| Assets And Liabilities Measured at Fair Value on Recurring Basis |
The following table presents a reconciliation of all assets and
liabilities measured at fair value on a recurring basis as of June
30, 2012:
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value |
|
| Cash |
|
$ |
5,784 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5,784 |
|
|
Accounts & other receivables |
|
|
- |
|
|
|
20,374 |
|
|
|
- |
|
|
|
20,374 |
|
|
Prepaid expenses |
|
|
- |
|
|
|
4,289 |
|
|
|
- |
|
|
|
4,289 |
|
|
Accounts payable |
|
|
- |
|
|
|
414,135 |
|
|
|
- |
|
|
|
414,135 |
|
|
Notes payable – related party |
|
|
- |
|
|
|
39,200 |
|
|
|
- |
|
|
|
39,200 |
|
|
Convertible debentures, net of disc. |
|
|
- |
|
|
|
633,306 |
|
|
|
- |
|
|
|
633,306 |
|
The following table presents a reconciliation of all assets and
liabilities measured at fair value on a recurring basis as of
December 31, 2011:
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value |
|
| Cash |
|
$ |
2,609 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,609 |
|
|
Accounts & other receivables |
|
|
- |
|
|
|
46,417 |
|
|
|
- |
|
|
|
46,417 |
|
|
Prepaid expenses |
|
|
- |
|
|
|
79,464 |
|
|
|
- |
|
|
|
79,464 |
|
|
Accounts payable |
|
|
- |
|
|
|
565,552 |
|
|
|
- |
|
|
|
565,552 |
|
|
Notes payable |
|
|
- |
|
|
|
202,484 |
|
|
|
- |
|
|
|
202,484 |
|
|
Convertible debentures, net of disc. |
|
|
- |
|
|
|
2,797,511 |
|
|
|
- |
|
|
|
2,797,511 |
|
|
Accrued interest |
|
|
- |
|
|
|
456,638 |
|
|
|
- |
|
|
|
456,638 |
|
|
Royalty interest payable |
|
|
- |
|
|
|
113,164 |
|
|
|
- |
|
|
|
113,164 |
|
|
Loan Guarantee |
|
|
- |
|
|
|
94,860 |
|
|
|
- |
|
|
|
94,860 |
|
|