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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Fair Value Measurements

A summary of quantitative information with respect to valuation methodology and significant unobservable inputs used for the Company’s conversion options that are categorized within Level 3 of the fair value hierarchy as of March 31, 2016 is as follows:

 

Date of Valuation March 31, 2016  
Stock Price   $0.11  

 

Volatility (Annual)

    75%  
Strike Price   $0.75     $0.15 and $0.75  
Risk-free Rate      0.91%  
Maturity Date   9/30/16  

 

Schedule of Fair Value of the Liabilities Measured on a Recurring Basis

 

           
        Fair Value Measurements at March 31, 2016:  
     Carrying Value   Level 1     Level 2     Level 3  
Derivative liability-warrants liability  $  3,512,570      -        -     $  3,512,570  
Derivative liability – convertible options   198,630     -       -     $ 198,630  
Total securities  $ 3,711,200   $ -     $ -     $ $3,711,200  
           
        Fair Value Measurements at December 31, 2015:  
     Carrying Value   Level 1     Level 2     Level 3  
Earn-out liability  $       -   $ -     $ -     $       -  
Derivative liability – convertible options   179   $ -     $ -     $         179  
Total securities  $ 179   $ -     $ -     $       179  

 

 

Schedule of Activity for Liabilities Measured at Fair Value using Unobservable Inputs
Fair Value Measurements Using Level 3 Inputs  
   
   

Warrant

Derivative

Liability

 

Notes

Conversion

   

Liability

Earn-out

    Total  
Balance - December 31, 2015   $ -       179       -     $ 179  
    Additions during the period     4,015,675       198,630       -       4,214,305  
    Total Unrealized (gains) or losses include in net loss     (503,105 )     (179     -       (503,284
    Settlements during the period     -       -       -       -  
    Transfers in and/or out of Level 3     -       -       -       -  
Balance - March 31, 2016   $ 3,512,570       198,630       -     $ 3,711,200  
Estimated useful lives
    Useful Lives  
IP/technology     10  
Trade-name/marks     10