Derivative Financial Instruments

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 5 – Derivative Financial Instruments

The Company applies the provisions of ASC Topic 815-40, Contracts in Entity’s Own Equity (“ASC Topic 815-40”), under which convertible instruments, which contain terms that protect holders from declines in the stock price, may not be exempt from derivative accounting treatment. As a result, embedded conversion options (whose exercise price is not fixed and determinable) in convertible debt (which is not conventionally convertible due to the exercise price not being fixed and determinable) are initially recorded as a liability and are revalued at fair value at each reporting date using the Black Sholes Model.

The following table describes the Derivative liability as of March 31, 2016 and December 31, 2015.

			Revaluation at		(Gain)/Loss for Three Months Ended			Revaluation at
	Initial derivative valuation		December 31, 2015		March 31, 2016			March 31, 2016
Convertible notes
September 2015 convertible notes	$	1,487,822	$	519,575	$	203,739		$	723,314
Convetible note #1		-		-		-			-
Convertible note #2		121,986		153,813		20,070			79,995
Convertible note #3		1,504,118		-		(635,012	)		869,106
Convertible note #4		234,412		-		(121,611	)		112,801
Convertible note #5		-		-		-			-
Convertible note #6		42,100		-		27,861			69,961
Warrants attached to convertible notes
September 2015 warrants		1,631,357		747,965		296,520			1,044,485
Convertible note #2 warrants		87,851		59,925		(70,225	)		83,588
Convertible note #3 warrants		1,213,554		-		(490,153	)		723,401
Convertible note #5 warrants		251,119		-		(65,455	)		185,664
Total		6,574,319		1,481,278		(834,266	)		3,892,315

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

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