Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.8.0.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 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  
    March 31,  
    2018     2017  
             
Risk-free interest rate     1.62%-2.63%       1.47%-1.50%  
Contractual term (years)     0.53-3.25       1.53-5.00  
Expected volatility     113%-131%       149%-155%  
Expected dividend yield     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     (365,913 )
Reclassify derivative liability to equity     (36,445 )
Issuance of warrants     -  
Change in fair value of derivative liability     (3,024,598 )
Ending balance as of March 31, 2018   $ 21,434  
         
Warrants Payable        
Beginning balance as of January 1, 2018   $ 1,154,120  
Exchange of warrants payable for equity     (1,142,738 )
Accrual of other warrant obligations     2,135,430  
Change in fair value of warrants payable     (8,773 )
Ending balance as of March 31, 2018   $ 2,138,039

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, 2018  
    Level 1     Level 2     Level 3     Total  
Liabilities:                                
Derivative liabilities   $ -     $ -     $ 21,434     $ 21,434  
Warrants payable     -       -       2,138,039       2,138,039  
Total liabilities   $ -     $ -     $ 2,159,473     $ 2,159,473  

 

    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