| Schedule of liabilities measured at fair value on a recurring basis |
The following are the major categories of liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, using quoted prices in active markets for identical liabilities (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3): | | | | | | | Fair Value Measurements at March 31, 2015 | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Carrying Value | | Derivative liabilities – debt | $ - | $ - | $ 1,571,880 | $ 1,571,880 | | Derivative liabilities – warrants | - | - | 12,422 | 12,422 | | Total | - | - | 1,584,302 | 1,584,302 | | Less: current portion | - | - | (1,349,763) | (1,349,763) | | Long-term portion | $ - | $ - | $ 234,539 | $ 234,539 | | | | | | | | Fair Value Measurements at December 31, 2014 | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Carrying Value | | Derivative liabilities – debt | $ - | $ - | $ 524,361 | $ 524,361 | | Derivative liabilities – warrants | - | - | 24,826 | 24,826 | | Total | - | - | 549,187 | 549,187 | | Less: current portion | - | - | - | - | | Long-term portion | $ - | $ - | $ 549,187 | $ 549,187 | |