Quarterly report pursuant to sections 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v2.3.0.11
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2012
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements at June 30, 2012
      Level 1       Level 2       Level 3       Total  
Warrant Liability                   $ 254,855     $ 254,855  
Derivative Liability                     97,082       97,082  
Total   $     $     $ 351,937     $ 351,937  
SUMMARY OF CHANGES IN THE FAIR VALUE OF THE COMPANYS LEVEL 3 FINANCIAL LIABILITY
  Warrant   Derivative    
  Liability   Liability   Total
January 14, 2008 (date of inception) $ -     $ -     $ -  
Issuance of warrants   52,665               52,665  
Issuance of convertible notes           9,377       9,377  
Changes in fair value   (15,960 )     (4,402 )     (20,362 )
                       
December 31, 2008   36,705       4,975       41,680  
Changes in fair value   (1,692 )     (4,975 )     (6,667 )
                       
December 31, 2009   35,013       0       35,013  
Issuance of warrants   3,680               3,680  
Issuance of convertibles notes           281,466       281,466  
Reclassification of warrants to equity   (37,110 )             (37,110 )
Cancellation of warrants   (65,082 )             (65,082 )
Changes in fair value   67,915       6,081       73,996  
                       
December 31, 2010 $ 4,416     $ 287,547     $ 291,963  
Issuance of warrants   314,835               314,835  
Issuance of convertible notes           257,210       257,210  
Changes in fair value   (35,320)       (404,051)       (439,371)  
                       
December 31, 2011 $ 283,931     $ 140,706     $ 424,637  
Issuance of warrants                      
Issuance of convertible notes           134,502       134,502  
Changes in fair value   (27,045 )     (178,126 )     (205,171 )
Reclassification of warrants to equity   (2,032 )             (2,032 )
                       
June 30, 2012 $ 254,854     $ 97,082     $ 351,936