Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v3.8.0.1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2018
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 March 31, 2018 and December 31, 2017:
 
 
 
March 31, 2018
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
August 2014 Warrants
 
$
—
 
$
132,000
 
$
—
 
$
132,000
 
Total
 
$
—
 
$
132,000
 
$
—
 
$
132,000
 
 
 
 
December 31, 2017
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
February 2013 Public Offering Warrants
 
$
—
 
$
—
 
$
5,050
 
$
5,050
 
August 2014 Warrants
 
 
—
 
 
100,000
 
 
—
 
 
100,000
 
Total
 
$
—
 
$
100,000
 
$
5,050
 
$
105,050
 
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.
 
 
 
Three Months
Ended 
March 31,
2018
 
Twelve Months
Ended 
December 31,
2017
 
Beginning balance – Fair value
 
$
5,050
 
$
27,125
 
(Gain) on derivatives resulting from change in fair value or extinguishment
 
 
(5,050)
 
 
(22,075)
 
Ending balance – Fair value
 
$
—
 
$
5,050
 
2013 Warrants [Member]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The following table summarizes the modified option-pricing assumptions used:
 
 
 
Three Months 
Ended  
March 31, 
2018
 
Twelve Months 
Ended 
December 31, 
2017
 
Volatility
 
 
N/A
 
 
76-118
%
Risk-free interest rate
 
 
N/A
 
 
1.03-1.39
%
Expected life (years)
 
 
N/A
 
 
0.14-0.89
 
Dividend
 
 
N/A
 
 
0
%