep. 30, 2012 | ||||||||||
FIXED ASSETS [Text Block] | ' | |||||||||
NOTE 3 FIXED ASSETS | ||||||||||
30-Sep-12 | ||||||||||
Accumulated | ||||||||||
Cost | Amortization | Net Book Value | ||||||||
Computer equipment | $ | 344,252 | $ | 326,939 | $ | 17,313 | ||||
Computer equipment capital lease | 156,746 | 48,247 | 108,499 | |||||||
Computer software | 289,028 | 105,217 | 183,811 | |||||||
Equipment | 10,576 | 10,260 | 316 | |||||||
$ | 800,602 | $ | 490,663 | $ | 309,939 | |||||
31-Dec-11 | ||||||||||
Accumulated | ||||||||||
Cost | Amortization | Net Book Value | ||||||||
Computer equipment | $ | 344,252 | $ | 321,912 | $ | 22340 | ||||
Computer equipment capital lease | 137,790 | 20,669 | 117,121 | |||||||
Computer software | 75,128 | 72,552 | 2,576 | |||||||
Equipment | 10,576 | 10,205 | 371 | |||||||
$ | 567,746 | $ | 425,338 | $ | 142,408 |
INTELLECTUAL_PROPERTY
INTELLECTUAL PROPERTY | 9 Months Ended |
Sep. 30, 2012 | |
INTELLECTUAL PROPERTY [Text Block] | ' |
NOTE 4 INTELLECTUAL PROPERTY | |
On January 25, 2011, the Company signed a Copyright Agreement with a supplier for various intellectual property. As at September 30, 2012, the Company had $68,900 (December 31, 2011 - $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., a non-controlling interest investor in ATS, valued at $1,500,000. |
CONVERTIBLE_DEBENTURE_NOTES_AN
CONVERTIBLE DEBENTURE NOTES AND OTHER LOANS | 9 Months Ended |
Sep. 30, 2012 | |
CONVERTIBLE DEBENTURE NOTES AND OTHER LOANS [Text Block] | ' |
NOTE 5 CONVERTIBLE DEBENTURE NOTES AND OTHER LOANS | |
Convertible Debentures | |
On February 4, 2008, the Company issued a note payable in the amount of $50,000. The note carried interest at the rate of 8% per quarter and was due on May 4, 2008. If the note was not repaid on maturity or in any other event of default, the holder was 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 equal to 50% of the average market price of the CompanyÂ’s stock for the 30 days prior to the date of conversion. On July 20, 2011, the creditor converted $136,252 of debt into 2,265,207 common shares of the Company resulting in a full repayment of the loan. | |
On December 18, 2009, the Company issued a note payable in the amount of $100,000. The note carried interest at the rate of 12% per annum and was due on March 18, 2010. If the note was not repaid on maturity or in any other event of default, the holder was 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 equal to 80% of the lowest daily low price of the CompanyÂ’s stock for the 30 trading days immediately preceding and including the date of conversion. During the year ended December 31, 2010, the creditor converted $50,640 of debt into 3,331,604 common shares of the company. On April 12, 2011, the creditor converted $61,500 of debt into 853,163 common shares of the Company resulting in a full repayment of the loan. | |
On December 18, 2009, the Company entered into a Debt Settlement agreement whereby a creditor agreed to receive shares in lieu of payment of a $152,916 promissory note. The holder was entitled to receive common stock of the Company at a conversion value equal to 50% of the lowest closing price of the Company's stock for the 10 days prior to the date of conversion. The holder may not hold more than 4.99% of the outstanding common stock of the Company at any point in time. During the year ended December 31, 2010, the creditor converted $113,750 of debt into 4,457,699 common shares of the company. On February 25, 2011, the creditor converted $72,833 of debt into 1,220,363 common shares of the Company resulting in a full repayment of the loan. | |
On March 8, 2010, the Company issued a note payable in the amount of $25,000. The note carried interest at the rate of 12% per annum and was due on April 8, 2010. If the note was not repaid on maturity or in any other event of default, the holder was 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 equal to 50% of the lowest closing price of the Company's stock for the 10 trading days immediately preceding and including the date of conversion. On August 29, 2011, the Company repaid the loan in full. | |
On April 14, 2010, the Company issued a note payable in the amount of $15,000. The note carried interest at the rate of 10% per annum and was due on May 18, 2010. If the note was not repaid on maturity or in any other event of default, the holder was 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 equal to 50% of the lowest closing price of the Company's stock for the 10 trading days immediately preceding and including the date of conversion. On October 20, 2011, the Company repaid the loan in full. | |
On April 30, 2010, the Company issued a note payable in the amount of $100,000. The note carried interest at the rate of 10% per annum and was due on July 30, 2010. If the note was not repaid on maturity or in any other event of default, the holder was 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 equal to 50% of the lowest daily low price of the Company's stock for the 10 trading days immediately preceding and including the date of conversion. On August 22, 2011, the creditor submitted a Notice of Conversion to convert $113,333 of debt into 2,138,358 common shares of the company resulting in a full repayment of the loan. At December 31, 2011, the shares had not been issued to the creditor resulting in the full balance being included in obligation to issue shares. On March 5, 2012, the Company issued the 2,138,358 common shares of the Company resulting in a full repayment of the loan. | |
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 is due on February 28, 2013. If the note is not repaid on maturity or in any other event of default, 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. As at September 30, 2012, $44,840 of principal and accrued interest on this note was included in Other loans payable. | |
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 is due on March 31, 2013. If the note is not repaid on maturity or in any other event of default, 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. As at September 30, 2012, $60,082 of principal and accrued interest on this note was included in Other loans payable. | |
The Company accounts for debt with embedded conversion features and warrant issues in accordance with EITF 98-5: Accounting for convertible securities with beneficial conversion features or contingency adjustable conversion and EITF No. 00-27: Application of issue No 98-5 to certain convertible instruments. Conversion features determined to be beneficial to the holder are valued at fair value and recorded to additional paid in capital. The Company determines the fair value to be ascribed to the detachable warrants issued with the convertible debentures utilizing the - Black-Scholes method. Any discount derived from determining the fair value to the debenture conversion features and warrants is amortized to financing cost over the life of the debenture. The unamortized costs if any, upon the conversion of the warrants is expensed to financing cost on a pro rata basis over the life of the warrant. | |
Debt issued with the variable conversion features are considered to be embedded derivatives and are accountable in accordance with FASB 161; Accounting for Derivative Instruments and Hedging Activities. The fair value of the embedded derivative is recorded to derivative liability. This liability is required to be marked each reporting period. The resulting discount on the debt is amortized to interest expense over the life of the related debt. | |
Other Loans | |
On October 22, 2007, the Company signed a Promissory Note whereby the Company agreed to repay a creditor $20,000 plus interest at 8% per annum on November 22, 2007. On March 7, 2011, the Company signed a Debt Settlement Agreement with the creditor to convert the outstanding balance into shares of the Company. On April 21, 2011, the creditor converted $27,000 of debt into 444,079 common shares of the company resulting in a full repayment of the loan. | |
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. As at September 30, 2012, the Company owes this director $2,598 of unpaid principal and $117 of accrued interest on a Promissory Note which matures on December 31, 2012. The balance owing is included in Due to related parties. | |
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. As at September 30, 2012, the Company owes this director $5,736 of unpaid principal and $284 of accrued interest on a Promissory Note which matures on December 31, 2012. The balance owing is included in Due to related parties. | |
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. As at September 30, 2012, the Company owes this director $10,308 of unpaid principal and $260 of accrued interest on a Promissory Note which matures on December 31, 2012. The balance owing is included in Due to related parties. | |
On March 2, 2011, the Company signed a Promissory Note whereby the Company agreed to repay a director $100,000 plus interest at 10% per quarter on June 2, 2011. On July 14, 2011, the director of the Company sold the loan to an unrelated third party. On August 8, 2011, the creditor converted $110,000 of debt into 733,333 common shares of the company resulting in a full repayment of the loan. | |
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. As at March 31, 2012, the Company has accrued $2,203 of interest relating to this loan. On April 8, 2012, the Company signed a debt settlement agreement with the creditor whereby the creditor will convert 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 shares of the Company at an exercise price of $0.25 per share until October 8, 2013. The Company issued 409,863 warrants on April 8, 2011, 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. | |
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. As at September 30, 2012, the Company has accrued $21,311 (December 31, 2011 - $Nil) of interest relating to this loan. 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. | |
On August 24, 2012, the Company signed a Debt Settlement agreement with a director of the Company whereby the Company agreed to settle $103,125 of unpaid wages and $19,730 of outstanding accounts payable plus interest at 10% per annum starting January 1, 2012 for 983,445 common shares of the Company. On August 24, 2012, the director of the Company sold the loan to an unrelated third party. On September 4, 2012, the 983,445 common shares were issued resulting in a full repayment of all balances outstanding. | |
On August 24, 2012, the Company signed a Debt Settlement agreement with an officer of the Company whereby the Company agreed to settle $126,667 of unpaid wages and $4,255 of outstanding accounts payable plus interest at 10% per annum starting January 1, 2012 for 1,048,016 common shares of the Company. On August 24, 2012, the director of the Company sold the loan to an unrelated third party. On September 4, 2012, the 1,048,016 common shares were issued resulting in a full repayment of all balances outstanding. | |
On August 29, 2012, the Company signed a Debt Settlement agreement with a director of the Company whereby the Company agreed to settle $75,833 of unpaid wages and $16,473 of outstanding accounts payable plus interest at 10% per annum starting January 1, 2012 for 597,277 common shares of the Company. On August 29, 2012, the 597,277 common shares were issued resulting in a full repayment of all balances outstanding. | |
On August 29, 2012, the Company signed a Debt Settlement agreement with an employee of the Company whereby the Company agreed to settle $58,333 of unpaid wages and $17,089 of outstanding accounts payable plus interest at 10% per annum starting January 1, 2012 for 528,116 common shares of the Company. On August 29, 2012, the 528,116 common shares were issued resulting in a full repayment of all balances outstanding. |
LONGTERM_DEBT
LONG-TERM DEBT | 9 Months Ended | |||
Sep. 30, 2012 | ||||
LONG-TERM DEBT [Text Block] | ' | |||
NOTE 6 LONG-TERM DEBT | ||||
On April 1, 2011, the Company signed an Agreement with a creditor to purchase various computer software valued at $213,900 and one year technical support valued at $47,058. The loan requires one payment of $35,000 on May 23, 2012 and seven quarterly payments of $35,495 starting October 1, 2012. The loan includes an implicit interest rate of $7.51% and matures on April 1, 2014. As at September 30, 2012, the balance on the loan was $228,966 (December 31, 2011 - $Nil). | ||||
The remaining required principal payments over the next three fiscal years are as follows: | ||||
2012 | $ | 29,323 | ||
2013 | 130,604 | |||
2014 | 69,039 |
CAPITAL_LEASE
CAPITAL LEASE | 9 Months Ended | |||
Sep. 30, 2012 | ||||
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 expires on May 1, 2013. As at September 30, 2012, the balance on the lease was $27,396 (December 31, 2011 - $55,132). | ||||
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 expires on September 1, 2013. As at September 30, 2012, the balance on the lease was $7,485 (December 31, 2011 - $12,509). | ||||
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 at September 30, 2012, the balance on this lease was $7,718 (December 31, 2011 - $Nil). | ||||
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 at September 30, 2012, the balance on this lease was $5,859 (December 31, 2011 - $Nil). | ||||
The remaining required principal payments over the next three fiscal years are as follows: | ||||
2012 | $ | 13,386 | ||
2013 | 30,029 | |||
2014 | 5,043 |
CAPITAL_STOCK
CAPITAL STOCK | 9 Months Ended | ||||||
Sep. 30, 2012 | |||||||
CAPITAL STOCK [Text Block] | ' | ||||||
NOTE 8 CAPITAL STOCK | |||||||
Common Shares | |||||||
The Company is authorized to issue up to 100,000,000 shares of the Companys common stock with a par value of $0.00001. | |||||||
On September 21, 2012, the Companys shareholders approved through a majority vote to amend the Companys 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. The increase is subject to approval by the Securities Exchange Commission. In addition, the shareholders 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 Companys 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 Professional 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, 2012, the Company issued: | |||||||
3,333,333 common shares valued at $500,000 for share subscriptions received in the prior year, | |||||||
6,097,282 common shares valued at $1,235,999 for debt settlements and convertible debenture agreements of which 2,138,358 shares valued at $113,333 were obligated to be issued at December 31, 2011, and | |||||||
337,500 common shares valued at $63,000 for consulting services rendered during the period. | |||||||
In addition, during the nine months ended September 30, 2012, the Company issued common shares for the following subscriptions received during the year: | |||||||
on May 17, 2012, the Company issued 1,402,116 common shares at $0.15 per share for total cash proceeds of $210,317, and | |||||||
on June 4, 2012, the Company issued 1,264,550 common shares at $0.15 per share for total cash proceeds of $189,683. | |||||||
During the year ended December 31, 2011, the Company issued: | |||||||
500,000 common shares valued at $15,000 for share subscriptions received in prior years, | |||||||
10,024,012 common shares valued at $1,275,395 for debt settlement and convertible debenture agreements, | |||||||
2,037,500 common shares valued at $248,625 for consulting services to be rendered during the period, and | |||||||
4,189,000 common shares valued at $528,070 for employment incentives in accordance with employment agreements. | |||||||
In addition, during the year ended December 31, 2011, the Company issued common shares for the following subscriptions received during the year: | |||||||
on June 15, 2011, the Company issued 3,333,333 common shares at $0.15 per share for total cash proceeds of $500,000, | |||||||
on July 14, 2011, the Company issued 1,935,000 common shares at $0.10 per share for total cash proceeds of $193,500, | |||||||
on August 2, 2011, the Company issued 600,000 common shares at $0.15 per share for total proceeds of $90,000, and | |||||||
on December 29, 2011, the Company issued 3,333,333 common shares at $0.15 per share for total cash proceeds of $500,000. | |||||||
As at December 31, 2011, the Company was obligated to issue 2,138,358 common shares valued at $113,333 in accordance with a debt settlement agreement; the shares were issued on March 5, 2012. | |||||||
During the nine months ended September 30, 2012, the Company received $350,000 toward $400,000 of share subscriptions for which shares have not been issued by the end of the period. During the period, the investor requested to reduce the subscription to equal the $350,000 cash funds he had advanced to the Company. At September 30, 2012, the Company had $480,362 (December 31, 2011 - $630,362) in private placement subscriptions which are reported as private placement subscriptions within stockholders deficit. | |||||||
The shares which were not issued as at September 30, 2012 or September 30, 2011 were not used to compute the total weighted average shares outstanding as at September 30, 2012 or September 30, 2011 respectively and were thus not used in the basic net loss per share calculation. | |||||||
Warrants | |||||||
The Companys warrant transactions are summarized as follows: | |||||||
Weighted | |||||||
Number of | Average | ||||||
Warrants | Exercise Price | ||||||
Balance, December 31, 2010 | - | - | |||||
Issued | 6,569,444 | 0.23 | |||||
Balance, December 31, 2011 | 6,569,444 | 0.23 | |||||
Issued | 2,009,863 | 0.25 | |||||
Balance, September 30, 2012 | 8,579,307 | 0.23 | |||||
a) | In conjunction with the 3,333,333 common shares issued on June 15, 2011, the Company issued 2,000,000 warrants exercisable at $0.25 per share for a period of one and a half years. The warrants were valued at $207,846 calculated using the Black-Scholes option pricing model assuming a life expectancy of one and a half years, a risk free rate of 0.05%, a forfeiture rate of 0%, and volatility of 273.13%. In addition to these warrants, the Company signed a Stock Grant Agreement with the shareholder allowing the shareholder to receive up to an additional 569,444 shares of the Company (bonus shares). The shareholder will receive 0.284722 bonus shares for each warrant exercised. The bonus shares were valued at $68,333 calculated using the Black-Scholes option pricing model assuming a life expectancy of one and a half years, a risk free rate of 0.05%, a forfeiture rate of 0%, and volatility of 273.13%. | ||||||
b) | In conjunction with two subscription agreements signed on December 21, 2011, the Company issued 4,000,000 warrants exercisable at $0.25 per share for a period of one and a half years. The warrants were valued at $398,752 calculated using the Black-Scholes option pricing model assuming a life expectancy of 1.53 years, a risk free rate of 0.01%, a forfeiture rate of 0%, and volatility of 180.97%. | ||||||
c) | In conjunction with a debt settlement agreement signed on April 8, 2012, the Company issued 409,863 warrants exercisable at $0.25 per share for a period of one and a half years. The warrants were valued at $85,198 calculated using the Black-Scholes option pricing model assuming a life expectancy of 1.50 years, a risk free rate of 0.07%, a forfeiture rate of 0%, and volatility of 178.93%. The value of these warrants is included in bank charges and interest on the consolidated interim statement of operations. | ||||||
d) | In conjunction with 1,402,116 common shares issued on May 17, 2012, the Company issued 841,271 warrants exercisable at $0.25 per share for a period of one year and five months. The warrants were valued at $122,122 calculated using the Black- Scholes option pricing model assuming a life expectancy of 1.42 years, a risk free rate of 0.10%, a forfeiture rate of 0%, and volatility of 179.99%. | ||||||
e) | In conjunction with 1,264,550 common shares issued on June 4, 2012, the Company issued 758,730 warrants exercisable at $0.25 per share for a period of one and a half years. The warrants were valued at $89,840 calculated using the Black-Scholes option pricing model assuming a life expectancy of 1.5 years, a risk free rate of 0.07%, a forfeiture rate of 0%, and volatility of 172.01%. | ||||||
All warrants issued can be 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 following table summarizes the warrants outstanding at September 30, 2012: | |||||||
Warrants | |||||||
outstanding | Exercise price | Expiration date | |||||
$ | |||||||
2,000,000 | 0.25 | 31-Dec-12 | |||||
569,444 | 0 | 31-Dec-12 | |||||
4,000,000 | 0.25 | 30-Jun-13 | |||||
409,863 | 0.25 | 8-Oct-13 | |||||
841,270 | 0.25 | 11-Oct-13 | |||||
758,730 | 0.25 | 30-Nov-13 | |||||
8,579,307 | |||||||
The weighted average life of warrants outstanding at September 30, 2012 was 0.68 years. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2012 | |
RELATED PARTY TRANSACTIONS [Text Block] | ' |
NOTE 9 - RELATED PARTY TRANSACTIONS | |
As at September 30, 2012, a total of $507,682 (December 31, 2011 - $282,801) was payable to directors and officers of the Company of which $488,556 (December 31, 2011 - $282,801) was non-interest bearing and had no specific terms of repayment and $19,112 (December 31, 2011 - $37,220) related to loans detailed in Note 5. Of the amount payable, $47,436 (December 31, 2011 - $47,368) was included in accounts payable for expense reimbursements, $428,310 (December 31, 2011 - $185,393) was included in wages payable for accrued fees, and $31,936 (December 31, 2011 - $50,040) was included in due to related parties. | |
During the nine months ended September 30, 2012, the Company expensed a total of $662,500 (December 31, 2011 - $767,870) in consulting fees, investor relations and salaries paid to directors and officers of the Company. Of the amounts incurred, $300,417 (December 31, 2011 - $185,393) has been accrued, $113,958 (December 31, 2011 - $354,907) has been paid in cash, and $248,125 (December 31, 2011 - $227,570) has been paid through the issuance of shares. During the period, 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 Companys common stock. One director and the officer sold their debt settlement agreements to an unrelated third party. All shares were issued during the period. | |
During the year ended December 31, 2011, the Company issued 3,931,030 shares of the Companys common stock valued at $480,536 to three directors of the Company for accrued consulting fees and investor relations and 1,539,000 shares of the Companys common stock valued at $187,570 to three directors of the Company for consulting and management fees. | |
As at September 30, 2012, the Company held an accounts receivable from a company with a director in common with the Company for $1,191,912 ( 6,674,709 Venezuelan bolivar fuerte (VEF)) (December 31, 2011 - $1,552,258 (VEF 6,674,709). Of the total invoice, $79,320 (VEF 369,682) (December 31, 2011 - $1,049,000 (VEF 4,510,700)) is included in revenue, $298,411 (December 31, 2011 - $388,628 (VEF 1,671,100)) is included in customer deposits, and $22,005 (VEF 123,227) (December 31, 2011 - $114,630 (VEF 492,909)) is included in deferred income. In addition, the Company owes this company $335,420 (December 31, 2011 - $Nil) which is non-interest bearing and has no specific terms of repayment and is included in Due to related parties. |
DEFERRED_COMPENSATION
DEFERRED COMPENSATION | 9 Months Ended |
Sep. 30, 2012 | |
DEFERRED COMPENSATION [Text Block] | ' |
NOTE 10 DEFERRED COMPENSATION | |
On July 1, 2010, the Company entered into an agreement with a consultant for a one-year term whereby the consultant will provide business consulting services to the Company in exchange for 1,200,000 shares of the Companys common stock valued at $159,000 of which 900,000 shares are to be issued by September 30, 2010 and 300,000 shares are to be issued by December 31, 2010. The shares were fully issued on April 21, 2011 resulting in a decrease in the value of $30,000 to $129,000. This amount was expensed over the life of the contract. | |
On March 29, 2011, the Company entered into an agreement with a consultant for a six-month term whereby the consultant will provide business consulting services to the Company in exchange for 250,000 shares of the Companys common stock valued at $32,500 based on the date of issuance, April 19, 2011. On August 25, 2011, the agreement was terminated and the shares were cancelled. The full balance was reversed. | |
On April 12, 2011, the Company entered into an agreement with a consultant for a six month term whereby the consultant will provide business consulting services. The agreement requires the first and last months payment of $5,000 each, total $10,000, to be paid through the issuance of 250,000 shares of the Companys common stock. This amount is being expensed over the life of the contract. | |
The Company recorded the aggregate fair value of the shares issued pursuant to the above agreements as deferred compensation and amortizes the costs of all these services on a straight-line basis over the respective terms of the contracts. During the nine months ended September 30, 2012, the Company expensed $Nil (year ended December 31, 2011 - $76,082) relating to the above contracts. The shares issued were all valued at their market price on the date of issuance or in accordance with defined agreement terms. |
RESTATEMENT_OF_CONSOLIDATED_FI
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (restated) | 9 Months Ended | |||||||||
Sep. 30, 2012 | ||||||||||
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (restated) [Text Block] | ' | |||||||||
NOTE 11 – RESTATEMENT OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS (restated) | ||||||||||
Management, after consultation with the Board of Directors determined that the Company’s consolidated interim financial statements for period ended September 30, 2012 contained errors relating to the omission of material accruals at June 30, 2012 and should be restated and, accordingly, that the Original Filing should no longer be relied upon. | ||||||||||
Financial statement effect of the restatement: | ||||||||||
The correction of 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 nine month period ended September 30, 2012; and a $92,831 increase to accounts payable and accrued charges and $21,292 decrease to non-controlling interest as at September 30, 2012. | ||||||||||
The tables below shows the effects of the restatement on the consolidated balance sheet as of September 30, 2012, the consolidated statement of operations, the consolidated statement of cash flows and consolidated statement of stockholders’ equity (deficiency) for the nine months ended September 30, 2012. | ||||||||||
As Previously | Restatement | |||||||||
Reported | As Restated | Adjustments | ||||||||
September 30, | September 30, | September 30, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||
$ | $ | $ | ||||||||
Liabilities and Stockholders’ Equity (Deficiency) | ||||||||||
Current liabilities | ||||||||||
Accounts payable and accrued charges | 1,129,472 | 1,222,303 | 92,831 | |||||||
Total current liabilities | 4,299,731 | 4,395,562 | 92,831 | |||||||
Stockholders' equity (deficiency) | ||||||||||
Accumulated deficit | (14,118,160 | ) | (14,189,699 | ) | (71,539 | ) | ||||
(190,300 | ) | (261,839 | ) | (71,539 | ) | |||||
Non-controlling interest | (21,690 | ) | (42,982 | ) | (21,292 | ) | ||||
(211,990 | ) | (304,821 | ) | (92,831 | ) | |||||
As Previously | Restatement | |||||||||
Reported | As Restated | Adjustment | ||||||||
Nine months | Nine months | Nine months | ||||||||
ended | ended | ended | ||||||||
September 30, | September 30, | September 30, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||
$ | $ | $ | ||||||||
Revenue | ||||||||||
Sales | 452,891 | 579,152 | 126,261 | |||||||
Cost of Sales | 276,300 | 542,834 | 266,534 | |||||||
Gross Profit | 176,591 | 36,318 | (140,273 | ) | ||||||
Net Loss Before Other Items | (2,695,971 | ) | (2,836,244 | ) | (140,273 | ) | ||||
Net Loss Before Income Taxes | (3,501,424 | ) | (3,641,697 | ) | (140,273 | ) | ||||
Net Loss Before Non-Controlling Interest | (3,503,823 | ) | (3,644,096 | ) | (140,273 | ) | ||||
Non-Controlling Interest | (1,011,811 | ) | (1,080,545 | ) | (68,734 | ) | ||||
Net Loss Attributable to Alternet Systems Inc. | (2,492,012 | ) | (2,563,551 | ) | (71,539 | ) | ||||
Total Comprehensive Loss | (2,492,012 | ) | (2,563,551 | ) | (71,539 | ) | ||||
Period ended | Period ended | Period ended | ||||||||
September 30, | September 30, | September 30, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||
$ | $ | $ | ||||||||
Operating Activities | ||||||||||
Net income attributable to Alternet Systems Inc. | (2,492,012 | ) | (2,563,551 | ) | (71,539 | ) | ||||
Non-controlling interest | (1,011,811 | ) | (1,080,545 | ) | (68,734 | ) | ||||
Changes in non-cash working capital: | ||||||||||
Accounts payable and accrued charges | 79,142 | 219,415 | 140,273 | |||||||
Period ended | Period ended | Period ended | ||||||||
September 30, | September 30, | September 30, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY | ||||||||||
(DEFICIENCY) | ||||||||||
$ | $ | $ | ||||||||
Adjustment to non-controlling interest accounts payable | - | 47,442 | 47,442 | |||||||
Non-controlling interest | (21,690 | ) | (42,982 | ) | (21,292 | ) | ||||
Net Loss | (2,492,012 | ) | (2,563,551 | ) | (71,539 | ) |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2012 | |
SUBSEQUENT EVENTS [Text Block] | ' |
NOTE 12 SUBSEQUENT EVENTS | |
On October 19, 2012, the Company issued a convertible note payable in the amount of $80,000. The note carries interest at the rate of 10% per annum and is due on April 30, 2013. If the note is not repaid on maturity or in any other event of default, 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. | |
On October 1, 2012, the Company signed a new Promissory Note with a creditor which capitalized the unpaid principal and interest of $233,147 under a previous Promissory Note and extended the maturity date to January 31, 2013. | |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||
Sep. 30, 2012 | |||
Principles of Consolidation [Policy Text Block] | ' | ||
Principles of Consolidation | |||
The consolidated interim 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 Transactions Systems, Inc., a 51% owned subsidiary of Alternet | |||
Utiba Guatemala, S.A., a wholly-owned subsidiary of Alternet Transactions Systems Inc. | |||
International Mobile Security, Inc, 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 ATSs and IMSs wholly owned subsidiaries have been deducted from earnings and equity. All significant intercompany transactions and account balances have been eliminated. | |||
Use of Estimates and Assumptions [Policy Text Block] | ' | ||
Use of Estimates and Assumptions | |||
Preparation of the Company�?s financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |||
Cash and Cash Equivalents [Policy Text Block] | ' | ||
Cash and Cash Equivalents | |||
The Company considers all liquid investments, with an original maturity of three months or less when purchased, to be cash equivalents. | |||
Equipment [Policy Text Block] | ' | ||
Equipment | |||
Fixed assets are recorded at cost and depreciated at the following rates: | |||
Computer equipment | - | 30% declining balance basis | |
Computer software | - | 30% declining balance basis | |
Equipment | - | 20% declining balance basis | |
Impairment of Long Lived Assets [Policy Text Block] | ' | ||
Impairment of Long Lived Assets | |||
Management monitors the recoverability of long-lived assets 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. | |||
Intellectual Property [Policy Text Block] | ' | ||
Intellectual Property - The Company accounts for its intellectual property in accordance with the Statement of Financial Accounting Standards No. 142, -Goodwill and Other Intangible Assets - (SFAS 142). Under the provisions of SFAS 142, 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. | |||
Revenue Recognition [Policy Text Block] | ' | ||
Revenue Recognition | |||
The Company derives its revenues from the sale of licenses of software, implementation services, support services, and telecommunication services. Revenues are recognized when title transfers or services are rendered, as follows: | |||
a) | Revenue from the sale of licenses is recognized when the title of the license transfers to the customer. | ||
b) | Revenue from implementation services performed is recognized upon completion of the service. | ||
c) | Revenue from support services is recognized as earned. | ||
d) | Revenue from telecommunications and hosted services are recognized when billed, which occurs in the month the services are provided. | ||
The Company invoices 100% of the implementation services and requires customers to pay a non-refundable deposit prior to any services being performed. The Company recognizes the customer deposit as unearned revenue until either completion of the implementation or upon the contract being cancelled at which time the revenue is recognized. The uncollected portion of the implementation invoice is recorded as customer deposits until collection has occurred, completion of the implementation services, or upon the contract being cancelled. | |||
The Company invoices support services at the beginning of the term and recognizes the revenue over the term of the agreement. | |||
Foreign Currency Translation [Policy Text Block] | ' | ||
Foreign Currency Translation | |||
The financial statements are presented in United States dollars. In accordance with Statement of Financial Accounting Standards No. 52, �?Foreign Currency Translation�?, foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenue and expenses are translated at average rates of exchange during the year. Related translation adjustments are reported as a separate component of stockholders�? deficit, whereas gains or losses resulting from foreign currency transactions are included in the results of operations. | |||
Fair Value of Financial Instruments [Policy Text Block] | ' | ||
Fair Value of Financial Instruments | |||
In accordance with the requirements of SFAS No. 107, the Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate carrying value due to the short-term maturity of the instruments. | |||
Income Taxes [Policy Text Block] | ' | ||
Income Taxes The Company accounts for income taxes under a method which requires the Company to recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Companys financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements carrying amounts and tax basis of assets and liabilities using enacted tax rates. The Company presently prepares its tax returns on the cash basis and financial statement on the accrual basis. No deferred tax assets or liabilities have been recognized at this time, since the Company has shown losses for both tax and financial reporting. | |||
Stock-Based Compensation [Policy Text Block] | ' | ||
Stock-Based Compensation Prior to January 1, 2006, the Company accounted for stock-based awards under the recognition and measurement provisions of Accounting Principles Board Opinion (APB) No. 25, -"Accounting for Stock Issued to Employees" using the intrinsic value method of accounting, under which compensation expense was only recognized if the exercise price of the Companys employee stock options was less than the market price of the underlying common stock on the date of grant. Effective January 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123R -"Share Based Payments" , using the modified prospective transition method. Under that transition method, compensation cost is recognized for all share-based payments granted prior to, but not yet vested as of January 1, 2006, based on the grant date fair value estimated in accordance with the original provisions of SFAS No. 123, and compensation cost for all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of SFAS 123R. | |||
All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. | |||
Loss per Share [Policy Text Block] | ' | ||
Loss per Share The Company computes net earnings (loss) per share in accordance with SFAS No. 128, Earnings per Share. SFAS No. 128 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. | |||
Risk Management [Policy Text Block] | ' | ||
Risk Management The Company is exposed to credit risk through accounts receivable and therefore, the Company maintains adequate provisions for potential credit losses. | |||
The Company�?s functional currency is the United States dollar. The Company operates in foreign jurisdictions, giving rise to exposure to market risks from changes in foreign currency rates. The financial risk to the Company's operations arises from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. | |||
Recent Accounting Pronouncements [Policy Text Block] | ' | ||
Recent Accounting Pronouncements | |||
In January 2011, the FASB issued ASU 2011-01, Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20 ( Receivables Topic 310), which is effective upon issuance. This update defers the effective date of the disclosures required under ASU 2010-20 to be concurrent with the effective date of the guidance for determining what constitutes a troubled debt restricting as presented in proposed ASU update: Receivables (Topic 310) Clarifications to Accounting for Troubled Debt Restructurings by Creditors . This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In April 2011, the FASB issued ASU 2011-03, Reconsideration of Effective Control for Repurchase Agreements (Transfers and Service Pricing Topic 860), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update provides on the accounting for repurchase agreements (repos) and other agreements that entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFS (Fair Value Measurement Topic 820), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update explains how to measure fair value. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In June 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income (Comprehensive Income Topic 220), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update provides guidance on improving the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This standard did not have an effect on the Company's reported financial position or results of operations | |||
In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment ( Intangibles - Goodwill and Other Topic 350), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update simplifies how entities test goodwill for impairment by permitting them to use qualitative factors to first to determine whether an impairment is more likely or not. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In September 2011, the FASB issued ASU 2011-09, Disclosures about an Employer's Participation in a Multiemployer Plan ( Compensation - Retirement Benefits - Multiemployer Plans Topic 715-80), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update requires increased disclosure from Company's participating in a Multiemployer Plan. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities ( Balance Sheet Topic 210), which is effective for financial statements issued for interim and annual periods beginning on or after January 1, 2013. This update facilitates comparison between financial statements presented under US GAAP and financial statements prepared under IFRS. This standard is not expected to have an effect on the Company's reported financial position or results of operations. | |||
In December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05 ( Comprehensive Income Topic 220), which is effective for financial statements issued for interim and annual periods beginning on or after December 15, 2011. This update defers some of the requirements relating to the reclassification of items out of Other Comprehensive Income under ASU 2011-05. This standard did not have an effect on the Company's reported financial position or results of operations. | |||
In July 2012, the FASB issued ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment ( Intangibles - Goodwill and Other Topic 350), which is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. This update simplifies how an entity tests these assets for impairment and tries to improve the consistency in testing guidance among long-lived asset categories. This standard is not expected to have an effect on the Company's reported financial position or results of operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | ||
Sep. 30, 2012 | |||
Schedule of Expected Amortization Expense [Table Text Block] | ' | ||
Computer equipment | - | 30% declining balance basis | |
Computer software | - | 30% declining balance basis | |
Equipment | - | 20% declining balance basis |
FIXED_ASSETS_Tables
FIXED ASSETS (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2012 | Dec. 31, 2011 | |||||||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | ' | ' | ||||||||||||||||||
30-Sep-12 | 31-Dec-11 | |||||||||||||||||||
Accumulated | Accumulated | |||||||||||||||||||
Cost | Amortization | Net Book Value | Cost | Amortization | Net Book Value | |||||||||||||||
Computer equipment | $ | 344,252 | $ | 326,939 | $ | 17,313 | Computer equipment | $ | 344,252 | $ | 321,912 | $ | 22340 | |||||||
Computer equipment capital lease | 156,746 | 48,247 | 108,499 | Computer equipment capital lease | 137,790 | 20,669 | 117,121 | |||||||||||||
Computer software | 289,028 | 105,217 | 183,811 | Computer software | 75,128 | 72,552 | 2,576 | |||||||||||||
Equipment | 10,576 | 10,260 | 316 | Equipment | 10,576 | 10,205 | 371 | |||||||||||||
$ | 800,602 | $ | 490,663 | $ | 309,939 | $ | 567,746 | $ | 425,338 | $ | 142,408 |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 9 Months Ended | |||
Sep. 30, 2012 | ||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||
2012 | $ | 29,323 | ||
2013 | 130,604 | |||
2014 | 69,039 |
CAPITAL_LEASE_Tables
CAPITAL LEASE (Tables) | 9 Months Ended | |||
Sep. 30, 2012 | ||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | |||
2012 | $ | 13,386 | ||
2013 | 30,029 | |||
2014 | 5,043 |
CAPITAL_STOCK_Tables
CAPITAL STOCK (Tables) | 9 Months Ended | ||||||
Sep. 30, 2012 | |||||||
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | ' | ||||||
Weighted | |||||||
Number of | Average | ||||||
Warrants | Exercise Price | ||||||
Balance, December 31, 2010 | - | - | |||||
Issued | 6,569,444 | 0.23 | |||||
Balance, December 31, 2011 | 6,569,444 | 0.23 | |||||
Issued | 2,009,863 | 0.25 | |||||
Balance, September 30, 2012 | 8,579,307 | 0.23 | |||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | ||||||
Warrants | |||||||
outstanding | Exercise price | Expiration date | |||||
$ | |||||||
2,000,000 | 0.25 | 31-Dec-12 | |||||
569,444 | 0 | 31-Dec-12 | |||||
4,000,000 | 0.25 | 30-Jun-13 | |||||
409,863 | 0.25 | 8-Oct-13 | |||||
841,270 | 0.25 | 11-Oct-13 | |||||
758,730 | 0.25 | 30-Nov-13 | |||||
8,579,307 |
RESTATEMENT_OF_CONSOLIDATED_FI1
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (restated) (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2012 | ||||||||||
RESTATEMENT OF CONSOLIDATED BALANCE SHEET [Table Text Block] | ' | |||||||||
As Previously | Restatement | |||||||||
Reported | As Restated | Adjustments | ||||||||
September 30, | September 30, | September 30, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||
$ | $ | $ | ||||||||
Liabilities and Stockholders’ Equity (Deficiency) | ||||||||||
Current liabilities | ||||||||||
Accounts payable and accrued charges | 1,129,472 | 1,222,303 | 92,831 | |||||||
Total current liabilities | 4,299,731 | 4,395,562 | 92,831 | |||||||
Stockholders' equity (deficiency) | ||||||||||
Accumulated deficit | (14,118,160 | ) | (14,189,699 | ) | (71,539 | ) | ||||
(190,300 | ) | (261,839 | ) | (71,539 | ) | |||||
Non-controlling interest | (21,690 | ) | (42,982 | ) | (21,292 | ) | ||||
(211,990 | ) | (304,821 | ) | (92,831 | ) | |||||
RESTATEMENT OF CONSOLIDATED STATEMENT OF OPERATIONS [Table Text Block] | ' | |||||||||
As Previously | Restatement | |||||||||
Reported | As Restated | Adjustment | ||||||||
Nine months | Nine months | Nine months | ||||||||
ended | ended | ended | ||||||||
September 30, | September 30, | September 30, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||
$ | $ | $ | ||||||||
Revenue | ||||||||||
Sales | 452,891 | 579,152 | 126,261 | |||||||
Cost of Sales | 276,300 | 542,834 | 266,534 | |||||||
Gross Profit | 176,591 | 36,318 | (140,273 | ) | ||||||
Net Loss Before Other Items | (2,695,971 | ) | (2,836,244 | ) | (140,273 | ) | ||||
Net Loss Before Income Taxes | (3,501,424 | ) | (3,641,697 | ) | (140,273 | ) | ||||
Net Loss Before Non-Controlling Interest | (3,503,823 | ) | (3,644,096 | ) | (140,273 | ) | ||||
Non-Controlling Interest | (1,011,811 | ) | (1,080,545 | ) | (68,734 | ) | ||||
Net Loss Attributable to Alternet Systems Inc. | (2,492,012 | ) | (2,563,551 | ) | (71,539 | ) | ||||
Total Comprehensive Loss | (2,492,012 | ) | (2,563,551 | ) | (71,539 | ) | ||||
RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOWS [Table Text Block] | ' | |||||||||
Period ended | Period ended | Period ended | ||||||||
September 30, | September 30, | September 30, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||
$ | $ | $ | ||||||||
Operating Activities | ||||||||||
Net income attributable to Alternet Systems Inc. | (2,492,012 | ) | (2,563,551 | ) | (71,539 | ) | ||||
Non-controlling interest | (1,011,811 | ) | (1,080,545 | ) | (68,734 | ) | ||||
Changes in non-cash working capital: | ||||||||||
Accounts payable and accrued charges | 79,142 | 219,415 | 140,273 | |||||||
RESTATEMENT OF STOCKHOLDERS EQUITY (DEFICIENCY) [Table Text Block] | ' | |||||||||
Period ended | Period ended | Period ended | ||||||||
September 30, | September 30, | September 30, | ||||||||
2012 | 2012 | 2012 | ||||||||
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY | ||||||||||
(DEFICIENCY) | ||||||||||
$ | $ | $ | ||||||||
Adjustment to non-controlling interest accounts payable | - | 47,442 | 47,442 | |||||||
Non-controlling interest | (21,690 | ) | (42,982 | ) | (21,292 | ) | ||||
Net Loss | (2,492,012 | ) | (2,563,551 | ) | (71,539 | ) |
NATURE_OF_OPERATIONS_AND_BASIS1
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Nature Of Operations And Basis Of Presentation 1 | 51.00% |
Nature Of Operations And Basis Of Presentation 2 | $5,100 |
Nature Of Operations And Basis Of Presentation 3 | 60.00% |
Nature Of Operations And Basis Of Presentation 4 | 6,000 |
Nature Of Operations And Basis Of Presentation 5 | 100.00% |
Nature Of Operations And Basis Of Presentation 6 | $2,107,967 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2012 | |
Summary Of Significant Accounting Policies 1 | 51.00% |
Summary Of Significant Accounting Policies 2 | 60.00% |
Summary Of Significant Accounting Policies 3 | 100.00% |
INTELLECTUAL_PROPERTY_Narrativ
INTELLECTUAL PROPERTY (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Intellectual Property 1 | $68,900 |
Intellectual Property 2 | 68,900 |
Intellectual Property 3 | $1,500,000 |
CONVERTIBLE_DEBENTURE_NOTES_AN1
CONVERTIBLE DEBENTURE NOTES AND OTHER LOANS (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
warrant | |
D | |
Convertible Debenture Notes And Other Loans 1 | $50,000 |
Convertible Debenture Notes And Other Loans 2 | 8.00% |
Convertible Debenture Notes And Other Loans 3 | 50.00% |
Convertible Debenture Notes And Other Loans 4 | 30 |
Convertible Debenture Notes And Other Loans 5 | 136,252 |
Convertible Debenture Notes And Other Loans 6 | 2,265,207 |
Convertible Debenture Notes And Other Loans 7 | 100,000 |
Convertible Debenture Notes And Other Loans 8 | 12.00% |
Convertible Debenture Notes And Other Loans 9 | 80.00% |
Convertible Debenture Notes And Other Loans 10 | 30 |
Convertible Debenture Notes And Other Loans 11 | 50,640 |
Convertible Debenture Notes And Other Loans 12 | 3,331,604 |
Convertible Debenture Notes And Other Loans 13 | 61,500 |
Convertible Debenture Notes And Other Loans 14 | 853,163 |
Convertible Debenture Notes And Other Loans 15 | 152,916 |
Convertible Debenture Notes And Other Loans 16 | 50.00% |
Convertible Debenture Notes And Other Loans 17 | 10 |
Convertible Debenture Notes And Other Loans 18 | 4.99% |
Convertible Debenture Notes And Other Loans 19 | 113,750 |
Convertible Debenture Notes And Other Loans 20 | 4,457,699 |
Convertible Debenture Notes And Other Loans 21 | 72,833 |
Convertible Debenture Notes And Other Loans 22 | 1,220,363 |
Convertible Debenture Notes And Other Loans 23 | 25,000 |
Convertible Debenture Notes And Other Loans 24 | 12.00% |
Convertible Debenture Notes And Other Loans 25 | 50.00% |
Convertible Debenture Notes And Other Loans 26 | 10 |
Convertible Debenture Notes And Other Loans 27 | 15,000 |
Convertible Debenture Notes And Other Loans 28 | 10.00% |
Convertible Debenture Notes And Other Loans 29 | 50.00% |
Convertible Debenture Notes And Other Loans 30 | 10 |
Convertible Debenture Notes And Other Loans 31 | 100,000 |
Convertible Debenture Notes And Other Loans 32 | 10.00% |
Convertible Debenture Notes And Other Loans 33 | 50.00% |
Convertible Debenture Notes And Other Loans 34 | 10 |
Convertible Debenture Notes And Other Loans 35 | 113,333 |
Convertible Debenture Notes And Other Loans 36 | 2,138,358 |
Convertible Debenture Notes And Other Loans 37 | 2,138,358 |
Convertible Debenture Notes And Other Loans 38 | 44,438 |
Convertible Debenture Notes And Other Loans 39 | 10.00% |
Convertible Debenture Notes And Other Loans 40 | 0.075 |
Convertible Debenture Notes And Other Loans 41 | 44,840 |
Convertible Debenture Notes And Other Loans 42 | 60,000 |
Convertible Debenture Notes And Other Loans 43 | 10.00% |
Convertible Debenture Notes And Other Loans 44 | 0.075 |
Convertible Debenture Notes And Other Loans 45 | 60,082 |
Convertible Debenture Notes And Other Loans 46 | 20,000 |
Convertible Debenture Notes And Other Loans 47 | 8.00% |
Convertible Debenture Notes And Other Loans 48 | 27,000 |
Convertible Debenture Notes And Other Loans 49 | 444,079 |
Convertible Debenture Notes And Other Loans 50 | 20,000 |
Convertible Debenture Notes And Other Loans 51 | 10.00% |
Convertible Debenture Notes And Other Loans 52 | 2,598 |
Convertible Debenture Notes And Other Loans 53 | 117 |
Convertible Debenture Notes And Other Loans 54 | 5,000 |
Convertible Debenture Notes And Other Loans 55 | 10.00% |
Convertible Debenture Notes And Other Loans 56 | 5,736 |
Convertible Debenture Notes And Other Loans 57 | 284 |
Convertible Debenture Notes And Other Loans 58 | 8,988 |
Convertible Debenture Notes And Other Loans 59 | 10.00% |
Convertible Debenture Notes And Other Loans 60 | 10,308 |
Convertible Debenture Notes And Other Loans 61 | 260 |
Convertible Debenture Notes And Other Loans 62 | 100,000 |
Convertible Debenture Notes And Other Loans 63 | 10.00% |
Convertible Debenture Notes And Other Loans 64 | 110,000 |
Convertible Debenture Notes And Other Loans 65 | 733,333 |
Convertible Debenture Notes And Other Loans 66 | 100,000 |
Convertible Debenture Notes And Other Loans 67 | 12.00% |
Convertible Debenture Notes And Other Loans 68 | 2,203 |
Convertible Debenture Notes And Other Loans 69 | 102,466 |
Convertible Debenture Notes And Other Loans 70 | 683,105 |
Convertible Debenture Notes And Other Loans 71 | 409,863 |
Convertible Debenture Notes And Other Loans 72 | $0.25 |
Convertible Debenture Notes And Other Loans 73 | 409,863 |
Convertible Debenture Notes And Other Loans 74 | 113,889 |
Convertible Debenture Notes And Other Loans 75 | 400,000 |
Convertible Debenture Notes And Other Loans 76 | 152,778 |
Convertible Debenture Notes And Other Loans 77 | 16,438 |
Convertible Debenture Notes And Other Loans 78 | 200,000 |
Convertible Debenture Notes And Other Loans 79 | 24.00% |
Convertible Debenture Notes And Other Loans 80 | 211,836 |
Convertible Debenture Notes And Other Loans 81 | 21,311 |
Convertible Debenture Notes And Other Loans 82 | 0 |
Convertible Debenture Notes And Other Loans 83 | 233,147 |
Convertible Debenture Notes And Other Loans 84 | 103,125 |
Convertible Debenture Notes And Other Loans 85 | 19,730 |
Convertible Debenture Notes And Other Loans 86 | 10.00% |
Convertible Debenture Notes And Other Loans 87 | 983,445 |
Convertible Debenture Notes And Other Loans 88 | 983,445 |
Convertible Debenture Notes And Other Loans 89 | 126,667 |
Convertible Debenture Notes And Other Loans 90 | 4,255 |
Convertible Debenture Notes And Other Loans 91 | 10.00% |
Convertible Debenture Notes And Other Loans 92 | 1,048,016 |
Convertible Debenture Notes And Other Loans 93 | 1,048,016 |
Convertible Debenture Notes And Other Loans 94 | 75,833 |
Convertible Debenture Notes And Other Loans 95 | 16,473 |
Convertible Debenture Notes And Other Loans 96 | 10.00% |
Convertible Debenture Notes And Other Loans 97 | 597,277 |
Convertible Debenture Notes And Other Loans 98 | 597,277 |
Convertible Debenture Notes And Other Loans 99 | 58,333 |
Convertible Debenture Notes And Other Loans 100 | $17,089 |
Convertible Debenture Notes And Other Loans 101 | 10.00% |
Convertible Debenture Notes And Other Loans 102 | 528,116 |
Convertible Debenture Notes And Other Loans 103 | 528,116 |
LONGTERM_DEBT_Narrative_Detail
LONG-TERM DEBT (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Long-term Debt 1 | $213,900 |
Long-term Debt 2 | 47,058 |
Long-term Debt 3 | 35,000 |
Long-term Debt 4 | 35,495 |
Long-term Debt 5 | 7.51 |
Long-term Debt 6 | 228,966 |
Long-term Debt 7 | $0 |
CAPITAL_LEASE_Narrative_Detail
CAPITAL LEASE (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
M | |
Capital Lease 1 | 24 |
Capital Lease 2 | $3,620 |
Capital Lease 3 | 0.15% |
Capital Lease 4 | 27,396 |
Capital Lease 5 | 55,132 |
Capital Lease 6 | 24 |
Capital Lease 7 | 668 |
Capital Lease 8 | 0.13% |
Capital Lease 9 | 7,485 |
Capital Lease 10 | 12,509 |
Capital Lease 11 | 2,777 |
Capital Lease 12 | 24 |
Capital Lease 13 | 396 |
Capital Lease 14 | 0.13% |
Capital Lease 15 | 7,718 |
Capital Lease 16 | 0 |
Capital Lease 17 | 1,956 |
Capital Lease 18 | 24 |
Capital Lease 19 | 282 |
Capital Lease 20 | 0.16% |
Capital Lease 21 | 5,859 |
Capital Lease 22 | $0 |
CAPITAL_STOCK_Narrative_Detail
CAPITAL STOCK (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
D | |
warrant | |
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 | 0.05% |
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 | 3,333,333 |
Capital Stock 14 | 500,000 |
Capital Stock 15 | 6,097,282 |
Capital Stock 16 | 1,235,999 |
Capital Stock 17 | 2,138,358 |
Capital Stock 18 | 113,333 |
Capital Stock 19 | 337,500 |
Capital Stock 20 | 63,000 |
Capital Stock 21 | 1,402,116 |
Capital Stock 22 | $0.15 |
Capital Stock 23 | 210,317 |
Capital Stock 24 | 1,264,550 |
Capital Stock 25 | $0.15 |
Capital Stock 26 | 189,683 |
Capital Stock 27 | 500,000 |
Capital Stock 28 | 15,000 |
Capital Stock 29 | 10,024,012 |
Capital Stock 30 | 1,275,395 |
Capital Stock 31 | 2,037,500 |
Capital Stock 32 | 248,625 |
Capital Stock 33 | 4,189,000 |
Capital Stock 34 | 528,070 |
Capital Stock 35 | 3,333,333 |
Capital Stock 36 | $0.15 |
Capital Stock 37 | 500,000 |
Capital Stock 38 | 1,935,000 |
Capital Stock 39 | $0.10 |
Capital Stock 40 | 193,500 |
Capital Stock 41 | 600,000 |
Capital Stock 42 | $0.15 |
Capital Stock 43 | 90,000 |
Capital Stock 44 | 3,333,333 |
Capital Stock 45 | $0.15 |
Capital Stock 46 | 500,000 |
Capital Stock 47 | 2,138,358 |
Capital Stock 48 | 113,333 |
Capital Stock 49 | 350,000 |
Capital Stock 50 | 400,000 |
Capital Stock 51 | 350,000 |
Capital Stock 52 | 480,362 |
Capital Stock 53 | 630,362 |
Capital Stock 64 | 3,333,333 |
Capital Stock 65 | 2,000,000 |
Capital Stock 66 | $0.25 |
Capital Stock 67 | 207,846 |
Capital Stock 68 | 0.00% |
Capital Stock 69 | 0.00% |
Capital Stock 70 | 2.73% |
Capital Stock 71 | 569,444 |
Capital Stock 72 | 0.284722 |
Capital Stock 73 | 68,333 |
Capital Stock 74 | 0.00% |
Capital Stock 75 | 0.00% |
Capital Stock 76 | 2.73% |
Capital Stock 77 | 4,000,000 |
Capital Stock 78 | $0.25 |
Capital Stock 79 | 398,752 |
Capital Stock 80 | 1.53 |
Capital Stock 81 | 0.00% |
Capital Stock 82 | 0.00% |
Capital Stock 83 | 1.81% |
Capital Stock 84 | 409,863 |
Capital Stock 85 | $0.25 |
Capital Stock 86 | 85,198 |
Capital Stock 87 | 1.5 |
Capital Stock 88 | 0.00% |
Capital Stock 89 | 0.00% |
Capital Stock 90 | 1.79% |
Capital Stock 91 | 1,402,116 |
Capital Stock 92 | 841,271 |
Capital Stock 93 | $0.25 |
Capital Stock 94 | 122,122 |
Capital Stock 95 | 1.42 |
Capital Stock 96 | 0.00% |
Capital Stock 97 | 0.00% |
Capital Stock 98 | 1.80% |
Capital Stock 99 | 1,264,550 |
Capital Stock 100 | 758,730 |
Capital Stock 101 | $0.25 |
Capital Stock 102 | 89,840 |
Capital Stock 103 | 1.5 |
Capital Stock 104 | 0.00% |
Capital Stock 105 | 0.00% |
Capital Stock 106 | 1.72% |
Capital Stock 107 | 60 |
Capital Stock 108 | $0.40 |
Capital Stock 122 | 0.68 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Related Party Transactions 1 | $507,682 |
Related Party Transactions 2 | 282,801 |
Related Party Transactions 3 | 488,556 |
Related Party Transactions 4 | 282,801 |
Related Party Transactions 5 | 19,112 |
Related Party Transactions 6 | 37,220 |
Related Party Transactions 7 | 47,436 |
Related Party Transactions 8 | 47,368 |
Related Party Transactions 9 | 428,310 |
Related Party Transactions 10 | 185,393 |
Related Party Transactions 11 | 31,936 |
Related Party Transactions 12 | 50,040 |
Related Party Transactions 13 | 662,500 |
Related Party Transactions 14 | 767,870 |
Related Party Transactions 15 | 300,417 |
Related Party Transactions 16 | 185,393 |
Related Party Transactions 17 | 113,958 |
Related Party Transactions 18 | 354,907 |
Related Party Transactions 19 | 248,125 |
Related Party Transactions 20 | 227,570 |
Related Party Transactions 21 | 305,625 |
Related Party Transactions 22 | 40,457 |
Related Party Transactions 23 | 2,628,738 |
Related Party Transactions 24 | 3,931,030 |
Related Party Transactions 25 | 480,536 |
Related Party Transactions 26 | 1,539,000 |
Related Party Transactions 27 | 187,570 |
Related Party Transactions 28 | 1,191,912 |
Related Party Transactions 29 | 6,674,709 |
Related Party Transactions 30 | 1,552,258 |
Related Party Transactions 31 | 6,674,709 |
Related Party Transactions 32 | 79,320 |
Related Party Transactions 33 | 369,682 |
Related Party Transactions 34 | 1,049,000 |
Related Party Transactions 35 | 4,510,700 |
Related Party Transactions 36 | 298,411 |
Related Party Transactions 37 | 388,628 |
Related Party Transactions 38 | 1,671,100 |
Related Party Transactions 39 | 22,005 |
Related Party Transactions 40 | 123,227 |
Related Party Transactions 41 | 114,630 |
Related Party Transactions 42 | 492,909 |
Related Party Transactions 43 | 335,420 |
Related Party Transactions 44 | $0 |
DEFERRED_COMPENSATION_Narrativ
DEFERRED COMPENSATION (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Deferred Compensation 1 | 1,200,000 |
Deferred Compensation 2 | $159,000 |
Deferred Compensation 3 | 900,000 |
Deferred Compensation 4 | 300,000 |
Deferred Compensation 5 | 30,000 |
Deferred Compensation 6 | 129,000 |
Deferred Compensation 7 | 250,000 |
Deferred Compensation 8 | 32,500 |
Deferred Compensation 9 | 5,000 |
Deferred Compensation 10 | 10,000 |
Deferred Compensation 11 | 250,000 |
Deferred Compensation 12 | 0 |
Deferred Compensation 13 | $76,082 |
RESTATEMENT_OF_CONSOLIDATED_FI2
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (restated) (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Restatement Of Consolidated Financial Statements (restated) 1 | $126,621 |
Restatement Of Consolidated Financial Statements (restated) 2 | 266,534 |
Restatement Of Consolidated Financial Statements (restated) 3 | 68,734 |
Restatement Of Consolidated Financial Statements (restated) 4 | 92,831 |
Restatement Of Consolidated Financial Statements (restated) 5 | $21,292 |
SUBSEQUENT_EVENTS_Narrative_De
SUBSEQUENT EVENTS (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Subsequent Events 1 | $80,000 |
Subsequent Events 2 | 10.00% |
Subsequent Events 3 | 0.075 |
Subsequent Events 4 | $233,147 |
Schedule_of_Expected_Amortizat
Schedule of Expected Amortization Expense (Details) | 9 Months Ended |
Sep. 30, 2012 | |
Summary Of Significant Accounting Policies Schedule Of Expected Amortization Expense 2 | 30.00% |
Summary Of Significant Accounting Policies Schedule Of Expected Amortization Expense 4 | 30.00% |
Summary Of Significant Accounting Policies Schedule Of Expected Amortization Expense 6 | 20.00% |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2012 | Dec. 31, 2011 | |
Fixed Assets Schedule Of Property, Plant And Equipment 1 | $344,252 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 2 | 326,939 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 3 | 17,313 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 4 | 156,746 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 5 | 48,247 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 6 | 108,499 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 7 | 289,028 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 8 | 105,217 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 9 | 183,811 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 10 | 10,576 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 11 | 10,260 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 12 | 316 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 13 | 800,602 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 14 | 490,663 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 15 | 309,939 | ' |
Fixed Assets Schedule Of Property, Plant And Equipment 1 | ' | 344,252 |
Fixed Assets Schedule Of Property, Plant And Equipment 2 | ' | 321,912 |
Fixed Assets Schedule Of Property, Plant And Equipment 3 | ' | 22,340 |
Fixed Assets Schedule Of Property, Plant And Equipment 3 | ' | 137,790 |
Fixed Assets Schedule Of Property, Plant And Equipment 4 | ' | 20,669 |
Fixed Assets Schedule Of Property, Plant And Equipment 5 | ' | 117,121 |
Fixed Assets Schedule Of Property, Plant And Equipment 6 | ' | 75,128 |
Fixed Assets Schedule Of Property, Plant And Equipment 7 | ' | 72,552 |
Fixed Assets Schedule Of Property, Plant And Equipment 8 | ' | 2,576 |
Fixed Assets Schedule Of Property, Plant And Equipment 9 | ' | 10,576 |
Fixed Assets Schedule Of Property, Plant And Equipment 10 | ' | 10,205 |
Fixed Assets Schedule Of Property, Plant And Equipment 11 | ' | 371 |
Fixed Assets Schedule Of Property, Plant And Equipment 12 | ' | 567,746 |
Fixed Assets Schedule Of Property, Plant And Equipment 13 | ' | 425,338 |
Fixed Assets Schedule Of Property, Plant And Equipment 14 | ' | $142,408 |
Schedule_of_Longterm_Debt_Inst
Schedule of Long-term Debt Instruments (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Long-term Debt Schedule Of Long-term Debt Instruments 1 | $29,323 |
Long-term Debt Schedule Of Long-term Debt Instruments 2 | 130,604 |
Long-term Debt Schedule Of Long-term Debt Instruments 3 | $69,039 |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments for Capital Leases (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 1 | $13,386 |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 2 | 30,029 |
Capital Lease Schedule Of Future Minimum Lease Payments For Capital Leases 3 | $5,043 |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | $0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | 6,569,444 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | 0.23 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | 6,569,444 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | 0.23 |
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 | $8,579,307 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 10 | 0.23 |
Schedule_of_Stockholders_Equit1
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $2,000,000 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | 0.25 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 3 | 569,444 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 4 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 5 | 4,000,000 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 6 | 0.25 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 7 | 409,863 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 8 | 0.25 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 9 | 841,270 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 10 | 0.25 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 11 | 758,730 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 12 | 0.25 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 13 | $8,579,307 |
RESTATEMENT_OF_CONSOLIDATED_BA
RESTATEMENT OF CONSOLIDATED BALANCE SHEET (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 1 | $1,129,472 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 2 | 1,222,303 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 3 | 92,831 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 4 | 4,299,731 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 5 | 4,395,562 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 6 | 92,831 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 7 | -14,118,160 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 8 | -14,189,699 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 9 | -71,539 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 10 | -190,300 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 11 | -261,839 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 12 | -71,539 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 13 | -21,690 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 14 | -42,982 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 15 | -21,292 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 16 | -211,990 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Balance Sheet 17 | -304,821 |
Restatement Of Consolidated Financial Statements (restated) 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, 2012 | |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 1 | $452,891 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 2 | 579,152 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 3 | 126,261 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 4 | 276,300 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 5 | 542,834 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 6 | 266,534 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 7 | 176,591 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 8 | 36,318 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 9 | -140,273 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 10 | -2,695,971 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 11 | -2,836,244 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 12 | -140,273 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 13 | -3,501,424 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 14 | -3,641,697 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 15 | -140,273 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 16 | -3,503,823 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 17 | -3,644,096 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 18 | -140,273 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 19 | -1,011,811 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 20 | -1,080,545 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 21 | -68,734 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 22 | -2,492,012 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 23 | -2,563,551 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 24 | -71,539 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 25 | -2,492,012 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 26 | -2,563,551 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Operations 27 | ($71,539) |
RESTATEMENT_OF_CONSOLIDATED_ST1
RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOWS (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 1 | ($2,492,012) |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 2 | -2,563,551 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 3 | -71,539 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 4 | -1,011,811 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 5 | -1,080,545 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 6 | -68,734 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 7 | 79,142 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 8 | 219,415 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Consolidated Statement Of Cash Flows 9 | $140,273 |
RESTATEMENT_OF_STOCKHOLDERS_EQ
RESTATEMENT OF STOCKHOLDERS EQUITY (DEFICIENCY) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 1 | $0 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 2 | 47,442 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 3 | 47,442 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 4 | -21,690 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 5 | -42,982 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 6 | -21,292 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 7 | -2,492,012 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 8 | -2,563,551 |
Restatement Of Consolidated Financial Statements (restated) Restatement Of Stockholders Equity (deficiency) 9 | ($71,539) |