| Summary of Changes in Fair Value of Warrant Liabilities Measured at Recurring Basis |
The following table sets forth a summary
of the changes in the fair value of Level 3 warrant liabilities that are measured at fair value on a recurring basis:
| |
|
December 31, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
|
|
|
|
|
| Derivative Liabilities |
|
|
|
|
|
|
|
|
| Beginning balance as of January 1, |
|
$ |
3,635,294 |
|
|
$ |
9,511,364 |
|
| Issuance of Series C derivative liability |
|
|
- |
|
|
|
529,905 |
|
| Issuance of warrants |
|
|
501,259 |
|
|
|
- |
|
| Change in classification |
|
|
281,403 |
|
|
|
914,977 |
|
| Change in fair value of derivative liability |
|
|
(3,067,075 |
) |
|
|
(2,975,597 |
) |
| Extinguishment |
|
|
- |
|
|
|
(4,345,355 |
) |
| Ending balance as of December 31, |
|
$ |
1,350,881 |
|
|
$ |
3,635,294 |
|
| |
|
|
|
|
|
|
|
|
| Warrants Payable |
|
|
|
|
|
|
|
|
| Beginning balance as of January 1, |
|
$ |
63,533 |
|
|
$ |
1,216,000 |
|
| Provision for new warrant issuances |
|
|
6,059 |
|
|
|
66,963 |
|
| Accrual of other warrant obligations |
|
|
221,709 |
|
|
|
- |
|
| Change in fair value of warrants payable |
|
|
(201,621 |
) |
|
|
(34,240 |
) |
| Change in estimate |
|
|
- |
|
|
|
(925,500 |
) |
| Issuance of warrants |
|
|
(11,919 |
) |
|
|
(259,690 |
) |
| Ending balance as of December 31, |
|
$ |
77,761 |
|
|
$ |
63,533 |
|
|
| Summary of Assets and Liabilities Measured at Fair Value Recurring and Nonrecurring Basis |
Assets and liabilities measured at fair
value on a recurring or nonrecurring basis are as follows:
| |
|
December 31, 2015 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,350,881 |
|
|
$ |
1,350,881 |
|
| Warrants payable |
|
|
- |
|
|
|
- |
|
|
|
77,761 |
|
|
|
77,761 |
|
| Total liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,428,642 |
|
|
$ |
1,428,642 |
|
| |
|
December 31, 2014 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,635,294 |
|
|
$ |
3,635,294 |
|
| Warrants payable |
|
|
- |
|
|
|
- |
|
|
|
63,533 |
|
|
|
63,533 |
|
| Total liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,698,827 |
|
|
$ |
3,698,827 |
|
|