Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 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 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 December 31, 2015:

 

            Estimated  
    Carrying Value     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