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Derivative Liability (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Liability Tables

Fair value of the derivative liability

The following summarizes the Black-Scholes assumptions used to estimate the fair value of the derivative liability at the dates of issuance and the revaluation dates:

		January 27, 2016 ⁽¹⁾				February 10, 2016 ⁽²⁾				February 24, 2016 ⁽³⁾				March 31, 2016

Volatility			121	%			121	%			118	%		121 – 127		%
Risk-free interest rate			0.5	%			0.4	%			0.7	%		0.3 – 0.8		%
Expected life (years)			1.0				0.5				1.6			0.4 – 2.7
Dividend yield			--				--				--				--

(1)	Additional borrowing under the December 2015 Convertible Note.

(2)	Borrowing under the February 2016 Convertible Note

(3)	Partial conversion of the September 2015 Convertible Note

Changes in the derivative liability

Changes in the derivative liability were as follows:

		Amount
December 31, 2015		$	356,554
December 2015 Convertible Note – additional borrowing			53,951
February 2016 Convertible Note			252,271
Conversion – September 2015 Convertible Note			(71,122	)
Change in fair value at March 31, 2016			218,000
March 31, 2016		$	809,654