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Fair value of financial instruments (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Measures and Disclosures:  
Fair Value, Measurements in Financial Reporting

Fair value of financial instruments is as follows:

 

December 31, 2016

Date of Issuance

October 17, 2016

Fair Value

Input

Level

Fair Value

Input

Level

Derivative liability – $1 million of Notes issued October 17, 2016

$56,557

Level 3

$271,754

Level 3

Derivative liability – 160,000 warrants issued October 17, 2016

$36,649

Level 3

$176,096

Level 3

Schedule of reconciliation of the derivative liability measured at fair value

The following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable input (Level 3) on October 17, 2016 and December 31, 2016:

 

 

 

Conversion feature derivative liability

Fair value on issuance date

 

$

447,850

Change in fair value

 

 

(354,644)

Balance December 31, 2016

 

$

93,206