Annual report pursuant to Section 13 and 15(d)

18. Fair Value Disclosures (Tables)

v3.3.1.900
18. Fair Value Disclosures (Tables)
12 Months Ended
Dec. 31, 2015
Abandonment of common stock, Amount  
Fair value of the liability measured at fair value on a recurring basis

The following table represents the fair value of the liability measured at fair value on a recurring basis:

 

    Level 1     Level 2     Level 3     Total  
As of December 31, 2015                        
Non-current liabilities:                        
Derivative liability (see note 17)   $ -     $ -     $ 953,005     $ 953,005  
As of December 31, 2014                                
Non-current liabilities:                                
Derivative liability (see note 17)   $ -     $ -     $ 3,839,569     $ 3,839,569  

 

The following table reconciles the changes in the derivative liability categorized within Level 3 of the fair value hierarchy for the years ended December 31, 2015 and 2014:

 

Balance at December 31, 2013   $ -  
Gain for the period:        
  Included in net loss     (5,161,901 )
  Modification of warrant contracts     (2,815,609 )
  Issuance of additional warrants     1,301,607  
  Warrants adjustment - Level 2 transfer     10,515,472  
Balance at December 31, 2014     3,839,569  
Gain for the period:        
  Included in net loss     (1,843,997 )
  Modification of warrant contracts     (678,400 )
Reduction in derivative liability due to exercise of Senior Lenders' warrants     (364,167 )
Balance at December 31, 2015   $ 953,005