Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT AND DERIVATIVES (Tables)

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FAIR VALUE MEASUREMENT AND DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Measured at Fair Value

 

                         
    Fair value at                  
    September 30, 2016   Level 1   Level 2   Level 3
Preferred stock embedded conversion feature   $  166,903   $  -   $  -   $  166,903
Anti-dilution provision in common stock warrants included with preferred stock      60,878      -      -      60,878
Debenture embedded conversion feature      45,171      -              -      45,171
Anti-dilution provision in common stock warrants included with debentures      23,686     -               -      23,686
Total derivatives   $  296,638   $  -   $ -   $  296,638

 

 

 

                         
    Fair value at                  
    December 31, 2015   Level 1   Level 2   Level 3
Preferred stock embedded conversion feature   $ 376,065   $  -   $  -   $ 376,065
Anti-dilution provision in common stock warrants included with preferred stock     51,203      -      -     51,203
Debenture embedded conversion feature     560,778      -              -     560,778
Anti-dilution provision in common stock warrants included with debentures     79,943     -               -     79,943
Total derivatives   $ 1,067,989   $  -   $ -   $ 1,067,989

 
Schedule of Reconciliation of Level 3 Conversion Option Liability

 

                                 
Nine Months Ended September 30, 2016
      Preferred stock embedded conversion feature     Anti-dilution provision in common stock warrants included with preferred stock     Debenture embedded conversion feature     Anti-dilution provision in common stock warrants included with debentures     Total  
Fair value,                                 
December 31, 2015   $ 376,065     51,203     560,778     79,943     1,067,989  
Net unrealized                                
(Gain)/Loss on derivatives      (233,700)      (44,826)      (389,632)      (56,257)      (724,415)  
Purchases and issuances                                
(Sales and settlements)     24,538     54,501     (125,975)     -     (46,936)  
Fair value, September 30, 2016   $  166,903      60,878      45,171      23,686      296,638  
Changes in unrealized                                
losses, included                                
in income on                                
instruments held                                
at end of period   $ (233,700)     (44,826)     (389,632)     (56,257)     (724,415)