v2.4.0.8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

Anti-dilutive securities excluded from the computation of basic and diluted net loss per share are as follows:

		December 31,
		2013		2012
Warrants to purchase common stock		10,429,900		2,629,000
Options to purchase common stock		812,500		2,000,000
Shares issuable upon conversion of convertible notes and accrued interest		953,560		-
Series A Convertible Preferred Stock		2,457,269		2,200,000
Series B Convertible Preferred Stock		623,779		309,900
Totals		15,277,008		7,139,800

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

Financial liabilities as of December 31, 2013 and 2012 measured at fair value on a recurring basis are summarized below:

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

December 31,

Identical Assets

Inputs

Inputs

2013

(Level 1)

(Level 2)

(Level 3)

Derivative liabilities

$

1,248,943

$

—

$

—

$

1,248,943

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

December 31,

Identical Assets

Inputs

Inputs

2012

(Level 1)

(Level 2)

(Level 3)

Derivative liabilities

$

730,174

$

—

$

—

$

730,174

Schedule of Derivative Instruments [Table Text Block]

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis for the years ended December 31, 2013 and 2012:

		2013			2012
Balance - Beginning of period		$	730,174		$	580,000
Derivative instruments issued			438,375			83,673
Change in fair value of derivative liabilities			80,394			66,501
Balance - End of period		$	1,248,943		$	730,174

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-SubTopic 10

-Section 50

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

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-Section 50

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-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



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Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

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