CONVERTIBLE DEBENTURES AND NOTES PAYABLE (Details Narrative) (USD $)
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3 Months Ended | 6 Months Ended | 15 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 4 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
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Dec. 31, 2011
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Dec. 17, 2009
Convertible Debentures issued December 17, 2009
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Feb. 04, 2010
Convertible Debentures issued December 17, 2009
Amended
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Dec. 31, 2010
Convertible Debentures issued December 17, 2009
Amended
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Mar. 16, 2010
Convertible Debentures issued December 17, 2009
Amended
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Feb. 04, 2010
Convertible Debentures issued February 4, 2010
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Jun. 30, 2012
Convertible Debentures issued February 4, 2010
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Jun. 30, 2011
Convertible Debentures issued February 4, 2010
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Mar. 16, 2010
Convertible Debentures issued February 4, 2010
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Jun. 30, 2010
Convertible Debentures issued March to June 2010
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Feb. 07, 2012
6% Convertible Debentures
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Dec. 31, 2011
6% Convertible Debentures
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Apr. 30, 2011
6% Convertible Debentures
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Jan. 31, 2011
6% Convertible Debentures
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May 09, 2012
Convertible Debentures issued May 9, 2012
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Feb. 29, 2012
Convertible Notes Payable
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Debt Instrument face amount | $ 75,000 | $ 200,000 | $ 750,000 | $ 37,500 | $ 105,882 | ||||||||||||||||
Sale price of debt instrument | 90,000 | ||||||||||||||||||||
Interest Rate | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||||||||||
Debt Maturity Period, months | 24 | 24 | 24 | ||||||||||||||||||
Conversion Price | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||||||||||
Conversion expiration, in months | 18 | 18 | 18 | 18 | |||||||||||||||||
Warrants issued in conjunction with debt | 1,500,000 | 4,000,000 | 30,000,000 | 750,000 | |||||||||||||||||
Warrants issued in conjunction with debt, term in years | 5 | 5 | 5 | ||||||||||||||||||
Warrant Exercise Price | $ 0.05 | $ 0.025 | $ 0.05 | ||||||||||||||||||
Expected dividend yield | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | |||||||||||||||||
Expected volatility | 219.00% | 219.00% | 211.00% | 241.00% | |||||||||||||||||
Risk-free interest rate (annual) | 2.29% | 2.29% | 2.43% | 0.77% | |||||||||||||||||
Expected term | 5 years | 5 years | 5 years | 5 years | |||||||||||||||||
Professional and consulting | 38,324 | 145,279 | 109,311 | 264,094 | 417,560 | 12,500 | |||||||||||||||
Debt issuance cost - current portion | 517 | 12,500 | |||||||||||||||||||
Amortization of debt issuance costs, into Interest Expense | 517 | 3,126 | |||||||||||||||||||
Conversion price, modified | $ 0.025 | $ 0.025 | |||||||||||||||||||
Warrants issued in conjunction with debt, modified | 3,000,000 | 8,000,000 | |||||||||||||||||||
Additional Debt Issued, face amount | 75,000 | ||||||||||||||||||||
Debt instrument cancelled, face amount | 75,000 | 75,000 | |||||||||||||||||||
Contributed capital in connection with an extinguishment of a convertible debenture | 95,000 | 31,666 | 75,000 | ||||||||||||||||||
Less: debt discount | (104,963) | (104,963) | (104,963) | (9,041) | 7,610 | 750,000 | 37,500 | 105,882 | |||||||||||||
Debt assigned, face amount | 125,000 | 250,000 | |||||||||||||||||||
Warrants assigned | 5,000,000 | ||||||||||||||||||||
Debt assigned, purchase price | 125,000 | 300,000 | |||||||||||||||||||
Warrants converted, proceeds to company | 125,000 | ||||||||||||||||||||
Debt converted to shares, face amount | 55,000 | 325,000 | 125,000 | 250,000 | 55,000 | ||||||||||||||||
Debt converted to shares, shares | 2,200,000 | 13,000,000 | 5,000,000 | 10,000,000 | 2,200,000 | ||||||||||||||||
Warrant exercise, number of shares converted into | 5,000,000 | ||||||||||||||||||||
Fair Value of Shares Issued | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | ||||||||||||||||
Debt conversion terms |
The face value of each note may be converted at the holder’s option, in whole or in part, at any time at least three months following the date of issuance into shares of the Company’s common stock at a conversion price of $0.05 per share, shall be subject to adjustment in the case of stock splits, reclassifications, reorganizations, and mergers or consolidations upon issuances at less than the conversion price. Further, at any time prior to the maturity date or conversion as set forth in the prior sentence, the face value of each Note shall be exchanged into the applicable dollar amount of equity securities issued by the Company in a subsequent financing of at least $1,000,000 at a conversion price of $0.05 per share of the Company’s common stock. Until such time that the notes are no longer outstanding, without the consent of the holders, the Company is prohibited from incurring certain debt, selling any accounts receivable or declaring any dividend.
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Amortization of debt discount | 47,460 | 438,811 | 382,273 | ||||||||||||||||||
Accrued Interest | $ 74,961 | $ 74,961 | $ 74,961 | $ 71,305 |