Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of balances of liabilities measured at fair value on recurring basis

The following table presents the balances of liabilities measured at fair value on a recurring basis by level as of September 30, 2015:

	Fair Value Measurements Using
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
As of September 30, 2015
Derivative liability	$	-	$	-	$	744,642	$	744,642
Warrant liability		-		-		362,474		362,474
Total	$	-	$	-	$	1,107,116	$	1,107,116

Schedule changes in liabilities with significant unobservable inputs

The following table presents changes in the liabilities with significant unobservable inputs (Level 3) for the nine months ended September 30, 2015:

	Warrant			Derivative			Total
	Liability			Liability			Liability
Balance December 31, 2014	$	764,958		$	296,881		$	1,061,839
Elimination on extinguishment of debt		-			(57,732	)		(57,732	)
Initial value on issuance of debt		-			456,324			456,324
Change in estimated fair value (1)		(402,484	)		49,169			(353,315	)
Balance September 30, 2015	$	362,474		$	744,642		$	1,107,116

(1) Included in the Condensed Statements of Operation on the line “Change in fair value of derivative and warrant liabilities.”

Schedule of derivative and warrant liabilities

Management used the following inputs to value the Derivative and Warrant Liabilities for the nine months ended September 30, 2015:

	Derivative Liability	Warrant Liability
Expected term	1 year	5 years
Exercise price	$0.01 - $0.099	$0.075 - $0.1287
Expected volatility	286% to 322%	219% to 234%
Expected dividends	None	None
Risk-free interest rate	0.22% to 0.33%	1.32% to 1.63%
Forfeitures	None	None