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NOTES PAYABLE, CONVERTIBLE OID - Shareholders | 6 Months Ended
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Jun. 30, 2013
NOTES PAYABLE, CONVERTIBLE OID - Shareholders [Abstract] |
NOTES PAYABLE, CONVERTIBLE OID - Shareholders | NOTE 8 - NOTES PAYABLE, CONVERTIBLE OID - Shareholders
|  | June 30, 2013 |  |  | December 31, 2012 |
Notes Payable - Convertible |  | Principal |  |  | Conversion to Common Stock |  |  | Unamort Discount |  |  | Principal, Net of Discount |  |  | Principal |  |  | Unamort Discount |  |  | Principal, Net of Discount |
Shareholder |  | $ | 68,750 |  |  |  |  |  |  | - |  |  | $ | 68,750 |  |  | $ | 68,750 |  |  | $ | (10,171 | ) |  | $ | 58,579 |
Shareholder |  |  | 13,750 |  |  |  | (13,750 | ) |  |  |  |  |  |  | - |  |  |  | 13,750 |  |  |  | (2,787 | ) |  |  | 10,963 |
|  | $ | 82,500 |  |  |  |  |  |  |  | - |  |  | $ | 68,750 |  |  | $ | 82,500 |  |  | $ | (12,958 | ) |  | $ | 69,542 |
On February 24, 2012, the Company received $62,500 from a shareholder in exchange for a one year original issue discount convertible note with detachable warrants. The face value of the note is $68,750. The $6,250 original issue discount is recorded as debt discount and expensed as interest over the term of the note. The convertible note payable is convertible into 4,125,000 shares of the Company's Class A common stock at a conversion rate of $0.017 per share. The Company has valued the beneficial conversion feature attached to the note using the intrinsic value method at $24,606. The five-year warrants to purchase 3,750,000 shares of the Company's Class A common stock at an exercise price of $0.033 were valued at a relative fair value of $37,894 based on using the Black-Scholes pricing model assuming a dividend yield of 0%, an expected volatility of 462.61%, and a risk free interest rate of .89%. The beneficial conversion feature and the relative fair value of the warrants are recorded as an increase to additional paid in capital and a discount to the note. On February 24, 2013, this note became due and payable. ISA is technically in default though no written notice has been received from the shareholder. The Company is in discussions with the shareholder regarding either converting the note or extending it for further periods. As of the date of this report discussions continue. The net value of the note at June 30, 2013 and December 31, 2012 was $68,750 and $58,579 respectively. On May 11, 2012, the Company received an additional investment of $12,500 from a shareholder in exchange for a one year original issue discount convertible note with detachable warrants. The face value of the note is $13,750. The $1,250 original issue discount is expensed as interest over the term of the note. The convertible note payable is convertible into 825,000 shares of the Company's Class A common stock at a conversion rate of $0.017 per share. The Company has valued the beneficial conversion feature attached to the note using the intrinsic value method at $1,545. The five-year warrants to purchase 825,000 shares of the Company's Class A common stock at an exercise price of $0.033 were valued at the relative fair value of $4,970 based on using the Black-Scholes pricing model assuming a dividend yield of 0%, an expected volatility of 462.61%, and a risk free interest rate of .096%. The beneficial conversion feature and the relative fair value of the warrants are recorded as an increase to additional paid in capital and a discount to the note. On May 11, 2013, the shareholder verbally requested to convert the note into 825,000 shares common stock. At the date of this report, the Company had not received the executed conversion documents and therefore has recorded the 825,000 shares in 'Common Stock to be Issued' (see Note 16). On May, 10th the Board of Directors adopted the resolution to issue this shareholder 250,000 shares as a condition of this additional investment. The Company originally issued the shareholder 750,000 shares, at $0.033 per share, for a $25,000 investment on July 14th, 2011. This investment was recalculated at .016 per share resulting in the additional 250,000 shares. These shares were issued on May 23rd, 2013 (see Note 14). The Company recorded an additional expense of $1,833 related to the share issuance based on the quoted share price on the grant date of $0.022.

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