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FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2016
EXHIBIT 3.1
EXHIBIT 10.30
EXHIBIT 31.1
EXHIBIT 31.2
EXHIBIT 32.1
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assumptions Used to Value Warrant Liability
August 10,
June 30,
2016
2016
Strike price
$
2.00
$
2.00
Market price
$
6.08
$
3.20
Expected life
5 years
5 years
Risk-free interest rate
1.07
%
1.01
%
Dividend yield
0.00
%
0.00
%
Volatility
100
%
100
%
Summary of Changes in Fair Value of Level 3 Financial Liabilities
Balance – January 1, 2016
$
-
Initial value of derivative liability
380,000
Change in fair value of derivative liability
401,000
Reclassification of derivative liability to additional paid in capital
(781,000
)
Balance – September 30, 2016
$
-