5. Convertible notes and warrants (Details Narrative) (USD $)
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12 Months Ended | 178 Months Ended | |||||||||
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Dec. 31, 2008
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Dec. 31, 2007
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Dec. 31, 2006
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Dec. 31, 2005
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Dec. 31, 2004
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Dec. 31, 2003
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Dec. 31, 2012
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Proceeds from convertible notes | $ 1,835,840 | $ 5,360,070 | $ 18,400,888 | ||||||||
Fair value of warrants issued | 18,462 | 1,614,138 | |||||||||
Assumptions used | |||||||||||
Beneficial conversion feature | 1,888,211 | 5,666,345 | 2,305,311 | 540,324 | 1,323,077 | 1,253,548 | 1,259,696 | 1,453,181 | |||
Notes converted, value | 3,789,634 | 4,965,370 | 4,417,417 | 1,958,245 | 526,480 | 2,359,866 | 91,800 | 500,000 | |||
Discount amortized to interest expense | 3,620,092 | 5,069,446 | 19,754,169 | ||||||||
Convertible notes and warrants
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Convertible notes aggregate value | 2,069,174 | 6,232,979 | 2,069,174 | ||||||||
Proceeds from convertible notes | 1,835,840 | 5,360,070 | |||||||||
Original issue discount | 180,963 | 566,634 | 180,963 | ||||||||
Accounts payable converted upon issuance of convertible notes | 52,371 | 306,275 | 52,371 | ||||||||
Implied interest rate | 10.00% | 10.00% | 10.00% | ||||||||
Warrants issued to convert into common stock shares | 7,423,316 | 24,931,916 | |||||||||
Fair value of warrants issued | 839,131 | 2,970,311 | |||||||||
Assumptions used | |||||||||||
Risk free interest rate | 26.00% | 28.00% | |||||||||
Dividend yield | 0.00% | 0.00% | |||||||||
Volatility rate | 111.00% | 118.00% | |||||||||
Expected life | 2 years 6 months | 2 years | |||||||||
Beneficial conversion feature | 1,049,080 | 2,696,034 | |||||||||
Notes converted, value | 3,789,634 | 4,965,370 | |||||||||
Notes converted into common stock shares | 14,305,159 | 19,861,478 | |||||||||
Discount amortized to interest expense | $ 3,626,223 | $ 5,069,446 |