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9. CONVERTIBLE NOTES PAYABLE AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2013
Convertible Notes Payable And Fair Value Measurements |
Short Term Convertible Debt | As of December 31, 2013, the following summarizes principal amounts owed under 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 |  |  |  | – |  |  |  | 1,313,877 |
Gemini Master Fund – Note 2010-3 |  |  | 92,449 |  |  |  | – |  |  |  | 92,449 |
|  | $ | 1,506,326 |  |  | $ | – |  |  | $ | 1,506,326 |
As of December 31, 2012, the following summarizes principal amounts owed under 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 |  |  |  | 426,092 |  |  |  | 887,785 |
Gemini Master Fund – Note 2010-3 |  |  | 92,449 |  |  |  | 29,981 |  |  |  | 62,468 |
|  | $ | 1,506,326 |  |  | $ | 456,073 |  |  | $ | 1,050,253 |
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 December 31, 2012 and 2013:
|  |  |  |  | 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 |
|  |  |  |  | Fair value Measurements at December 31, 2013 |
|  | Carrying Value at December 31, 2013 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Embedded Conversion Option Liability |  | $ | 281,265 |  |  | $ | – |  |  | $ | – |  |  | $ | 281,265 |
Summary of activity of Level 3 liabilities | The following is a summary of activity of Level 3 liabilities for the period ended December 31, 2012 and 2013:
Balance at December 31, 2011 |  | $ | 647,977 |
Increase in liability due to debt modification |  |  | 456,073 |
Change in fair value |  |  | (647,977 | )
Balance at December 31, 2012 |  | $ | 456,073 |
Increase in liability due to debt modification |  |  | – |
Change in fair value |  |  | (174,808 | )
Balance December 31, 2013 |  | $ | 281,265 |
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 December 31, 2013 and 2012:
Assumptions | December 31, 2013 | December 31, 2012
Expected term | 0.0 | 1.0
Expected Volatility | 134% | 113%
Risk free rate | 0.02% | 0.16%
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 Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: 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=25499696&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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