SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Summery of deferred tax liability and valuation account

Deferred tax asset:	December 31, 2012			December 31, 2011
NOL Carryforward	$	3,982,819		$	3,945,838
Valuation allowance		(3,982,819	)		(3,945,838	)
	$	—		$	—

Valuation of financial instruments at fair value on a recurring basis

Fair Value Measurement at December 31, 2005

Level 1

Level 2

Level 3

Liabilities

Obligations

—

Fair Value Measurement at December 31, 2004

Level 1

Level 2

Level 3

Liabilities

Obligations

—

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details

VERSATECH USA 10-K/A