Quarterly report pursuant to sections 13 or 15(d)

12. Fair Value Measurements (Tables)

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12. Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Assets and liabilities measured at fair value on a recurring basis

We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2013:

  

    Total     (Level 1)     (Level 2)     (Level 3)  
Assets   $ –     $ –     $ –     $ –  
                                 
Total assets measured at fair value     –       –       –       –  
                                 
Liabilities                                
                                 
Derivative Liability     161,824       –       –       161,824  
Convertible Debenture, net of discount     345,975       –       –       345,975  
Total liabilities measured at fair value   $ 507,799     $ –     $ –     $ 507,799