Quarterly report pursuant to Section 13 or 15(d)

Note 17 - FAIR VALUE MEASUREMENTS (Tables)

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Note 17 - FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2014
Note 17 - Fair Value Measurements Tables  
Fair value on a recurring basis in the accompanying consolidated financial statements

Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of September 30, 2014:

 

    Level 1     Level 2     Level 3     Total  
Warrant liability   $       $       $ 138,600       138,600  
Derivative liability     -       -       -       -  
Total   $ -     $ -     $ 138,600     $ 138,600  
The fair value of the financial liabilities

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities for the nine months ended September 30, 2014.

 

Balance, December 31, 2013   $ 1,306,834  
Fair value of embedded derivative in connection with convertible notes at inception        
Transfers out due to conversions of convertible notes     (930,557 )
Mark-to-market at September 30, 2014     (237,697 )
Balance, September 30, 2014   $ 138,600