Quarterly report pursuant to Section 13 or 15(d)

Derivatives (Tables)

v3.5.0.2
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2016
Derivatives [Abstract]  
Schedule of derivative warrant instruments activity

    Shares
subject to
warrants		     Fair Value  
             
Balance, December 31, 2015     1,627,369     $ 2,848,902  
                 
Transfer from liability to equity classification     (12,109 )     (17,455 )
                 
Change in fair value     -       (2,399,639 )
                 
Balance, September 30, 2016     1,615,260     $ 431,808  
Summary of fair values of derivative warrants

    September 30,     December 31,  
    2016     2015  
             
Market value of common stock on measurement date (1)   $ 1.35     $ 3.23  
Adjusted exercise price   $ 2.34     $ 2.48  
Risk free interest rate (2)     0.59 %     1.06 %
Warrant lives in years     1.25 years       2.0 years  
Expected volatility (3)     75 %     87 %
Expected dividend yield (4)     -       -  
Probability of stock offering in any period over 5 years (5)     100 %     100 %
Offering price (6)   $ 1.25     $ 2.60