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9. CONVERTIBLE NOTES PAYABLE AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2012
Convertible Notes Payable And Fair Value Measurements Tables |
Short Term Convertible Debt | As of December 31, 2012, the following summarizes principal amounts owed under convertible notes:
|  |  |  |  |  |  |  |  |  | Convertible |
|  |  |  |  |  |  |  |  |  | Notes Payable, |
|  | Amount |  |  | Discount |  |  | net of discount |
Pegasus Note |  | $ | 100,000 |  |  | $ | – |  |  | $ | 100,000 |
Gemini Master Fund – Second Amended Note and Note Five |  |  | 1,313,877 |  |  |  | 426,092 |  |  |  | 887,785 |
Gemini Master Fund – Note 2010-3 |  |  | 92,449 |  |  |  | 29,981 |  |  |  | 62,468 |
|  | $ | 1,506,326 |  |  | $ | 456,073 |  |  | $ | 1,050,253 |
As of December 31, 2011, the following summarizes principal amounts owed under convertible notes:
|  |  |  |  |  |  |  |  |  | Convertible |
|  |  |  |  |  |  |  |  |  | Notes Payable, |
|  | Amount |  |  | Discount |  |  | net of discount |
Pegasus Note |  | $ | 100,000 |  |  | $ | – |  |  | $ | 100,000 |
Gemini Master Fund – Second Amended Note and Note Five |  |  | 1,190,308 |  |  |  | 614,114 |  |  |  | 576,194 |
Gemini Master Fund – Note 2010-3 |  |  | 65,635 |  |  |  | 33,863 |  |  |  | 31,772 |
Hickson Note |  |  | 1,000,000 |  |  |  | 26,277 |  |  |  | 973,723 |
|  | $ | 2,355,943 |  |  | $ | 674,254 |  |  | $ | 1,681,689 |
Assets and liabilities measured at fair value on a recurring and non-recurring basis |
|  |  |  |  | Fair value Measurements at December 31, 2011 |
|  | Carrying Value at December 31, 2011 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Embedded Conversion Option Liability |  | $ | 647,977 |  |  | $ | - |  |  | $ | - |  |  | $ | 647,977 |
|  |  |  |  | Fair value Measurements at December 31, 2012 |
|  | Carrying Value at December 31, 2012 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Embedded Conversion Option Liability |  | $ | 456,073 |  |  | $ | - |  |  | $ | - |  |  | $ | 456,073 |
Summary of activity of Level 3 liabilities |
Balance at December 31, 2010 |  | $ | 963,931 |
Increase in liability due to debt modification |  |  | 647,977 |
Change in fair value |  |  | (963,931 | )
Balance at December 31, 2011 |  | $ | 647,977 |
Increase in liability due to debt modification |  |  | 456,073 |
Change in fair value |  |  | (647,977 | )
Balance December 31, 2012 |  | $ | 456,073 |
Assumptions the Company utilized to estimate the fair value of the embedded conversion option |
Assumptions | December 31, 2012 | December 31, 2011
Expected term | 1.0 | 1.0
Expected Volatility | 113% | 107%
Risk free rate | 0.16% | 0.21%
Dividend Yield | 0.00% | 0.00%

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- Definition 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 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 -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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