Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.7.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 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		  
                 
December 31, 2016                                
Derivative liabilities - warrants   $ -     $ -     $ 91,173     $ 91,173  
Derivative liabilities – debt conversion feature   $ -     $ -     $ 40,000     $ 40,000  
                                 
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 December 31, 2016:

 

    Carrying Value     Estimated
Fair Value		  
Senior secured note payable, including accrued interest   $ 2,028,111     $ 2,028,111  
2014 junior secured notes payable, including accrued interest   $ 1,861,851     $ 2,042,625  
2010 junior secured notes payable, including accrued interest   $ 1,345,028     $ 2,789,257