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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Note 10 - Derivative Financial Instruments | The balance sheet caption derivative liability consists of derivative features embedded in exercisable warrants which have a ratchet provision within their agreements. The balance at December 31, 2015 and 2014 was $nil and $1,577,640, respectively. The valuation of the derivative liability is determined using a Black-Scholes Model because that model embodies all of the relevant assumptions that address the features underlying these instruments. Significant assumptions used in the Black-Scholes model at December 31, 2015 include the following:
December 31, 2015 |  |  |  |  | December 31, 2014 |  |  |
Risk-free interest rate |  |  | 0 | % |  | Risk-free interest rate |  |  | 1.65 | %
Estimated volatility |  |  | 0 | % |  | Estimated volatility |  |  | 232.6 | %
Dividend rate |  | None |  |  | Dividend rate |  | None |
Estimated term in years |  |  | 0 |  |  | Estimated term in years |  |  | 4 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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