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4. CONVERTIBLE NOTES PAYABLE AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2012

Convertible Notes Payable And Fair Value Measurements Tables

Short Term Convertible Debt

As of June 30, 2012, the following summarizes amounts owed under short-term convertible notes:

		Amount				Discount				Convertible Notes Payable, net of discount
Pegasus Note		$	100,000			$	–			$	100,000
Gemini Master Fund – Second Amended Note and Note Five		$	1,190,307			$	307,057			$	883,250
Gemini Master Fund – Note 2010-3		$	65,635			$	16,932			$	48,703
		$	1,355,942			$	323,989			$	1,031,953

Assets and liabilities measured at fair value on a recurring and non-recurring basis

Assets and liabilities measured at fair value on a recurring and non-recurring basis consisted of the following at June 30, 2012:

		Carrying Value at				Fair value Measurements at June 30, 2012
		June 30, 2012				(Level 1)				(Level 2)				(Level 3)
Embedded Conversion Option Liability		$	341,637			$	–			$	–			$	341,637

Summary of activity of Level 3 liabilities

The following is a summary of activity of Level 3 liabilities for the period ended June 30, 2012:

Balance December 31, 2011		$	647,977
Change in Fair Value		$	218,235
Balance March 31, 2012		$	866,212
Change in Fair Value		$	(524,575	)
Balance June 30, 2012		$	341,637

Assumptions the Company utilized to estimate the fair value of the embedded conversion option

The following table summarizes the assumptions the Company utilized to estimate the fair value of the embedded conversion option at June 30, 2012:

Assumptions
Expected term	0.50
Expected Volatility	110.38%
Risk free rate	0.21%
Dividend Yield	0.00%

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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.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Name Accounting Standards Codification

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