XML 91 R58.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONVERTIBLE DEBT (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Jun. 30, 2012
Dec. 31, 2011
Jul. 31, 2011
Jun. 30, 2011
Dec. 31, 2011
Warrant - June 2011 Debt Offering [Member]
Dec. 31, 2012
Warrant - July 2011 Debt Offering [Member]
Dec. 31, 2011
Warrant - July 2011 Debt Offering [Member]
Dec. 31, 2013
Warrant - June 2012 Debt Offering [Member]
Warrant
Dec. 31, 2012
Warrant - June 2012 Debt Offering [Member]
Jun. 27, 2012
Warrant - June 2012 Debt Offering [Member]
Dec. 31, 2013
Common Stock [Member]
Jun. 27, 2012
Common Stock [Member]
Dec. 31, 2013
June 2011 Note [Member]
Dec. 31, 2013
July 2011 Note [Member]
Dec. 31, 2013
June 2012 Note [Member]
Dec. 31, 2012
June 2012 Note [Member]
Dec. 31, 2011
Secured convertible note [Member]
Dec. 31, 2013
Secured convertible note [Member]
June 2011 Note [Member]
Dec. 31, 2011
Secured convertible note [Member]
June 2011 Note [Member]
Dec. 31, 2012
Secured convertible note [Member]
June 2011 Note [Member]
Dec. 31, 2013
Secured convertible note [Member]
July 2011 Note [Member]
Dec. 31, 2012
Secured convertible note [Member]
July 2011 Note [Member]
Dec. 31, 2013
Secured convertible note [Member]
June 2012 Note [Member]
PromissoryNote
Dec. 31, 2012
Secured convertible note [Member]
June 2012 Note [Member]
Tranche
PromissoryNote
Dec. 31, 2011
Secured convertible note [Member]
Maximum [Member]
June 2011 Note [Member]
Debt Instrument [Line Items]                                                      
Purchase price paid in cash                                                   $ 500,000  
Purchase price paid in the form of promissory notes 0 1,500,000                                             1,500,000 1,500,000  
Number of promissory notes issued under purchase agreement                                                 6 6  
Principal amount of promissory notes                                                 250,000 250,000  
Original issue discount reflected in purchase price                                                   200,000  
Attorney's fees reflected in purchase price                                                   10,000  
Amount of monthly installment                                                   83,333  
Number of calendar days after the date of registration to commence monthly installment                                                   30 days  
Monthly installment payment terms                                                   If the monthly installment is paid in common stock, such shares being issued will be based on a price that is 80% of the average of the three lowest volume weighted average prices of the shares of common stock during the preceding twenty trading days. The percentage declines to 70% if the average of the three lowest volume weighted average prices of the shares of common stock during the preceding twenty trading days is less than $0.05.  
Percentage of weighted average prices of shares of common stock (in hundredths)                                                   80.00%  
Declined percentage of weighted average prices of shares of common stock (in hundredths)                                                   70.00%  
Preceding number of trading days to calculate weighted average common stock price                                                   20 days  
Weighted average price of shares of common stock, Maximum (in dollars per share)                                                   $ 0.05  
Amount convertible under initial tranche                                                   710,000  
Number of subsequent tranches                                                   6  
Amount of each subsequent tranche plus interest                                                   250,000  
Percentage of outstanding principal balance prepaid in cash (in hundredths)                                                   120.00%  
Entry amount of judgment not stayed                                                   100,000  
Period with in which judgment not stayed                                                   30 days  
Increased interest rate in the event of default (in hundredths)                                                   18.00%  
Annual principal payment                                     14,653 14,001           11,542  
Conversion number of equity instruments (in shares)                                       116,667       115,741      
Amortization of debt discount on convertible notes 178,548 97,901                                                  
Stock price trigger (in dollars per share)                                               $ 2.16      
Information relating to convertible notes payable [Abstract]                                                      
Initial Principal Amount 2,475,000                               2,210,000       140,000   125,000        
Interest Rate (in hundredths)                                 8.00%       10.00%   10.00%   12.00%    
Maturity Date                                 Mar. 27, 2015       Jun. 13, 2014   Jul. 28, 2014        
Conversion Price (in dollars per share) $ 0.70   $ 0.35   $ 1.08 $ 1.20                     $ 0.35 [1],[2]       $ 1.20 [1],[2]   $ 1.08 [1],[2]       $ 1.80
Principal Balance 1,358,638                           140,000 125,000 1,093,638                    
Unamortized Debt Discount 211,581                           1,780 4,262 205,539                    
Carrying Value 1,147,057                           138,220 120,738 888,099                    
Interest cost recognized 157,027 117,711                                                  
Interest payable                                       553   2,080     492 1,643  
Deferred Interest Payable                                                   12,501  
Reduction of notes payable                                   317,000                  
Shares issued (in shares) 725,274                                               435,502    
Current maturity of long-term debt                                                 152,000    
Notice prior to the relevant payment date                                       15 days     15 days        
Number of warrant shares of common stock (in shares) 4,665,451 [3] 2,041,165   612,594                               116,667 35,000            
Future Minimum payments due, convertible notes [Abstract]                                                      
2014 1,358,638                           140,000 125,000 1,093,638                    
2015 0                           0 0 0                    
2016 0                           0 0 0                    
2017 0                           0 0 0                    
2018 0                           0 0 0                    
Total $ 1,358,638                           $ 140,000 $ 125,000 $ 1,093,638                    
Class of Warrant or Right [Line Items]                                                      
Number of warrants                   7                                  
Number of securities called by warrants (in shares) 4,445,714 1,571,428         35,000 34,722   3,142,857 3,142,857                                
Exercise price of warrants (in dollars per share) $ 0.35   $ 0.35           $ 1.08   $ 0.35                                
Number of warrants that vest upon payment of notes (in shares) 3                                                    
Number of securities vested (in shares)                     392,857 785,714 392,857 392,857                          
Shares issued on exercise of warrants (in shares) 725,274                                               435,502    
Warrants exercised (in shares) 1,571,428                                                    
Minimum period during which registration statement is to be declared effective after filing with the SEC 90 days                                                    
Maximum period during which registration statement is to be declared effective after filing with SEC 180 days                                                    
[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 shares, 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.
[3] As part of the June 2012 Note, Inter-Mountain received a total of seven warrants to purchase, if they all vest, an aggregate of 3,142,857 shares of common stock, which number of shares could increase based upon the terms and conditions of the warrants. The warrants have an exercise price of $0.35 per share, subject to certain pricing adjustments, and are exercisable, subject to vesting provisions and ownership limitations, until June 27, 2017. Warrants for 785,714, 392,857, 392,857, and 392,857 shares of common stock vested on June 27, 2012, December 31, 2012, February 26, 2013, and July 15, 2013, respectively, and three warrants for 1,571,428 shares of common stock have been exercised. For the purposes of this Table, only such net vested shares of common stock from the fourth warrant (392,857 shares) have been included, based upon an exercise price of $0.35 per share of common stock. On January 22, 2014, we elected to offset and deduct the three remaining Investor Notes from the principle amount due to Inter-Mountain under the June 2012 Note and as a result of the offset and deduction the three remaining warrants terminated.