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Fair Value Measurement of Assets and Liabilities
 9 Months Ended
Sep. 30, 2012
Fair Value Measurement Of Assets and Liabilities [Abstract]  
Fair Value Measurement of Assets and Liabilities
 
5. Fair Value Measurement of Assets and Liabilities
 
Accounting guidance defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements about fair value measurements. The accounting guidance does not mandate any new fair-value measurements and is applicable to assets and liabilities that are required to be recorded at fair value under other accounting pronouncements.
 
The three levels of the fair-value hierarchy are described as follows:
 
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. As of September 30, 2012 and December 31, 2011, we had no level 1 assets or liabilities.
 
Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. As of September 30, 2012 and December 31, 2011, we had no level 2 assets or liabilities.
 
Level 3: Inputs other than Level 1 that are observable, either directly or indirectly. As of September 30, 2012 and December 31, 2011, we had no level 3 assets or liabilities. 
 
   
For the Nine
   
Months Ended
September 30, 2011
     
 Annual dividend yield
  
--
 Expected life (years)
  
0.08 – 3.0
 Risk-free interest rate
  
0.08%- 1.27%
 Expected volatility
  
110% - 263%
 
The assumptions above were used to value warrants granted to employees and consultants as well as the embedded conversion features associated with convertible debt for the nine months ended September 30, 2011.
 
On December 14, 2011, all of the outstanding convertible debt and accrued interest was paid or converted into shares of the Company’s common stock. As of December 31, 2011, the fair value of the embedded conversion features was $0.