CONVERTIBLE DEBT (Tables)

3 Months Ended

Mar. 31, 2013

CONVERTIBLE DEBT [Abstract]

Information relating to convertible notes payable

Information relating to our convertible notes payable is as follows:

									As of March 31, 2013
Transaction	Initial  Principal Amount		Interest Rate			Maturity Date	Conversion Price (1)(2)		Principal Balance		Unamortized Debt Discount		Carrying Value
June 2011 Note	$	140,000		10.0	%	06/13/2014	$	1.20	$	140,000	$	4,802	$	135,198
July 2011 Note		125,000		10.0	%	07/28/2014	$	1.08		125,000		9,972		115,028
June 2012 Note		2,210,000		8.0	%	03/27/2015	$	0.35		1,754,210		330,577		1,423,633
Total	$	2,475,000							$	2,019,210	$	345,351	$	1,673,859

(1)	The outstanding principal balance of the June 2011 Note and the July 2011 Note may be converted, at the option of Mr. Gray, into shares of common stock at a fixed conversion price of $1.20 per share and $1.08 per share, respectively.
(2)	The outstanding principal balance of the June 2012 Note may be converted, at the option of Inter-Mountain, into shares of common stock at a conversion price of $0.35 per share, subject to certain pricing adjustments and ownership limitations.

Schedule of future minimum payments relating to our convertible notes payable

The future minimum payments relating to our convertible notes payable, as of March 31, 2013, are as follows:

	Payments Due By Period
Transaction	Total		2013 (Nine Months)		2014		2015		2016		2017
June 2011 Note	$	140,000	$	---	$	140,000	$	---	$	---	$	---
July 2011 Note		125,000		---		125,000		---		---		---
June 2012 Note		1,754,210		877,538		876,672		---		---		---
Total	$	2,019,210	$	877,538	$	1,141,672	$	---	$	---	$	---