Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.7.0.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2017
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  
    March 31,  
    2017     2016  
             
Risk-free interest rate     1.47 - 1.50 %     0.87% - 1.16 %
Expected term (years)     1.53 - 5.00       2.53 - 4.28  
Expected volatility     149% - 155 %     114% - 119 %
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:

 

Derivative Liabilities      
Beginning balance as of January 1, 2017   $ 1,583,103  
Issuance of warrants     334,487  
Change in fair value of derivative liability     421,200  
Ending balance as of March 31, 2017   $ 2,338,790  
         
Warrants Payable        
Beginning balance as of January 1, 2017   $ 155,412  
Provision for new warrant issuances     -  
Accrual of other warrant obligations     4,479  
Change in fair value of warrants payable     42,486  
Ending balance as of March 31, 2017   $ 202,377  

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:

 

    March 31, 2017  
    Level 1     Level 2     Level 3     Total  
Liabilities:                                
Derivative liabilities   $ -     $ -     $ 2,338,790     $ 2,338,790  
Warrants Payable     -       -       202,377       202,377  
Total liabilities   $ -     $ -     $ 2,541,167     $ 2,541,167  

 

    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