Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.7.0.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 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     For the Six Months Ended  
    June 30,     June 30,  
    2017     2016     2017     2016  
                         
Risk-free interest rate     1.50 - 1.55 %     0.58% - 1.08 %     1.47 - 1.55 %     0.58% - 1.16 %
Expected term (years)     1.28 - 5.00       2.28 - 5.00       1.28 - 5.00       2.28 - 5.00  
Expected volatility     130% - 149 %     123% - 139 %     130% - 149 %     114% - 139 %
Expected dividend yield     0.00 %     0.00 %     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     651,527  
Change in fair value of derivative liability     670,237  
Ending balance as of June 30, 2017   $ 2,904,867  
         
Warrants Payable        
Beginning balance as of January 1, 2017   $ 155,412  
Accrual of other warrant obligations     5,016  
Change in fair value of warrants payable     109,964  
Ending balance as of June 30, 2017   $ 270,392  

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, 2017  
    Level 1     Level 2     Level 3     Total  
Liabilities:                        
Derivative liabilities   $ -     $ -     $ 2,904,867     $ 2,904,867  
Warrants Payable     -       -       270,392       270,392  
Total liabilities   $ -     $ -     $ 3,175,259     $ 3,175,259  

 

    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