Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements

v3.3.1.900
Fair Value Measurements
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Note 9 - Fair Value Measurements

On a recurring basis, we measure certain financial assets and liabilities based upon the fair value hierarchy as described in the Company's significant accounting policies in Note 3. The following table presents information about the Company's liabilities measured at fair value as of December 31, 2015.

 

                         
    Level 1     Level 2     Level 3     Fair Value at
December 31,
2015
 
Liabilities                        
Derivative Liability   $ -     $ -     $ -     $ -  
    Level 1     Level 2     Level 3     Fair Value at
December 31,
2014
 
Liabilities                                
Derivative liability   $ -     $ 1,577,640     $ -     $ 1,577,640  

 

 

The fair value changes in the fair value of recurring fair value measurements using model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data (Level 2), relate solely to the derivative liability as follows:

 

Balance as of December 31, 2014   $ 1,577,640  
Exercise of warrants attached to derivative liability   $ (74,347 )
Adjustment due to expiry of derivative liability   $ (1,163,549 )
Fair value adjustments   $ (339,744 )
Balance as of December 31, 2015   $ -  

 

During the year ended December 31, 2015, the Company issued warrants for services at fair market value of $nil, options under the 2011 Equity Incentive Plan at fair market value of $950,455 and re-measured options, where their exercise period was extended, to fair market value of $705,818, an increase of $20,796. The Company did not issue shares of common stock for services and as at December 31, 2015, the Company had no derivative liabilities.