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9. CONVERTIBLE NOTE PAYABLE - RELATED PARTIES AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Convertible Notes Payable - Related Parties And Fair Value Measurements

Short Term Convertible Debt

		December 31,				December 31,
		2016				2015
Evey Note		$	74,616			$	86,616
Wheatley Note			50,000				–
Gemini Master Fund – Third Amended and Restated Secured Bridge Note – Current Group			600,000				600,000
		$	724,616			$	686,616

Assets and liabilities measured at fair value on a recurring and non-recurring basis

Assets and liabilities measured at fair value on a recurring and non-recurring basis consisted of the following at December 31, 2015 and 2016:

		Carrying Value at				Fair Value Measurements at December 31, 2015
		December 31, 2015				(Level 1)				(Level 2)				(Level 3)
Embedded Conversion Option Liability		$	87,992			$	–			$	–			$	87,992

		Carrying Value at				Fair Value Measurements at December 31, 2016
		December 31, 2016				(Level 1)				(Level 2)				(Level 3)
Embedded Conversion Option Liability		$	107,081			$	–			$	–			$	107,081

Summary of activity of Level 3 liabilities

Balance at December 31, 2014		$	355,611
Change in fair value			(267,619	)
Balance at December 31, 2015		$	87,992
Change in fair value			19,089
Balance at December 31, 2016		$	107,081

Assumptions the Company utilized to estimate the fair value of the embedded conversion option

Assumptions	December 31, 2016	December 31, 2015
Expected remaining term	0.25	0.25
Expected Volatility	103%	113%
Risk free rate	0.50%	0.16%
Dividend Yield	0.00%	0.00%

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Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

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