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DERIVATIVE LIABILITY (Tables)
 9 Months Ended
Sep. 30, 2014
DERIVATIVE LIABILITY.  
Schedule of assumptions used in calculation of the derivative liability using the Black-Scholes option pricing model

 

Risk-free interest rate

 

1.07%

 

Expected life of derivative liability

 

2.25 years

 

Expected volatility

 

87.85%

 

Dividend rate

 

0.00%

 

 

Schedule of changes in the derivative liability related to the conversion feature

 

 

 

Derivative

 

 

 

Liability

 

Fair value of derivative liability at December 31, 2013

 

$
2,169,408

 

Fair value of $2,000,000 drawdown

 
1,555,806

 

Fair value of $3,000,000 drawdown

 
1,691,319

 

Change in fair value of derivative liability

 
(1,604,657

)

Fair value of derivative liability at September 30, 2014

 

$
3,811,876