Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.10.0.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2018
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 Three Months Ended     For the Six Months Ended   
    June 30,     June 30,  
    2018     2017     2018     2017  
                         
Risk-free interest rate     2.39%-2.63 %     1.50-1.55 %     1.62%-2.63 %     1.47%-1.55 %
Contractual term (years)     0.28-3.00       1.28-5.00       0.25-3.25       1.28-5.00  
Expected volatility     131%-171 %     130%-149 %     113%-171 %     130%-149 %
Expected dividend yield     0.00 %     0.00 %     0.00 %     0.00 %

Summary of Changes in Fair Value of Level 3 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:

 

Derivative Liabilities        
Beginning balance as of January 1, 2018   $ 3,448,390  
Exchange of derivative liability for equity     (395,175 )
Reclassify derivative liability to equity     (36,445 )
Issuance of warrants     -  
Change in fair value of derivative liability     (2,965,365 )
Ending balance as of June 30, 2018   $ 51,405  
         
Warrants Payable        
Beginning balance as of January 1, 2018   $ 1,154,120  
Exchange of warrants payable for equity     (2,595,729 )
Accrual of other warrant obligations     2,135,430  
Change in fair value of warrants payable     (682,470 )
Ending balance as of June 30, 2018   $ 11,351  

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:

 

    June 30, 2018  
    Level 1     Level 2     Level 3     Total  
Liabilities:                                
Derivative liabilities   $ -     $ -     $ 51,405     $ 51,405  
Warrants payable     -       -       11,351       11,351  
Total liabilities   $ -     $ -     $ 62,756     $ 62,756  

 

    December 31, 2017  
    Level 1     Level 2     Level 3     Total  
Liabilities:                                
Derivative liabilities   $ -     $ -     $ 3,448,390     $ 3,448,390  
Warrants payable     -       -       1,154,120       1,154,120  
Total liabilities   $ -     $ -     $ 4,602,510     $ 4,602,510