Quarterly report pursuant to Section 13 or 15(d)

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

v3.7.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2017
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, 2017                                
Derivative liabilities - warrants   $ -     $ -     $ 163,753     $ 163,753  
Derivative liabilities – debt conversion feature   $ -     $ -     $ 18,500     $ 18,500  
December 31, 2016                                
Derivative liabilities - warrants   $ -     $ -     $ 91,173     $ 91,173  
Derivative liabilities – debt conversion feature   $ -     $ -     $ 40,000     $ 40,000  
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, 2017:

 

    Carrying Values   Estimated
Fair Values		  
Senior secured note payable, including accrued interest   $ 2,027,805   $ 2,027,805  
2014 junior secured notes payable, including accrued interest     1,902,023     2,042,625  
2010 junior secured notes payable, including accrued interest     1,558,599     2,927,567  
Sales Revenue, Net [Member]  
Schedule of concentration of risk

Information with respect to customers that accounted for sales in excess of 10% of total sales in the three-month and six-month periods ended June 30, 2017 and 2016 is as follows:

 

  Three Months Ended June 30,
  2017   2016
Customer - 1 11%   12%

 

 

  Six Months Ended June 30,
  2017   2016
Customer - 1 -   11%
Accounts Receivable [Member]  
Schedule of concentration of risk

Information with respect to accounts receivable from those customers who comprised more than 10% of accounts receivable at June 30, 2017 and December 31, 2016 is as follows:

 

  June 30, 2017   December 31, 2016
Customer – 1 18%   20%
Customer – 2 -   13%
Customer – 3 -   10%