• Filing Date: 2013-11-12
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.8
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2013
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities measured at fair value on a recurring basis
 
September 30, 2013   Level 1     Level 2     Level 3     Total  
                         
Cash   $ 181,932     $ -     $ -     $ 181,932  
                                 
Total assets   $ 181,932     $ -     $ -     $ 181,932  
                                 
Original Issue Discount                                
  Senior Secured Convertible                                
  Promissory Notes   $ -     $ -     $ 2,400,000     $ 2,400,000  
                                 
 Total liabilities   $ -     $ -     $ 2,400,000     $ 2,400,000  
                                 
                                 
December 31, 2012   Level 1     Level 2     Level 3     Level 4  
                                 
Cash   $ 135,626     $ -     $ -     $ 135,626  
                                 
 Total assets   $ 135,626     $ -     $ -     $ 135,626  
                                 
Original Issue Discount                                
  Senior Secured Convertible                                
  Promissory Notes   $ -     $ -     $ 2,400,000     $ 2,400,000  
                                 
Total liabilities   $ -     $ -     $ 2,400,000     $ 2,400,000  
Schedule of original issue discount secured convertible promissory notes
 
   
Original Issue Discount
Senior Secured Convertible
Promissory Notes
 
       
Balance, January 1, 2011   $ 1,459,209  
         
Realized gains/(losses)     -  
         
Unrealized gains/(losses) relating to     -  
 instruments still held at the reporting date        
         
Purchases, sales, issuances and settlements, net     -  
         
Discount on notes     -  
         
Amortization of discount on notes     1,200,791  
         
Conversion of notes to common stock     (260,000 )
         
Balance, December 31, 2011   $ 2,400,000  
         
Realized gains/(losses)     -  
         
Unrealized gains/(losses) relating to        
 instruments still held at the reporting date     -  
         
 Purchases, sales, issuances and settlements, net     -  
         
Discount on notes     -  
         
Amortization of discount on notes     -  
         
Balance, December 31, 2012   $ 2,400,000  
         
Balance, September 30, 2013   $ 2,400,000