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v2.3.0.11
FAIR VALUE
6 Months Ended
Jun. 30, 2011
Fair Value Disclosures [Text Block]

NOTE 10 – FAIR VALUE


ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value:


Level 1 - Quoted prices in active markets for identical assets or liabilities.


Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.


Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.


To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement.


Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2011:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

Quoted
Prices in
Active
Markets for
Identical
Instruments
Level 1

 

Significant
Other
Observable
Inputs
Level 2

 

Significant
Unobservable
Inputs
Level 3

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale

 

$

1,299

 

$

1,299

 

$

 

$

 















Total

 

$

1,299

 

$

1,299

 

$

 

$

 

 

 



 



 



 



 


The following table provides a summary of changes in fair value of the Company’s Level 1 financial assets as of June 30, 2011:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2010

 

$

576,990

 

Security sold:

 

 

(554,191

)

Unrealized loss:

 

 

(21,500

)

 

 



 

Balance, June 30, 2011

 

1,299

 

 

 



 


The Company adopted the provisions of ASC 825-10 prospectively effective as of the beginning of Fiscal 2008. For financial assets and liabilities included within the scope of ASC 825-10, the Company will be required to adopt the provisions of ASC 825-10 prospectively as of the beginning of Fiscal 2009. The adoption of ASC 825-10 did not have a material impact on our consolidated financial position or results of operations.


The fair value of the assets, securities available for sale, at June 30, 2011 was grouped as Level 1 valuation as the market price was readily available.