FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair value of financial liabilities on a recurring basis

The following table presents the estimated fair value of financial liabilities measured at estimated fair value on a recurring basis included in the Company’s financial statements as of December 31, 2015 and 2014:

			Level 1		Level 2		Level 3
	Total carrying value		Quoted market prices in active markets		Internal Models with significant observable market parameters		Internal models with significant unobservable market parameters
Derivative liabilities - December 31, 2015	$	6,199,021	$	-	$	-	$	6,199,021
Derivative liabilities - December 31, 2014	$	1,569,522	$	-	$	-	$	1,569,522

Changes in recurring fair value measurements included in net loss

The following table presents the changes in recurring fair value measurements included in net loss for the years ended December 31, 2015 and 2014:

	Recurring Fair Value Measurements
	Changes in Fair Value Included in Net Loss For the Year Ended December 31, 2015
	Other Income		Other Expense		Total
Derivative liabilities - December 31, 2015	$	1,262,329	$	-	$	1,262,329
Derivative liabilities - December 31, 2014	$	621,159	$	-	$	621,159

Summary of changes in the fair value of our Level 3 financial liabilities

The table below sets forth a summary of changes in the fair value of our Level 3 financial liabilities for the year ended December 31, 2015:

	December 31, 2014		Recorded new Derivative Liabilities		Reclassification of Derivative Liabilities		Change in Estimated Fair Value Recognized in Results of Operations			December 31, 2015
Derivative liabilities	$	1,569,522	$	5,891,828	$	-	$	(1,262,329	)	$	6,199,021

The table below sets forth a summary of changes in the fair value of our Level 3 financial liabilities for the year ended December 31, 2014:

	December 31, 2013		Recorded new Derivative Liabilities		Reclassification of Derivative Liabilities		Change in Estimated Fair Value Recognized in Results of Operations			December 31, 2014
Derivative liabilities	$	1,619,021	$	616,411	$	(44,751)	$	(621,159	)	$	1,569,522