Quarterly report pursuant to Section 13 or 15(d)

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

v3.5.0.2
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Schedule of the level of the inputs used in the company's fair value calculation for instruments carried at fair value

The table below reflects the level of the inputs used in the Company’s fair value calculations:

 

    Quoted Prices
in Active
Markets
(Level 1)
    Significant
Observable Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
    Total Fair
Value
 
                                 
June 30, 2016                                
Derivative liabilities - warrants   $ -     $ -     $ 440,562     $ 440,562  
Derivative liabilities - debt conversion feature   $ -     $ -     $ 644,852     $ 644,852  
December 31, 2015                                
Derivative liabilities - warrants   $ -     $ -     $ 658,286     $ 658,286  
Schedule of the carrying values and the estimated fair values, based on level 3 inputs

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 June 30, 2016:

 

    Carrying Values     Estimated
Fair Values
 
Senior secured note payable, including accrued interest   $ 2,000,000     $ 2,000,000  
2014 junior secured notes payable, including accrued interest     3,600,181       3,845,125  
2010 junior secured notes payable, including accrued interest     1,167,211       1,167,211