v2.4.0.8
Derivative Liabilities (Tables)
6 Months Ended
Jun. 30, 2014
Derivative Liabilities [Abstract]  
Summary of weighted-average assumptions of fair value calculations for warrants granted and subsequent revaluation
  Six Months Ended   Six Months Ended  
  June 30, 
2014
  June 30,
2013
 
Expected dividend yield 0%     0 %
Expected stock price volatility 142%     96-97 %
Risk-free interest rate 1.62%     .84-1.41 %
Expected life of warrants 3.2-4.8 years   4.9-5.0 years  
Number of warrants 14,922,000     640,351  
Fair value of warrants $ 1,705,766   $ 317,614  
Summary of derivative liabilities fair value measured on a recurring basis
          Fair Value Measurements at
June 30, 2014
 
    Total 
Carrying 
Value at 
June 30,
2014,
    Quoted 
prices in 
active 
markets 
(Level 1)
    Significant 
other 
observable 
inputs 
(Level 2)
    Significant 
unobservable 
inputs 
(Level 3)
 
Derivative liabilities   $ 1,705,766     $ -     $ -     $ 1,705,766  
Summary of changes in fair value of Level 3 financial liabilities
    Year ended 
December 31, 
2013
 
Beginning balance January 1, 2014   $ 775,596  
Issuance of derivative financial instruments in 2014     3,020,526  
Net unrealized (gain) loss on derivative financial instruments     (2,090,356 )
Ending balance as of June 30, 2014   $ 1,705,766