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

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Short Term Convertible Debt

Amount
Pegasus Note		$	100,000
Gemini Master Fund – Third Amended and Restated secured bridge Note – Gemini portion			256,325
Gemini Master Fund – Third Amended and Restated secured bridge Note – Noble portion			600,000
		$	956,325

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

Carrying Value

Fair value Measurements at June 30, 2015

at

June 30, 2015

(Level 1)

(Level 2)

(Level 3)

Embedded Conversion Option Liability

$

194,874

$

–

$

–

$

194,874

Summary of activity of Level 3 liabilities

Balance December 31, 2014		$	355,611
Change in Fair Value			(160,737	)
Balance June 30, 2015		$	194,874

Assumptions used for fair value calculations

Assumptions
Expected term		.75-1.0
Expected Volatility		110.54%
Risk free rate		0.66%
Dividend Yield		0.00%

X

- 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 financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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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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