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Restatement
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3 Months Ended |
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Mar. 31, 2012
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| Text Block [Abstract] | |
| Restatement |
Subsequent to the issuance of the Company’s March 31, 2012 and 2011 condensed consolidated financial statements, management became aware that certain instructional costs and services should have been accrued during the three months ended March 31, 2012. The resulting effect of the restatement in 2012 is an increase in current liabilities of $163,545, an increase in the net loss of $163,545, and an increase in the net loss per share by $0.01. Certain applicable portions of Notes 1 and 2 have also been revised accordingly. Additionally, these March 31, 2012 condensed consolidated financial statements have been restated to record the effects of a restatement of the December 31, 2011 and 2010 consolidated financial statements; the effects being a reduction of receivable from stockholder, secured – related party with a corresponding increase in the opening accumulated deficit of $2,209,960. On August 16, 2012 as a direct result of removing the receivable from the balance sheet, the Company rescinded the pledge agreements guaranteeing the receivable and returned the pledged shares to the three directors.
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