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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Schedule of Consolidated Interest in Controlling Entities

The consolidated financial statements include all accounts of the entities as of the reporting period ending date(s) and for the reporting period(s) as follows:

Name of consolidated subsidiary or entity		State or other jurisdiction of incorporation or organization		Date of incorporation or formation (date of acquisition, if applicable)		Attributable interest

KTC Corp.		The State of Nevada, U.S.A.		September 20, 2010			100	%

Kicking the Can L.L.C.		The State of Delaware, U.S.A.		April 17, 2009			100	%

Wizard Conventions, Inc.		The State of New York, U.S.A.		February 28, 1997			100	%

Wizard World Digital, Inc.		The State of Nevada, U.S.A.		March 18, 2011			100	%

Financial Liabilities - Derivative Conversion Features and Warrant Liabilities

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheets as of December 31, 2012:

										Fair Value Measurement Using
			Carrying Value				Level 1				Level 2				Level 3				Total

Derivative conversion features and warrant liabilities		$	4,784,035			$	-			$	-			$	4,784,435			$	4,784,435

Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the consolidated balance sheets as of December 31, 2011:

										Fair Value Measurement Using
		Carrying Value				Level 1				Level 2				Level 3				Total

Derivative conversion features and warrant liabilities		$	1,946,669			$	-			$	-			$	1,946,669			$	1,946,669

Schedule of Fair Value of Assets and Liabilities Measured at Recurring Basis Using Significant Unobservable Inputs

The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2012:

		Fair Value Measurement Using Level 3 Inputs
		Derivative Liabilities				Total

Balance, December 31, 2011		$	1,946,669			$	1,946,669
Total gains or losses (realized/unrealized) included in net loss			1,012,274				1,012,274
Purchases, issuances and settlements			1,849,936				1,849,936
Transfers in and/or out of Level 3			(24,844	)			(24,844	)
Balance, December 31, 2012		$	4,784,435			$	4,784,435

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table shows the potentially outstanding dilutive common shares excluded from the diluted net income (loss) per share calculation as they were anti-dilutive:

		For the Year Ended December 31, 2012				For the Year Ended December 31, 2011
Convertible preferred stock			9,775,268				3,877,500

Convertible promissory notes			-				1,945,373
Stock purchase warrants			7,987,274				7,031,024
Stock options			3,350,000				450,000
Total			21,112,542				13,303,897

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details