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

12 Months Ended

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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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

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-Publisher FASB

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