Transition report pursuant to Rule 13a-10 or 15d-10

FAIR VALUE MEASUREMENT AND DERIVATIVES (Tables)

v3.3.1.900
FAIR VALUE MEASUREMENT AND DERIVATIVES (Tables)
12 Months Ended
Dec. 31, 2015
FAIR VALUE MEASUREMENT AND DERIVATIVES [Abstract]  
Schedule of Liabilities Measured at Fair Value
                         
    Fair value at                  
    December 31, 2015   Level 1   Level 2   Level 3
Preferred stock embedded conversion feature   $ 376,065   $  -   $  -   $ 376,065
Ratchet provision in common stock warrants included with preferred stock     51,203      -         -     51,203
Debenture embedded conversion feature     560,778      -              -       560,778
Ratchet 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
                                 
      Year Ended December 31, 2015  
      Preferred stock embedded conversion feature     Ratchet provision in common stock warrants included with preferred stock     Debenture embedded conversion feature     Ratchet provision in common stock warrants included with debentures     Total  
Fair value,                                 
beginning of period   $ --   $ --   $ --      $ --   $ --    
Net unrealized                                
losses on derivatives     205,509     23,503     (85,319)       (12,163)     131,530    
Purchases and issuances     170,556     27,700       646,097                92,106        936,459  
Sales and settlements,                                
included in                                
derivative gain (loss)     --     --     --       --     --    
Gross transfers in     --     --     --       --     --    
Gross transfers out     --     --     --       --     --    
Fair value, end of period   $ 376,065   $ 51,203   $ 560,778     $ 79,943   $ 1,067,989  
                                 
Changes in realized (gains)                                
losses, included in                                
income on                                
instruments held                                
at end of period     --     --     --     --     --  
Changes in unrealized                                
 losses, included                                
in income on                                
instruments held                                
at end of period   $ 205,509   $ 23,503   $ (85,319)   $ (12,163)   $ 131,530