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

3 Months Ended

Mar. 31, 2014

Convertible Notes Payable And Fair Value Measurements Tables

Short Term Convertible Debt

										Convertible
										Notes Payable,
		Amount				Discount				net of discount
Pegasus Note		$	100,000			$	–			$	100,000
Gemini Master Fund – Third Amended and Restated secured bridge Note			856,325				630,174				226,151
		$	956,325			$	630,174			$	326,151

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

		Carrying Value at				Fair value Measurements at March 31, 2014
		March 31, 2014				(Level 1)				(Level 2)				(Level 3)
Embedded Conversion Option Liability		$	524,427			$	–			$	–			$	524,427

Summary of activity of Level 3 liabilities

Balance December 31, 2013		$	281,265
Additional liability recorded			478,561
Change in Fair Value			(235,399	)
Balance March 31, 2014		$	524,427

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

Assumptions
Expected term		1.25
Expected Volatility		137.57%
Risk free rate		0.66%
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

-Paragraph 1

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



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-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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-Subparagraph (a),(b)

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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.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 860

-SubTopic 20

-Section 50

-Paragraph 4

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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).

+ References

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-Topic 820

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