Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Inventory |
Inventories at December 31, 2015 consist
of the following:
| |
|
2015 |
|
| |
|
|
|
|
| Equipment inventory |
|
$ |
455,000 |
|
|
| Schedule of Basic and Diluted Net Income Per Common Share |
. The following is a reconciliation
of weighted common shares outstanding used in the calculation of basic and diluted net income per common share:
| |
|
Year Ended 12/31/2015 |
|
|
Year Ended 12/31/2014 |
|
| |
|
|
|
|
|
|
| Net income (loss) attributable to common stockholders |
|
$ |
13,009,764 |
|
|
$ |
(4,040,122 |
) |
| Adjustments for dilutive shares: |
|
|
|
|
|
|
|
|
| Interest savings |
|
|
510,773 |
|
|
|
791,681 |
|
| Preferred Stock dividend |
|
|
8,767 |
|
|
|
— |
|
| Reversal of derivative (gains) losses |
|
|
(2,875,835 |
) |
|
|
2,044,298 |
|
| Net income - Adjusted |
|
|
10,653,469 |
|
|
|
(1,204,143 |
) |
| Weighted average shares used for basic net income per common share |
|
|
5,722,789,471 |
|
|
|
856,939,107 |
|
| Incremental diluted shares |
|
|
223,315,928,910 |
|
|
|
— |
|
| Weighted average shares used for diluted net income per common share |
|
|
229,038,618,381 |
|
|
|
856,939,107 |
|
| Net income per common share: |
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.00 |
|
|
$ |
(0.00 |
) |
| Diluted |
|
$ |
0.00 |
|
|
$ |
(0.00 |
) |
|
| Schedule of Fair Value Instruments Valuation Assumption |
The following assumptions were used
in calculations of the Black-Scholes model for the year ended December 31, 2015 and 2014:
| |
|
For the Year Ended
December 31, 2015 |
|
|
For the Year Ended
December 31, 2014 |
|
| Annual dividend yield |
|
|
-% |
|
|
|
-% |
|
| Expected life (years) |
|
|
1.00 |
|
|
|
- |
|
| Risk-free interest rate |
|
|
0.65% |
|
|
|
-% |
|
| Expected volatility |
|
|
334% |
|
|
|
-% |
|
|
| Schedule of Financial Assets or Liabilities Measured Recurring Basis |
The following table presents the embedded
derivatives, the Company’s only financial assets or liabilities measured and recorded at fair value on the Company’s
Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy during the year ended December
31, 2015:
| Embedded derivative liabilities as of December 31, 2015 |
|
|
|
|
| Level 1 |
|
$ |
— |
|
| Level 2 |
|
|
— |
|
| Level 3 |
|
|
11,185,625 |
|
| Total |
|
$ |
11,185,625 |
|
|
| Summary of Financial Instruments |
The following table reconciles, for
the period ended December 31, 2015, the beginning and ending balances for financial instruments that are recognized at fair value
in the consolidated financial statements:
| Balance of embedded derivative as of December 31, 2013 |
|
$ |
827,158 |
|
| Additions related to embedded conversion features of convertible debt issued |
|
|
777,150 |
|
| Change in fair value of conversion features |
|
|
2,044,298 |
|
| Reductions in fair value due to principal conversions |
|
|
(436,406 |
) |
| Balance of embedded derivatives at December 31, 2014 |
|
|
3,212,200 |
|
| Additions related to embedded conversion features of convertible debt issued |
|
|
13,343,898 |
|
| Change in fair value of conversion features |
|
|
(2,820,677 |
) |
| Reductions in fair value due to repayments/redemptions |
|
|
(1,669,533 |
) |
| Change in fair value of conversion features |
|
|
(368,674 |
) |
| Reductions in fair value due to principal conversions |
|
|
(511,589 |
) |
| Balance at December 31, 2015 |
|
$ |
11,185,625 |
|
|