Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments and Fair Value (Tables)

v3.8.0.1
Derivative Financial Instruments and Fair Value (Tables)
3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table sets forth the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2017 and March 31, 2018:

 

    Level 1     Level 2     Level 3     Total  
As of December 31, 2017:                                
Embedded conversion options   $ -     $ -     $ 1,577,025     $ 1,577,025  
Common stock warrants     -       -       10,858,225       10,858,225  
Total   $ -     $ -     $ 12,435,250     $ 12,435,250  
                                 
As of March 31, 2018:                                
Embedded conversion options   $ -     $ -     $ 1,005,188     $ 1,005,188  
Common stock warrants     -       -       151,418,187       151,418,187  
Total   $ -     $ -     $ 152,423,375     $ 152,423,375  

Schedule of Changes in Liabilities with Level 3 of Fair Value

The following table reconciles the changes in the liabilities categorized within Level 3 of the fair value hierarchy for the three months ended March 31, 2018:

 

Balance at December 31, 2017   $ 12,435,250  
Loss on change in fair value included in net loss     139,779,232  
Issuance of convertible debt     208,893  
Balance at March 31, 2018   $ 152,423,375