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

9 Months Ended

Sep. 30, 2013

Convertible Notes Payable And Fair Value Measurements Tables

Short Term Convertible Debt

As of September 30, 2013, 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			1,313,877				106,523				1,207,354
Gemini Master Fund – Note 2010-3			92,449				7,495				84,954
		$	1,506,326			$	114,018			$	1,392,308

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 September 30, 2013:

						Fair value Measurements at September 30, 2013
		Carrying Value at September 30, 2013				(Level 1)				(Level 2)				(Level 3)
Embedded Conversion Option Liability		$	488,717			$	–			$	–			$	488,717

Summary of activity of Level 3 liabilities

The following is a summary of activity of Level 3 liabilities for the period ended September 30, 2013:

Balance December 31, 2012		$	456,073
Change in Fair Value			32,644
Balance September 30, 2013		$	488,717

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 September 30, 2013:

Assumptions
Expected term			0.25
Expected Volatility			132.11	%
Risk free rate			0.02	%
Dividend Yield			0.00	%

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- Definition

Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.

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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.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258



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Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 860

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

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