Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.8.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017                                
Derivative liabilities - warrants   $ -     $ -     $ 79,286     $ 79,286  
Derivative liabilities – debt conversion feature   $ -     $ -     $ 16,500     $ 16,500  
                                 
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 December 31, 2017 and 2016:

 

        Estimated
    Carrying Value   Fair Value
December 31, 2017                
Senior secured note payable, including accrued interest   $ 2,028,111     $ 2,028,111  
2014 junior secured notes payable, including accrued interest   $ 1,942,195     $ 2,042,625  
2010 junior secured notes payable, including accrued interest   $ 1,796,042     $ 3,752,500  
                 
December 31, 2016                
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  
Schedule of concentration of risk

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

 

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