FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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 liabilities that are measured at fair value on a recurring basis as of September 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	$	-	$	-	$	1,061,536

Schedule of level 3 fair value measurement

Changes in Level 3 liabilities measured at fair value for the nine months ended September, 2016 were as follows:

	Balance as of December 31,				Change in Fair Market			Balance as of September 30,
	2015		Issuance		Value			2016
Embedded conversion option	$	-	$	1,318,662	$	(257,126	)	$	1,061,536

Schedule of embedded conversion option key inputs

A summary of weighted average (in aggregate) about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liabilities that are categorized within Level 3 of the fair value hierarchy for the nine months ended September 30, 2016 is as follows:

	As of September 30, 2016
Stock price	$	0.64
Contractual life (years)		0.6
Volatility		118	%
Risk-free rate of interest		0.5	%
Dividend yield		0.0	%