Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT (Tables)

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FAIR VALUE MEASUREMENT (Tables)
3 Months Ended
Mar. 31, 2017
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 March 31, 2017:

 

    Level 1     Level 2     Level 3     Total  
Derivative liability   $ -     $ -     $ 43,023,077     $ 43,023,077  
Warrant liability                     157,823       157,823  
Total   $ -     $ -     $ 43,180,900     $ 43,180,900  

 

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, 2016:

 

    Level 1     Level 2     Level 3     Total  
Derivative liability   $ -     $ -     $ 5,115,280     $ 5,115,280  
Warrant liability                     26,903       26,903  
Total   $ -     $ -     $ 5,142,183     $ 5,142,183  

Changes in the fair value of the Company's Level 3 financial liabilities

    Debt Derivative Liability    

Warrant

Liability

 
Balance, December 31, 2016      5,115,280       26,903  
Transfers in (out):                 
Initial fair value of debt derivative at note issuance      11,023,244       -  
Transfers out of Level 3 upon conversion and settlement of notes      (1,146,200 )     -  
Mark-to-market at March 31, 2017:                 
Embedded derivative      28,030,753       130,920  
Balance, March 31, 2017    $ 43,023,077     $ 157,823