Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.7.0.1
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Summary of Assumptions Used for Valuation of Fair Value Liabilities

Assumptions utilized in the valuation of Level 3 liabilities are described as follows:

 

    For the Year Ended  
    December 31,  
    2016     2015  
             
Risk-free interest rate     0.58% - 1.38%       0.02% - 1.30%  
Expected term (years)     2.28 - 5.00       1.00 - 5.05  
Expected volatility     114% - 156%       84% - 105%  
Expected dividend yield     0.00%       0.00%  

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,  
    2016     2015  
Derivative Liabilities                
Beginning balance as of January 1,   $ 1,350,881     $ 3,635,294  
Issuance of warrants     957,115       501,259  
Change in classification     -       281,403  
Change in fair value of derivative liability     (724,893 )     (3,067,075 )
Ending balance as of December 31,   $ 1,583,103     $ 1,350,881  
                 
Warrants Payable                
Beginning balance as of January 1,   $ 77,761     $ 63,533  
Provision for new warrant issuances     -       6,059  
Accrual of other warrant obligations     81,603       221,709  
Change in fair value of warrants payable     (3,952 )     (201,621 )
Issuance of warrants     -       (11,919 )
Ending balance as of December 31,   $ 155,412     $ 77,761  

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, 2016  
    Level 1     Level 2     Level 3     Total  
Liabilities:                        
Derivative liabilities   $ -     $ -     $ 1,583,103     $ 1,583,103  
Warrants Payable     -       -       155,412       155,412  
Total liabilities   $ -     $ -     $ 1,738,515     $ 1,738,515  

 

    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