| 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 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 |
|
|
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 8):
| |
|
Quoted
Prices in Active Markets
(Level 1) |
|
Significant
Observable Inputs
(Level 2) |
|
Significant
Unobservable Inputs
(Level 3) |
|
Total
Fair Value |
| December
31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative
liabilities – warrants |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
658,286 |
|
|
$ |
658,286 |
|
| 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 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 |
|
|
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 December 31, 2015:
| |
|
Carrying
Value |
|
Estimated
Fair
Value |
| Senior
secured note payable, including accrued interest |
|
$ |
4,902,331 |
|
|
$ |
4,902,331 |
|
| 2014
junior secured notes payable, including accrued interest |
|
|
3,543,594 |
|
|
|
3,845,125 |
|
| 2010
junior secured notes payable, including accrued interest |
|
|
1,007,270 |
|
|
|
2,476,630 |
|
|