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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities that are measured at fair value on a recurring basis

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2016 by level within the fair value hierarchy, are as follows:

 

    Quoted prices in active
markets
    Significant other
observable inputs
    Significant unobservable
inputs
 
    (Level 1)     (Level 2)     (Level 3)  
Embedded conversion option   $ -     $ -     $ 98,378  
Schedule of level 3 fair value measurement

Rollforward of Level 3 Fair Value Measurement for the Six Months Ended June, 2016

 

    Balance at
December 31,
          Change in Fair
Market
    Balance at June
30,
 
    2015     Issuance     Value     2016  
Embedded conversion option   $ -     $ 106,278     $ 7,900     $ 98,378  
Schedule of embedded conversion option key inputs

Management used a Monte Carol model to estimate the fair value of the embedded conversion option at June 30, 2016, with the following key inputs:

 

    As of June 30, 2016
Stock price   $0.42 - $0.68
Term (years)   0.50 - 0.76
Volatility   98.9% - 113.4%
Risk-free rate of interest   0.50% - 0.36%
Dividend yield   0.0%