XML 39 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2016
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, 2016 and December 31, 2015:
 
December 31, 2016
 
Fair Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Common stock warrants
 
$
-
 
$
-
 
$
-
 
$
-
 
Total
 
$
-
 
$
-
 
$
-
 
$
-
 
 
December 31, 2015
 
Fair Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Common stock warrants
 
$
4,145
 
$
-
 
$
-
 
$
4,145
 
Total
 
$
4,145
 
$
-
 
$
-
 
$
4,145
 
Schedule Of Changes In Fair Value Derivative Liability
The Company estimated the fair value of the derivative liability using the Black-Scholes option pricing model. The fair value of the derivative liability as of December 31, 2015 was estimated using the following assumptions:
 
Expected volatility
 
 
60
%
Risk free rate
 
 
1.31
%
Dividend yield
 
 
0
%
Expected term (in years)
 
 
3.0726
 
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, 2016 and December 31, 2015: 
 
 
 
 
 
Series A-1 
 
 
 
 
 
Convertible
 
Preferred
 
Common
 
 
 
Notes Payable
 
Stock
 
Stock
 
 
 
Derivative Liability
 
Derivative Liability
 
Warrants
 
Balance at December 31, 2014
 
$
-
 
$
-
 
$
30,278
 
Fair value at issuance
 
 
-
 
 
-
 
 
41,306
 
Change in fair value
 
 
-
 
 
-
 
 
(67,439)
 
Balance at December 31, 2015
 
$
-
 
$
-
 
$
4,145
 
Change in fair value
 
 
-
 
 
-
 
 
(4,145)
 
Balance at December 31, 2016
 
$
-
 
$
-
 
$
-