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

12 Months Ended

Dec. 31, 2014

Convertible Notes Payable And Fair Value Measurements

Short Term Convertible Debt

As of December 31, 2014, 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 – Third Amended and Restated secured bridge Note			856,325				252,070				604,255
		$	956,325			$	252,070			$	704,255

As of December 31, 2013, 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 Not 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

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

		Carrying Value at				Fair value Measurements at December 31, 2013
		December 31, 2013				(Level 1)				(Level 2)				(Level 3)
Embedded Conversion Option Liability		$	281,265			$	–			$	–			$	281,265

		Carrying Value at				Fair value Measurements at December 31, 2014
		December 31, 2014				(Level 1)				(Level 2)				(Level 3)
Embedded Conversion Option Liability		$	355,611			$	–			$	–			$	355,611

Summary of activity of Level 3 liabilities

Balance at December 31, 2012		$	456,073
Increase in liability due to debt modification			–
Change in fair value			(174,808	)
Balance at December 31, 2013		$	281,265
Increase in liability due to debt modification			478,561
Change in fair value			(404,215	)
Balance December 31, 2014		$	355,611

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

Assumptions	December 31, 2014	December 31, 2013
Expected term	0.50	0.0
Expected Volatility	174%	134%
Risk free rate	0.66%	0.02%
Dividend Yield	0.00%	0.00%

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Tabular disclosure of assets, 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 and/or nonrecurring 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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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=36462937&loc=d3e19190-110258



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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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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.

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19

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