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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize the Company's assets and liabilities measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013:
 
December 31, 2014
 
Fair Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Common stock warrants
 
$
30,278
 
$
-
 
$
-
 
$
30,278
 
Total
 
$
30,278
 
$
-
 
$
-
 
$
30,278
 
 
December 31, 2013
 
Fair Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Convertible notes payable redemption derivative liability
 
$
534,975
 
$
-
 
$
-
 
$
534,975
 
Series A-1 preferred stock derivative liability
 
$
56,926
 
$
-
 
$
-
 
$
56,926
 
Total
 
$
591,901
 
$
-
 
$
-
 
$
591,901
 
Schedule Of Changes In Fair Value Derivative Liability
The fair value of the derivative liability as of December 31, 2014 was estimated using the following assumptions:
 
Expected volatility
 
 
60
%
Risk free rate
 
 
1.35
%
Dividend yield
 
 
0
%
Expected term (in years)
 
 
4.0726
 
Schedule of Changes in Fair Value of Company's Level 3 Liabilities
The following sets forth a summary of changes in fair value of the Company’s level 3 liabilities measured on a recurring basis for the twelve months ended December 31, 2014 and December 31, 2013: 
 
 
 
 
 
 
Series A-1
 
 
 
 
 
Convertible
 
Preferred
 
Common
 
 
 
Notes Payable
 
Stock
 
Stock
 
 
 
Derivative Liability
 
Derivative Liability
 
Warrants
 
Balance at December 31, 2012
 
$
-
 
$
-
 
$
-
 
Fair value at issuance
 
 
582,903
 
 
548,465
 
 
-
 
Change in fair value
 
 
(47,928)
 
 
(491,539)
 
 
-
 
Balance at December 31, 2013
 
$
534,975
 
$
56,926
 
$
-
 
 
 
 
 
 
Series A-1 
 
 
 
 
 
Convertible
 
Preferred
 
Common
 
 
 
Notes Payable
 
Stock
 
Stock
 
 
 
Derivative Liability
 
Derivative Liability
 
Warrants
 
Balance at December 31, 2013
 
$
534,975
 
$
56,926
 
$
-
 
Extinguishment
 
 
(434,500)
 
 
-
 
 
-
 
Fair value at issuance
 
 
189,300
 
 
-
 
 
466,706
 
Change in fair value
 
 
(289,775)
 
 
(56,926)
 
 
(436,428)
 
Balance at December 31, 2014
 
$
-
 
$
-
 
$
30,278