Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT (Tables)

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FAIR VALUE MEASUREMENT (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2017: 

 

    Level 1   Level 2   Level 3     Total  
                         
Warrant liability             111,146       111,146  

 

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     (1,146,201 )     -  
Transfers out of Level 3 upon note modification     (30,806,073 )        
Mark-to-market at June 30, 2017:                
Embedded derivative     15,813,750       84,243  
Balance, June 30, 2017   $ -0-     $ 111,146