Quarterly report pursuant to Section 13 or 15(d)

Fair Value Derivative Instruments (Tables)

v2.4.0.8
Fair Value Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2014
Fair Value Derivative Instruments  
Fair Value Of Measurement Of Derivative Instruments

In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures”, the following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013:

 

 

 

Level 3

 

 

Total

June 30, 2014

 

 

 

 

 

 Derivative Instruments

 $

2,079,118

 

 $

2,079,118

December 31, 2013

 

 

 

 

 

 Derivative Instruments

 $

8,036,239

 

 $

8,036,239

 

Fair Value of Level 3 Derivative Instruments

The following table summarizes the changes in fair value of the Company’s Level 3 financial instruments for the six months ended June 30, 2014 and the year ended December 31, 2013.

 

 

 

June 30, 2014

 

 

December 31, 2013

 

 

 

 

 Beginning Balance

$

8,036,239

 

$

1,026,128

Initial recognition - Derivative liability of embedded conversion  feature of the Convertible Notes

 

 

 

 

 

 

 

5,335,976

 Change in fair value

 

(5,957,121)

 

 

1,674,135

 Ending Balance

$

2,079,118

 

$

8,036,239