Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.7.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Measurements Tables  
Fair value hierarchy financial assets measured

The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:

 

Description   Fair Value at December 31, 2016   Fair Value Measurement Using  
  Level 1   Level 2   Level 3  
                           
Derivative Liabilities – Conversion Feature   $ 6,975,000   $ –   $ –   $ 6,975,000  
Liability - Black Oak Contingent Consideration     12,085,859     –     –     12,085,859  
                           
    $ 19,060,859   $ –   $ –   $ 19,060,859  
                           

 

Description   Fair Value at December 31, 2015   Fair Value Measurement Using  
  Level 1   Level 2   Level 3  
                           
Derivative Liabilities – Conversion Feature   $ 743,400   $ –   $ –   $ 743,400  
Liability - Black Oak Contingent Consideration     –     –     –     –  
                           
    $ 743,400   $ –   $ –   $ 743,400  
                           
                           
                             
Liabilities measured at fair value on a recurring basis using significant unobservable inputs
Balance at December 31, 2014   $ 1,253,000    
           
Change in Fair Market Value of Conversion Feature     (1,800,100 )  
Issuance of Equity Instruments with Debt Greater Than Debt Carrying Amount     561,000    
Derivative Debt Converted into Equity     (1,168,500 )  
Issuance of Debt Instruments with Derivatives     1,898,000    
           
Balance at December 31, 2015     743,400    
           
Change in Fair Market Value of Conversion Feature     489,700    
Issuance of Equity Instruments with Debt Greater Than Debt Carrying Amount     1,487,500    
Derivative Debt Converted into Equity     (14,232,100 )  
Issuance of Debt Instruments with Derivatives     18,486,500    
           
Balance at December 31, 2016   $ 6,975,000