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DERIVATIVE WARRANT LIABILITY AND FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Share purchase warrants
  December 31, 2011 September 30, 2012
  Expected Life (Years) Risk free Rate Dividend yield Volatility Expected Life (Years) Risk free Rate Dividend yield Volatility
Share purchase warrants 1.09 to 4.80 0.12% to 0.83% 0.00% 199% 0.33 to 4.03 0.10% to 0.62% 0.00% 199%
Conversion Option
  At Initial Recognition September 30, 2012
  Expected Life (Years) Risk free Rate Dividend yield Volatility Expected Life (Years) Risk free Rate Dividend yield Volatility
Conversion Option 0.25 to 1.04 0.11% to 0.20% 0.00% 138.31% to 141.43% 0.11 to 1.00 0.06% to 0.17% 0.00% 138.31% to 141.21%
Derivative liability
 

 

As of September 30, 2012

     

 

 

 

 

   Fair Value Measurements  

 

 

 

 

 

 Carrying Value Level 1 Level 2 Level 3 Total
Derivative liability - warrants $  871,858 -  -  $  871,858 $  871,858
Derivative liability – conversion option 200,700 -  -  200,700 200,700
Total $  1,072,558 -  -  $  1,072,558 $  1,072,558
               
Derivative liability - warrants
 

 

As of December 31, 2011

      

 

 

 

 

   Fair Value Measurements Using  

 

 

 

 

 

 Carrying Value Level 1 Level 2 Level 3 Total
Derivative liability - warrants $  1,317,834 -  -  $  1,317,834 $  1,317,834
Total $  1,317,834 -  -  $  1,317,834 $  1,317,834
               
Financial assets and liabilities

 

 

 

 

   Fair Value Measurements Using Level 3 Inputs

 

 

 Derivative liability - warrants Derivative liability – conversion option Total
Balance,  December 31, 2010 $ 1,819,512  $ 175,389  $ 1,994,901 
Additions during the year 1,587,275  -  1,587,275 
Total unrealized (gains) or losses included in net loss (631,631) (37,079) (668,710)
Debt settlement (1,457,322) (138,310) (1,595,632)
Transfers in and/or out of Level 3 -  -  - 
Balance, December 31, 2011 1,317,834  -  1,317,834 
Additions during the year -  299,300  299,300 
Total unrealized (gains) or losses included in net loss (445,976) (98,600) (544,576)
Debt settlement -  -  - 
Transfers in and/or out of Level 3 -  -  - 
Balance, September 30, 2012   $  871,858  $ 200,700  $  1,072,558