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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2012

Summary of financial liabilities measured at fair value on a recurring basis

	June 30, 2012		Quoted prices in active market for identical assets (Level l)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Warrant Liabilities	$	184,537	$	-	$	-	$	184,537

	December 31, 2011		Quoted prices in active market for identical assets (Level l)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Warrant Liabilities	$	198,471	$	-	$	-	$	198,471

Summary of the changes in the fair value of the Company’s Level 3 financial liabilities measured on a recurring basis

	For the six months ended June 30, 2012			For the six months ended June 30, 2011
Beginning balance	$	198,471		$	112,349
Aggregate fair value of conversion option liabilities and warrants issued		19,130			-
Change in fair value of conversion option liabilities and warrants		(33,064	)		(1,929	)
Settlement of conversion option liabilities included in additional paid in capital		-			-
Ending balance	$	184,537		$	110,420

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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