Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2014
Summary of Significant Accounting Policies [Abstract]  
Summary of financial liabilities measured at fair value on a recurring basis
 
   
March 31,
2014
   
Quoted
prices in
active market
for identical
assets
(Level l)
   
Significant
other
observable
inputs
(Level 2)
   
Significant
unobservable
inputs
(Level 3)
 
Warrant Liabilities
 
$
295,336
   
$
-
   
$
-
   
$
295,336
 
Conversion Option Liabilities
   
2,490
     
-
     
-
     
2,490
 
   
$
297,826
   
$
-
   
$
-
   
$
297,826
 
 
   
December 31,
2013
   
Quoted
prices in
active market
for identical
assets
(Level l)
   
Significant
other
observable
inputs
(Level 2)
   
Significant
unobservable
inputs
(Level 3)
 
Warrant Liabilities
 
$
214,738
   
$
-
   
$
-
   
$
214,738
 
Conversion Option Liabilities
   
2,873
     
-
     
-
     
2,873
 
   
$
217,611
   
$
-
   
$
-
   
$
217,611
 
Summary of the changes in the fair value of the Company's Level 3 financial liabilities measured on a recurring basis
   
For the
three months
ended
March 31,
2014
   
For the
three months
ended
March 31,
2013
 
Beginning balance
 
$
217,611
   
$
406,557
 
Aggregate fair value of conversion option liabilities and warrants issued
   
-
     
94,255
 
Change in fair value of conversion option liabilities and warrants
   
80,215
     
(219,495
Ending balance
 
$
297,826
   
$
281,317