Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v3.7.0.1
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2017
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]
The following tables set forth the Company’s financial instruments carried at fair value using the lowest level of input applicable to each financial instrument as of June 30, 2017 and December 31, 2016:
 
 
 
June 30, 2017
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
February 2013 Public Offering Warrants
 
$
 
$
 
$
18,600
 
$
18,600
 
August 2014 Warrants
 
 
 
 
101,000
 
 
 
 
101,000
 
Total
 
$
 
$
101,000
 
$
18,600
 
$
119,600
 
 
 
 
December 31, 2016
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
February 2013 Public Offering Warrants
 
$
 
$
 
$
27,125
 
$
27,125
 
August 2014 Warrants
 
 
 
 
100,000
 
 
 
 
100,000
 
Total
 
$
 
$
100,000
 
$
27,125
 
$
127,125
 
Schedule Of Changes In Fair Value Warrants Classified Level Three [Table Text Block]
The following table summarizes the changes in the fair market value of the Company’s warrants which are classified within the Level 3 fair value hierarchy:
 
 
 
Six Months 
Ended
 
Twelve Months
Ended
 
 
 
June 30, 
2017
 
December 31, 
2016
 
Beginning balance – Fair value
 
$
27,125
 
$
2,067,000
 
Reclassification to equity for warrants that are no longer derivative liabilities
 
 
 
 
(1,392,429)
 
Gain on derivatives resulting from change in fair value or extinguishment
 
 
(8,525)
 
 
(647,446)
 
Ending balance – Fair value
 
$
18,600
 
$
27,125
 
2013 Warrants [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The following table summarizes the modified option-pricing assumptions used:
 
 
 
Six Months 
Ended
 
Twelve Months 
Ended
 
 
 
June 30, 
2017
 
December 31, 
2016
 
Volatility
 
 
76
%
 
92.72-134
%
Risk-free interest rate
 
 
1.21
%
 
0.53-1.15
%
Expected life (years)
 
 
0.64
 
 
1.14-1.89
 
Dividend
 
 
0
%
 
0
%
2015 Warrants [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The following table summarizes the modified option-pricing assumptions used for the period they were considered financial instruments:
 
 
 
Twelve Months 
Ended 
December 31, 
2016
 
Volatility
 
 
89.73
%
Risk-free interest rate
 
 
1.65
%
Expected life (years)
 
 
4.50
 
Dividend
 
 
0
%