BigString CORP - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 17, 2011

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EXCEL - IDEA: XBRL DOCUMENT - BigString CORPFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - BigString CORPR4.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR2.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR6.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR7.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR1.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR3.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR8.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR5.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR9.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR18.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR15.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR13.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR19.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR21.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR16.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR11.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR20.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR12.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR14.htm
XML - IDEA: XBRL DOCUMENT - BigString CORPR17.htm
EX-32.1 - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT - BigString CORPf10q0911ex32i_bigstring.htm
EX-32.2 - CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT - BigString CORPf10q0911ex32ii_bigstring.htm
EX-31.2 - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT - BigString CORPf10q0911ex31ii_bigstring.htm
10-Q - QUARTERLY REPORT - BigString CORPf10q0911_bigstring.htm
EX-31.1 - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT - BigString CORPf10q0911ex31i_bigstring.htm
v2.3.0.15
FAIR VALUE MEASUREMENTS
9 Months Ended
Sep. 30, 2011
Fair Value Disclosures [Abstract] 
Fair Value Disclosures [Text Block]
NOTE 3. FAIR VALUE MEASUREMENTS
 
The Company utilizes the accounting guidance for fair value measurements and disclosures for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis or on a nonrecurring basis during the reporting period. The fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. The accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  These tiers are defined as follows:
 
Level 1 - Observable inputs such as quoted market prices in active markets.
 
Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable.
 
Level 3 - Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.
 
As of September 30, 2011 and December 31, 2010, the Company held certain financial assets that are measured at fair value on a recurring basis. These consisted of cash and cash equivalents and investments. The fair value of the cash and cash equivalents is determined based on quoted market prices in public markets and is categorized as Level 1. The fair value of BigString’s investment in PeopleString at September 30, 2011 was determined based on quoted market prices in public markets and is categorized as Level 1. However, BigString’s investment in PeopleString at December 31, 2010 was determined based on a private placement per share purchase price for PeopleString’s common stock and was categorized as Level 2. The Company does not have any financial assets measured at fair value on a recurring basis as Level 3 and there were no transfers in or out of Level 3 during the nine months ended September 30, 2011 and the year ended December 31, 2010.
 
The following table sets forth by level, within the fair value hierarchy, the Company’s financial assets accounted for at fair value on a recurring basis as of September 30, 2011 and December 31, 2010:
 
         
Assets at Fair Value at Period End, Using
 
         
Quoted Prices in Active Markets for Identical Assets
   
Significant Other Observable Inputs
   
Significant Unobservable Inputs
 
Assets:
 
Total
   
(Level 1)
   
(Level 2)
   
(Level 3)
 
September 30, 2011
                       
Cash and cash equivalents
  $ 382,030     $ 382,030     $ -     $ -  
Investments
    876,096       876,096       -       -  
    $ 1,258,126     $ 1,258,126     $ -     $ -  
December 31, 2010
                               
Cash and cash equivalents
  $ 15,225     $ 15,225     $ -     $ -  
Investments
    1,250,000       -       1,250,000       -  
    $ 1,265,225     $ 15,225     $ 1,250,000     $ -  
 
There were no financial assets accounted for at fair value on a nonrecurring basis at September 30, 2011 and December 31, 2010.
 
The Company has other financial instruments, such as receivables, accounts payable and other liabilities which have been excluded from the table above. Due to the short-term nature of these instruments, the carrying value of receivables, accounts payable and other liabilities approximate their fair values. The Company did not have any other financial instruments within the scope of the fair value disclosure requirements as of September 30, 2011 and December 31, 2010.

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