Quarterly report pursuant to Section 13 or 15(d)

Convertible Debentures (Tables)

v2.4.0.8
Convertible Debentures (Tables)
3 Months Ended
Mar. 31, 2014
Convertible Debentures [Abstract]  
Summary of convertible debentures
 
   
2014
   
2013
 
Hillair Debentures, net of $72,385 and $144,769 discount, respectively
  $ 1,047,615     $ 975,231  
January 2013 Debentures, net of $22,709 and $45,419 discount, respectively
    369,291       346,481  
April 2013 Debentures, net of $56,571 and $79,200 discount, respectively
    503,429       480,800  
                 
Total debt
    1,920,335       1,802,612  
                 
Less current portion
    1,920,335       1,802,612  
                 
Long-term debt
  $ -     $ -  
Schedule of significant assumptions used to measure the fair value
 
   
Date of
Issuance
   
March 31,
2014
 
Stock price
 
$
0.24-0.30
   
$
0.25
 
Term
 
1.25 to 1.5 years
   
0.00 to 0.54 years
 
Volatility
   
50
%
   
50
%
Risk-free interest rate
   
0.14-0.21
%
   
0.05-0.07
%
Exercise price
 
$
0.43
   
$
0.43
 
Delta
   
0.02-0.03
     
0.00-0.01
 
Up Ratio
   
1.072-1.079
     
1.003-1.047
 
Down Ratio
   
0.921-0.928
     
0.953-0.997
 
Up transition probability
   
0.500
     
0.500