Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENT (Tables)

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FAIR VALUE MEASUREMENT (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Measurement Tables  
Schedule of Derivative Liabilities at Fair Value

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2015:

 

    Level 1     Level 2     Level 3     Total  
Derivative liability   $ -     $ -     $ 170,531     $ 170,531  
Warrant liability                     22,746       22,746  
Total   $ -     $ -     $ 193,277     $ 193,277  

 

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2014:

 

    Level 1     Level 2     Level 3     Total  
Warrant liability   $ -     $ -     $ 98,702     $ 98,702  
Total   $ -     $ -     $ 98,702     $ 98,702  
Changes in the fair value of the Company's Level 3 financial liabilities

The table below sets forth a summary of changes in the fair value of the Company's Level 3 financial liabilities from December 31, 2013 through December 31, 2015: 

 

    Debt Derivative Liability    

Warrant

Liability

 
Balance, December 31, 2013    $ 1,019,103     $ 287,731  
Transfers in (out):                 
Fair value of debt derivative at note extinguishment transferred to equity      (800,987 )        
Fair value of warrant liability at date of cancellation transferred to equity              (129,551 )
Mark-to-market at December 31, 2014:                 
Embedded derivative      (218,116 )     (59,478 )
Balance, December 31, 2014      -       98,702  
Transfers in (out):                 
Initial fair value of debt derivative at note issuance      350,542          
Fair value of debt derivative at note extinguishment transferred to equity      (158,959 )        
Mark-to-market at December 31, 2015:                 
Embedded derivative      (21,052 )     (75,956 )
Balance, December 31, 2015    $ 170,531     $ 22,746