Quarterly report pursuant to Section 13 or 15(d)

Derivative Liability and Fair Value Measurements (Tables)

v3.7.0.1
Derivative Liability and Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2017:
 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
Warrant Liability
 
$
150,571
 
$
 
$
 
$
150,571
 
Total liabilities measured at fair value (Long-Term)
 
$
150,571
 
$
 
$
 
$
150,571
 
 
We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at December 31, 2016:
 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrant Liability
 
$
173,131
 
$
 
$
 
$
173,131
 
Total liabilities measured at fair value (Long-Term)
 
$
173,131
 
$
 
$
 
$
173,131
 
Schedule of Fair Value Level 3 warrant liabilities
Fair value – December 31, 2016
 
$
173,131
 
 
 
 
 
 
Change in fair value for the period of warrant derivative liability
 
 
(22,560)
 
 
 
 
 
 
Fair value – March 31, 2017
 
$
150,571
 
Schedule Of Fair Value Of Warrants
The Monte Carlo Options Lattice pricing model was used to estimate the fair value of the warrants outstanding:
 
 
 
March 31,
 
 
December 31,
 
 
 
2017
 
 
2016
 
 
 
 
 
 
 
 
 
 
Assumptions for Pricing Model:
 
 
 
 
 
 
 
 
Expected term in years
 
 
1.35
 
 
 
1.22
 
Volatility range for years
 
 
115
%
 
 
100
%
Risk-free interest rate
 
 
1.03
%
 
 
1.47
%
Expected annual dividends
 
 
None
 
 
 
None
 
 
 
 
 
 
 
 
 
 
Value of warrants outstanding:
 
 
 
 
 
 
 
 
Fair value of warrants
 
$
150,571
 
 
$
173,131