v3.5.0.2
NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Financial liabilities as of December 31, 2015 measured at fair value on a recurring basis are summarized below:

 
December 31,
2015
  
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
  
Significant
Other
Observable
Inputs
(Level 2)
  
Significant
Unobservable
Inputs
(Level 3)
  
Derivative liability
  
$
170,497
    
$
--
    
$
--
    
$
170,497
  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] The fair value of the conversion option was calculated using a binomial lattice formula with the following weighted average assumptions at February 16, 2016:

 
  
February 16,
  
 
  
2016
  
Common Stock Closing Price
  
$
0.96
  
Conversion Price per Share
  
$
1.1402
  
Conversion Shares
    
263,118
  
Call Option Value
    
0.2627
  
Dividend Yield
    
0.00
%
Volatility
    
129.93
%
Risk-free Interest Rate
    
0.42
%
Term
  
0.43 years
  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis using significant unobservable input for the six months ended June 30, 2016:

Balance – January 1, 2016
  
$
170,497
  
Change in fair value of derivative liabilities
    
(101,381
)
Reclassified to equity upon note payoff
    
(69,116
)
 
        
Balance – June 30, 2016
  
$
-0-