Annual report pursuant to section 13 and 15(d)

BUSINESS AND OPERATIONS OF THE COMPANY (Tables)

v2.4.0.6
BUSINESS AND OPERATIONS OF THE COMPANY (Tables)
12 Months Ended
Dec. 31, 2012
BUSINESS AND OPERATIONS OF THE COMPANY [Abstract]  
Fair Value of Acquisition Consideration and Allocation of Fair Value of Assets and Liabilities
The acquisition was accounted for by the acquisition method of accounting and the fair value of the acquisition consideration was allocated to the fair value assets and liabilities as of the date of the acquisition as follows:

Fair value consideration given
     
Fair value assets acquired
     
  Cash
  $ 250,000  
  Transportation equipment
  $ 1,651,516  
  Equity instruments (232,170 shares)
    775,448  
  Real property
    71,000  
  Note payable (Note 10)
    300,000  
  Contractual based intangible asset
    855,601  
         
Fair value liabilities assumed
       
         
  Deferred taxes
  $ (561,855 )
         
  Equipment debt
    (584,186 )
         
  Income tax payable
    (106,628 )
Total
  $ 1,325,448  
Total
  $ 1,325,448