Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Schedule of financial assets and liabilities at fair value on a recurring basis

The table below reflects the level of the inputs used in the Company’s fair value calculation for instruments carried at fair value at (see Note 7):

 

    Quoted Prices
in Active
Markets
(Level 1)		   Significant
Observable Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Total Fair
Value
                                 
September 30, 2015                                
Derivative liabilities - warrants   $ —     $ —     $ 1,216,939     $ 1,216,939  
December 31, 2014                                
Derivative liabilities - warrants   $ —     $ —     $ 2,198,162     $ 2,198,162  
Schedule of carrying values and the estimated fair values of debt instruments

The table below reflects the carrying values and the estimated fair values, based on Level 3 inputs, of the Company’s outstanding notes payable, including the related accrued interest, at September 30, 2015:

 

    Carrying Values   Estimated
Fair Values
Senior secured note payable, including accrued interest   $ 4,789,026   $ 4,789,026
2014 junior secured notes payable, including accrued interest     3,416,011     3,416,011
2010 junior secured notes payable, including accrued interest     933,994     2,476,630