Quarterly report pursuant to sections 13 or 15(d)

14. Gain on Extinguishment of Accounts Payable

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14. Gain on Extinguishment of Accounts Payable
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
14. Gain on Extinguishment of Accounts Payable

14. Gain on Extinguishment of Accounts Payable

In June of 2013, pursuant to the advice of counsel and based on applicable laws, the Company determined that it no longer had any liability pertaining to a trade payable in the amount $2,908,882. As a result, the Company derecognized the payable from its consolidated balance sheet at June 30, 2013 and recorded a corresponding gain on the extinguishment of debt.