Quarterly report pursuant to Section 13 or 15(d)

Disclosure About Fair Value (Tables)

v2.4.1.9
Disclosure About Fair Value (Tables)
 3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Measured Assets and Liabilities

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables according to FASB ASC 820 pricing levels.

 

    Fair Value Measurement Using  
          Quoted prices              
          in active     Significant        
          markets of     other     Significant  
          identical     observable     Unobservable  
    Recorded     assets     inputs     Inputs  
    value     (Level 1)     (Level 2)     (Level 3)  
March 31, 2015                                
Assets:                                
Available-for-sale securities   $ 35,362     $ 35,362     $ -     $ 35,362  
                                 
Liabilities:                                
Embedded conversion feature   $ 1,767,300     $ -     $ -     $ 1,767,300  
Warrants   $ 312,747                     $ 312,747  
December 31, 2014                                
Assets:                                
Available-for-sale securities   $ 35,362     $ 35,362     $ -     $ 35,362  
                                 
Liabilities:                                
Embedded conversion feature   $ 1,610,900     $ -     $ -     $ 1,610,900  
Warrants   $ 334,300     $ -     $ -     $ 334,300  

Summary of Changes in Fair Value

The following table provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets measured at fair value on a recurring basis using significant unobservable inputs:

 

          Conversion        
    Warrants     Feature     Total  
                   
Balance at January 1, 2015   $ 334,300     $ 1,610,900     $ 1,945,200  
                         
Change in fair value of derivative liability     44,647       (382,700 )     (338,053 )
Amounts included in debt discount             778,900       778,900  
Reclassification of derivative liability to equity     (66,200 )     (239,800 )     (306,000 )
Balance at March 31, 2015   $ 312,747     $ 1,767,300     $ 2,080,047