Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.0.8
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Carrying amount of the major classes of liabilities

   

December 31,

2013

    

December 31,

2012

  
Assets of discontinued operations   $ -     $ -  
Liabilities                
Accounts payables and accrued expenses   $ (112,397 )   $ (112,397 )
Liabilities of discontinued operations   $ 112,397     $ 112,397  

 
Reconciliation of the derivative liability measured at fair value

 

 

Conversion feature

derivative liability

     Warrant liability     Total  
Balance at January 1, 2012   $ —     $ —     $ —  
Recognition of derivative liability     103,313       108,316       211,629  
Change in fair value included in earnings     (88,317 )     (72,424 )     (160,740 )
Balance at December 31, 2012     14,996       35,892       50,888  
Reclassification of derivative liability upon conversion of debt to equity     (6,332)       —       (6,332 ) 
Change in fair value included in earnings     (8,664 )     (23,950 )     (32,614 )
Balance at December 31, 2013   $ —     $ 11,942     $ 11,942  

 
Dilutive securities
    December 31, 2013   December 31, 2012
Convertible Debt  (Conversion price - $0.05/share)     —         6,867,640  
Stock Warrants (Exercise price - $0.03 - $0.05/share)     36,750,000       36,750,000  
Total     36,750,000       43,617,640