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DERIVATIVE LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2012
DERIVATIVE LIABILITIES (Tables)  
Fair value of derivative warrant liabilities with assumptions

The following tables highlight the significant areas of change:

 

 

Three Months Ended June 30, 2011

 

 

 

As Previously

 

 

 

 

 

 

 

 

 

Reported

 

 

Restated

 

 

 

 

 

 

June 30,2011

 

 

30-Jun-11

 

 

Change

 

Total Assets

 

$

9,276,182

 

 

$

9,276,182

 

 

$

-

 

Total Liabilities

 

$

(3,876,275

)

 

$

(9,773,989

)

 

$

(5,897,714

)

Stockholders' Equity

 

$

(5,399,907

)

 

$

(497,807

)

 

$

4,902,100

 

Net Income (Loss)

 

$

(3,198,781

)

 

$

(3,921,365

)

 

$

(722,584

)

Income (Loss) available to common stockholders

 

$

(3,198,781

)

 

$

(3,921,365

)

 

$

(722,584

)

Basic Loss per Share

 

$

(0.06

)

 

$

(0.07

)

 

$

(0.01

)
Changes in Fair Value of Derivative Liabilities

The following table sets forth the changes in the fair value of derivative liabilities for the year ended December 31, 2011 and the six months ended June, 2012:

 

Balance, December 31, 2010

 

$

(2,310,983

)

Change in Fair Value of Warrant Derivative Liability

 

 

1,237,803

 

Change in Fair Value of Beneficial Conversion Derivative Liability

 

 

(763,098

)

Adjustments to Warrant Derivative Liability

 

 

(2,749,453

)

Adjustment to Beneficial Conversion Derivative Liability

 

 

(260,599

)

Adjustment to Debenture Derivative Liability

 

 

(571,195

)

Balance, December 31, 2011

 

$

(5,417,525

)

Change in Fair Value of Warrant Derivative Liability

 

 

2,140,478

 

Change in Fair Value of Beneficial Conversion Derivative Liability

 

 

487,185

 

Change in Fair Value of Debenture Derivative Liability

 

 

(75,800

)

Adjustments to Warrant Derivative Liability

 

 

(118,000

)

Adjustment to Beneficial Conversion Derivative Liability

 

 

159,360

 

Adjustment to Debenture Derivative Liability

 

 

355,310

 

Balance, June 30, 2012

 

 

(2,468,992

)