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Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measured on Recurring Basis

The financial instrument that is measured at fair value on a recurring basis is summarized as follows as of September 30, 2016:

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

September 30, 2016

 

Derivative liability - embedded conversion feature

 

$

 

 

$

 

 

$

58,261

 

 

$

58,261

 

 

The financial instrument that is measured at fair value on a recurring basis is summarized as follows as of December 31, 2015:

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

December 31, 2015

 

Derivative liability - embedded conversion feature

 

$

 

 

$

 

 

$

120,848

 

 

$

120,848

 

 

Summary of Change in Level 3 Liability Measured at Fair Value on Recurring Basis

The following table shows the change in Level 3 liability measured at fair value on a recurring basis for the year ended December 31, 2015 and the nine months ended September 30, 2016:

 

 

Derivative liability embedded conversion feature

 

Balance, January 1, 2015

 

$

 

Issuance during 2015

 

 

66,227

 

Unrealized loss on change in fair value

 

 

54,621

 

Balance, December 31, 2015

 

 

120,848

 

Issuance during 2016

 

 

 

Unrealized (gain) on change in fair value

 

 

(62,587

)

Balance, September 30, 2016

 

$

58,261