General form of registration statement for all companies including face-amount certificate companies

FAIR VALUE MEASUREMENTS

v2.4.1.9
FAIR VALUE MEASUREMENTS
3 Months Ended
Mar. 31, 2015
Notes to Financial Statements  
Note 10. FAIR VALUE MEASUREMENTS

The following table represents the fair value hierarchy for those financial assets measured at fair value on a recurring basis:

  

    Fair Value at                    
    March 31,     Fair Value Measurement Using  
    2015     Level 1     Level 2     Level 3  
                         
Derivative liability - Conversion Feature   $ 1,322,800       -       -     $ 1,322,800  
    $ 1,322,800       -       -     $ 1,322,800  

 

    Fair Value at                    
    December 31,     Fair Value Measurement Using  
    2014     Level 1     Level 2     Level 3  
                         
Derivative liability - Conversion Feature   $ 1,253,000       -       -     $ 1,253,000  
    $ 1,253,000       -       -     $ 1,253,000  

 

Liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

 

Balance at December 31, 2014   $ 1,253,000  
Change in fair market value of Conversion Feature     (408,200 )
Issuance of equity instruments with debt greater than debt carrying amount     224,000  
Derivative debt converted into equity     254,000  
Balance at March 31, 2015   $ 1,322,800