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CONVERTIBLE DEBT (Tables)
3 Months Ended
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Fair value of embedded conversion features of the 2013 Notes

 

 

 

 

 

Issuance Date

  Fair Value   Term   Assumed Conversion Price   Market Price on Grant Date  

 

 

 

 

Expected

Volatility Percentage

  Risk free
Interest
Rate
1/3/13   $ 40,476       9 months     $ 0.009     $ 0.0179       158 %     0.12 %
2/11/13     29,761       9 months     $ 0.0439     $ 0.0884       172 %     0.11 %
4/10/13     39,473       9 months     $ 0.0311     $ 0.045       171 %     0.15 %
Fair value of revalued embedded conversion features of the 2013 Notes
Note
Issuance
Date
  Fair Value   Term   Assumed Conversion  Price   Expected
Volatility Percentage
  Risk free
Interest Rate
1/3/13   $ 50,335        3 months     $ 0.0217       155 %     0.02 %
2/11/13     36,912       4 months       0.0217       155 %     0.06 %
4/18/13     35,545       6 months       0.0217       155 %     0.11 %
Summary of derivative liability balance
Fair Value   Derivative
Liability Balance
12/31/12
  Initial Derivative Liability   Redeemed
Convertible
Notes
  Fair value change- six months ended 6/30/13  

 

Derivative Liability Balance 6/30/13

Guaranty Note   $ 13,209       —       $ (13,209 )     —         —    
2012 Note     25,381       —         (25,381 )     —         —    
2013 Notes     —         109,710               13,082       122,792  
Total   $ 38,590     $ 109,710 *   $ (38,590 )   $ 13,082     $ 122,792