Derivative financial liability assessment (Tables)

12 Months Ended

Dec. 31, 2014

Derivative financial liability assessment:

Schedule of Derivative Liabilities at Fair Value

The movement in derivative liabilities is as follows:

	December 31,2014			December31, 2013
Opening balance	$	237,799		$	-
Derivative financial liability arising on short-term notes with variable conversion prices		23,060			201,382
Conversion of derivative liability for stock issued at a discount		(668,756	)		-
Fair value adjustments to derivative financial liability		426,352			36,417
	$	18,455		$	237,799

Derivatives, Valuation Assumptions

The following assumptions were used in the Black-Scholes valuation model:

	Year endedDecember 30, 2014			Year endedDecember 31, 2013
Stock price over the period		$0.17 – $0.23			$0.20 –$ 0.94
Risk free interest rate		0.13% to 0.25	%		0.09% to 0.16	%
Expected life of short-term notes payable		9 to 14 months			8 to 12 months
Expected volatility		95.24% - 119.45	%		114.14	%
Expected dividend rate		0	%		0	%