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, 2016
Fair Value Measurement Tables  
Schedule of Derivative Liabilities at Fair Value
    Level 1     Level 2     Level 3     Total  
                                 
Derivative liability   $ -     $ -     $ 124,932     $ 124,932  
Warrant liability                     19,425       19,425  
Total   $ -     $ -     $ 144,357     $ 144,357  

 

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

Warrant

Liability

 
                 
Balance, December 31, 2015    $ 170,531       22,746  
Transfers in (out):                 
Initial fair value of debt derivative at note issuance      96,170          
Fair value of debt derivative at note extinguishment transferred to equity      (173,787 )        
Mark-to-market at March 31, 2016:                 
Embedded derivative      32,018       (3,321 )
Balance, March 31, 2016    $ 124,932     $ 19,425