v3.5.0.2
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assumptions Used

The following assumptions were used in calculations of the Black-Scholes model for the three months ended March 31, 2016 and 2015:

 

    For the Three
Months Ended
March 31, 2016		     For the Three
Months Ended
March 31, 2015		  
Annual dividend yield      - %      - %
Expected life (years)     1.00       -  
Risk-free interest rate     0.65 %      - %
Expected volatility     334 %      - %
Schedule of Embedded Derivative Liabilities Fair Value

The following table presents the embedded derivative, the Company’s only financial assets 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 three months ended March 31, 2016:

 

Embedded derivative liabilities as of March 31, 2016        
Level 1     $ —  
Level 2       —  
Level 3       13,012,330  
Total     $ 13,012,330  
Schedule of Financial Instruments at Fair Value

The following table reconciles, for the period ended March 31, 2016, 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, 2015   $ 11,185,625  
Additions related to embedded conversion features of convertible debt issued     —  
Change in fair value of conversion features     2,082,507  
Gain on extinguishment related to conversion features     (252,531 )
Reductions in fair value due to principal conversions     (3,271 )
Balance at December 31, 2015   $ 13,012,330