Stockholders' Equity Activity Series C Preferred Convertible Securities Exchange |
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
|
|
2015 |
|
|
2014 |
|
Stock options |
|
|
3,406,250 |
|
|
|
1,730,750 |
|
Convertible debt |
|
|
8,555,938 |
|
|
|
932,500 |
|
Common stock warrants |
|
|
19,182,201 |
|
|
|
18,222,827 |
|
Convertible preferred stock: |
|
|
|
|
|
|
|
|
Series D Convertible Preferred Stock |
|
|
750,000 |
|
|
|
750,000 |
|
Series G Convertible Preferred Stock |
|
|
865,700 |
|
|
|
1,453,200 |
|
Series H Convertible Preferred Stock |
|
|
1,000,000 |
|
|
|
1,000,000 |
|
Series H2 Convertible Preferred Stock |
|
|
2,100,000 |
|
|
|
- |
|
Series J Convertible Preferred Stock |
|
|
3,546,000 |
|
|
|
5,087,500 |
|
Series K Convertible Preferred Stock |
|
|
11,416,000 |
|
|
|
10,729,000 |
|
|
|
|
50,822,089 |
|
|
|
39,905,777 |
|
|
Liabilities measured at fair value on recurring basis |
The following tables set
forth the Companys financial liabilities that were accounted for at fair value on a recurring basis as of March 31, 2015.
|
|
|
|
|
Fair value measurements at March 31, 2015 using: |
|
|
|
March 31, 2015 |
|
|
Quoted prices in active markets (Level 1) |
|
|
Significant other observable inputs (Level 2) |
|
|
Significant unobservable inputs (Level 3) |
|
Series D Preferred Stock Purchase Warrants |
|
$ |
210,906 |
|
|
|
- |
|
|
|
- |
|
|
$ |
210,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2015 |
|
|
Change in Fair Value |
|
|
Reclassified to Equity |
|
|
March 31, 2015 |
|
Series D Preferred Stock Purchase Warrants |
|
$ |
159,875 |
|
|
$ |
51,031 |
|
|
|
- |
|
|
$ |
210,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value measurements at March 31, 2015 using: |
|
|
|
March 31, 2015 |
|
|
Quoted prices in active markets (Level 1) |
|
|
Significant other observable inputs (Level 2) |
|
|
Significant unobservable inputs (Level 3) |
|
September 26, 2014 note, conversion option |
|
$ |
119,355 |
|
|
|
|
|
|
|
|
$ |
119,355 |
|
November 10, 2014 note, conversion option |
|
|
107,026 |
|
|
|
|
|
|
|
|
|
107,026 |
|
November 17, 2014 note, conversion option |
|
|
113,684 |
|
|
|
|
|
|
|
|
|
113,684 |
|
February 2, 2015 note, conversion option |
|
|
83,672 |
|
|
|
|
|
|
|
|
|
83,672 |
|
February 2, 2015 note, conversion option |
|
|
100,406 |
|
|
|
|
|
|
|
|
|
100,406 |
|
February 25, 2015 note, conversion option |
|
|
149,653 |
|
|
|
|
|
|
|
|
|
149,653 |
|
March 4, 2015 note, conversion option |
|
|
46,080 |
|
|
|
|
|
|
|
|
|
46,080 |
|
March 9, 2015 note, conversion option |
|
|
70,447 |
|
|
|
|
|
|
|
|
|
70,447 |
|
March 17, 2015 note, conversion option |
|
|
176,147 |
|
|
|
|
|
|
|
|
|
176,147 |
|
March 17, 2015 note, conversion option |
|
|
38,448 |
|
|
|
- |
|
|
|
- |
|
|
|
38,448 |
|
March 20, 2015 note, conversion option |
|
|
17,789 |
|
|
|
- |
|
|
|
- |
|
|
|
17,789 |
|
March 26, 2015 note conversion option |
|
|
138,585 |
|
|
|
- |
|
|
|
- |
|
|
|
138,585 |
|
March 27, 2015 note, conversion option |
|
|
46,538 |
|
|
|
- |
|
|
|
- |
|
|
|
46,538 |
|
March 27, 2015 note, conversion option |
|
|
135,055 |
|
|
|
- |
|
|
|
- |
|
|
|
135,055 |
|
Embedded conversion options |
|
$ |
1,342,885 |
|
|
|
- |
|
|
|
- |
|
|
$ |
1,342,885 |
|
|
|
Jan. 1, 2015 |
|
|
Issuance fair value |
|
|
Change in fair value |
|
|
Reclassification into equity |
|
|
March 31, 2015 |
|
July 7, 2014 note, conversion option |
|
|
53,673 |
|
|
|
- |
|
|
|
15,026 |
|
|
|
(68,699 |
) |
|
|
- |
|
July 7, 2014 note, conversion option |
|
|
70,604 |
|
|
|
- |
|
|
|
25,574 |
|
|
|
(96,178 |
) |
|
|
- |
|
August 28, 2014 note conversion option |
|
|
25,146 |
|
|
|
- |
|
|
|
63,383 |
|
|
|
(88,529 |
) |
|
|
- |
|
September 3 2014 note, conversion option |
|
|
95,938 |
|
|
|
- |
|
|
|
125,823 |
|
|
|
(221,761 |
) |
|
|
- |
|
September 10, 2014 note, conversion option |
|
|
99,124 |
|
|
|
- |
|
|
|
87,173 |
|
|
|
(186,297 |
) |
|
|
- |
|
September 26, 2014 note, conversion option |
|
|
92,699 |
|
|
|
- |
|
|
|
26,656 |
|
|
|
- |
|
|
|
119,355 |
|
November 10, 2014 note, conversion option |
|
|
74,343 |
|
|
|
- |
|
|
|
32,683 |
|
|
|
- |
|
|
|
107,026 |
|
November 17, 2014 note, conversion option |
|
|
78,814 |
|
|
|
- |
|
|
|
34,870 |
|
|
|
- |
|
|
|
113,684 |
|
February 2, 2015 note, conversion option |
|
|
- |
|
|
|
62,219 |
|
|
|
21,453 |
|
|
|
- |
|
|
|
83,672 |
|
February 2, 2015 note, conversion option |
|
|
- |
|
|
|
74,663 |
|
|
|
25,743 |
|
|
|
- |
|
|
|
100,406 |
|
February 25, 2015 note, conversion option |
|
|
- |
|
|
|
312,718 |
|
|
|
(163,065 |
) |
|
|
- |
|
|
|
149,653 |
|
March 4, 2015 note, conversion option |
|
|
- |
|
|
|
53,213 |
|
|
|
(7,133 |
) |
|
|
- |
|
|
|
46,080 |
|
March 9, 2015 note, conversion option |
|
|
- |
|
|
|
61,597 |
|
|
|
8,850 |
|
|
|
- |
|
|
|
70,447 |
|
March 17, 2015 note, conversion option |
|
|
- |
|
|
|
212,918 |
|
|
|
(36,771 |
) |
|
|
- |
|
|
|
176,147 |
|
March 17, 2015 note, conversion option |
|
|
- |
|
|
|
64,382 |
|
|
|
(25,934 |
) |
|
|
- |
|
|
|
38,448 |
|
March 20, 2015 note, conversion option |
|
|
- |
|
|
|
25,077 |
|
|
|
(7,288 |
) |
|
|
- |
|
|
|
17,789 |
|
March 26, 2015 note conversion option |
|
|
- |
|
|
|
164,581 |
|
|
|
(25,996 |
) |
|
|
- |
|
|
|
138,585 |
|
March 27, 2015 note, conversion option |
|
|
- |
|
|
|
57,502 |
|
|
|
(10,964 |
) |
|
|
- |
|
|
|
46,538 |
|
March 27, 2015 note conversion option |
|
|
- |
|
|
|
154,359 |
|
|
|
(19,304 |
) |
|
|
- |
|
|
|
135,055 |
|
Embedded conversion options |
|
$ |
590,341 |
|
|
$ |
1,243,229 |
|
|
$ |
170,779 |
|
|
$ |
(661,464 |
) |
|
$ |
1,342,885 |
|
|
Fair value assumptions |
The assumptions for the
binomial pricing model are represented in the table below for the warrants issued in the Series D private placement reflected on
a per share common stock equivalent basis.
Assumptions |
|
November 10, 2011 |
|
|
Warrants revalued at December 31, 2014 |
|
|
Warrants revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
60.0 |
|
|
|
22.0 |
|
|
|
19.0 |
|
Expected volatility |
|
|
104.5 |
% |
|
|
116.0 |
% |
|
|
124.4 |
% |
Risk-free interest rate |
|
|
0.875 |
% |
|
|
0.58 |
% |
|
|
0.31 |
% |
Exercise price |
|
$ |
0.81 |
|
|
$ |
0.25 |
|
|
$ |
0.25 |
|
Fair value per warrant |
|
$ |
0.54 |
|
|
$ |
0.15 |
|
|
$ |
0.20 |
|
The assumptions for the
binomial pricing model are represented in the table below for the conversion options reflected on a per share common stock equivalent
basis.
Assumptions |
|
July 7, 2014 |
|
|
Conversion options revalued at Jan. 9, 2015 |
|
Expected life (in months) |
|
|
12 |
|
|
|
6 |
|
Expected volatility |
|
|
117.9 |
% |
|
|
114.9 |
% |
Risk-free interest rate |
|
|
0.12 |
% |
|
|
0.12 |
% |
Exercise price |
|
$ |
0.21 |
|
|
$ |
0.14 |
|
Fair value per conversion option |
|
$ |
0.18 |
|
|
$ |
0.12 |
|
Assumptions |
|
July 7, 2014 |
|
|
Conversion options revalued at Jan. 9, 2015 |
|
Expected life (in months) |
|
|
12 |
|
|
|
6 |
|
Expected volatility |
|
|
117.9 |
% |
|
|
114.9 |
% |
Risk-free interest rate |
|
|
0.12 |
% |
|
|
0.12 |
% |
Exercise price |
|
$ |
0.21 |
|
|
$ |
0.14 |
|
Fair value per conversion option |
|
$ |
0.18 |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
August 28, 2014 |
|
|
Conversion options revalued at Feb. 26, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
- |
|
Expected volatility |
|
|
104.4 |
% |
|
|
0.8 |
% |
Risk-free interest rate |
|
|
0.05 |
% |
|
|
0.01 |
% |
Exercise price |
|
$ |
0.14 |
|
|
$ |
0.10 |
|
Fair value per conversion option |
|
$ |
0.15 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
Sept. 3, 2014 |
|
|
Conversion options revalued at March 2, 2015 |
|
Expected life (in months) |
|
|
36 |
|
|
|
- |
|
Expected volatility |
|
|
153.8 |
% |
|
|
437.5 |
% |
Risk-free interest rate |
|
|
0.99 |
% |
|
|
0.01 |
% |
Exercise price |
|
$ |
0.35 |
|
|
$ |
0.12 |
|
Fair value per conversion option |
|
$ |
0.24 |
|
|
$ |
0.16 |
|
Assumptions |
|
Sept. 10, 2014 |
|
|
Conversion options revalued at March 11, 2015 |
|
Expected life (in months) |
|
|
12 |
|
|
|
2 |
|
Expected volatility |
|
|
117.6 |
% |
|
|
142.2 |
% |
Risk-free interest rate |
|
|
0.12 |
% |
|
|
0.18 |
% |
Exercise price |
|
$ |
0.13 |
|
|
$ |
0.10 |
|
Fair value per conversion option |
|
$ |
0.17 |
|
|
$ |
0.18 |
|
Assumptions |
|
Sept. 26, 2014 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
12 |
|
|
|
6 |
|
Expected volatility |
|
|
116.6 |
% |
|
|
144.6 |
% |
Risk-free interest rate |
|
|
0.11 |
% |
|
|
0.17 |
% |
Exercise price |
|
$ |
0.16 |
|
|
$ |
0.17 |
|
Fair value per conversion option |
|
$ |
0.19 |
|
|
$ |
0.18 |
|
Assumptions |
|
Nov. 10, 2014 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
10 |
|
|
|
5 |
|
Expected volatility |
|
|
104.2 |
% |
|
|
148.4 |
% |
Risk-free interest rate |
|
|
0.10 |
% |
|
|
0.18 |
% |
Exercise price |
|
$ |
0.13 |
|
|
$ |
0.14 |
|
Fair value per conversion option |
|
$ |
0.23 |
|
|
$ |
0.20 |
|
Assumptions |
|
Nov. 17, 2014 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
12 |
|
|
|
7 |
|
Expected volatility |
|
|
117.9 |
% |
|
|
132.4 |
% |
Risk-free interest rate |
|
|
0.12 |
% |
|
|
0.15 |
% |
Exercise price |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
Fair value per conversion option |
|
$ |
0.20 |
|
|
$ |
0.18 |
|
Assumptions |
|
Feb. 2, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
4 |
|
Expected volatility |
|
|
111.7 |
% |
|
|
146.0 |
% |
Risk-free interest rate |
|
|
0.07 |
% |
|
|
0.07 |
% |
Exercise price |
|
$ |
0.14 |
|
|
$ |
0.20 |
|
Fair value per conversion option |
|
$ |
0.09 |
|
|
$ |
0.14 |
|
Assumptions |
|
Feb. 2, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
4 |
|
Expected volatility |
|
|
111.7 |
% |
|
|
146.0 |
% |
Risk-free interest rate |
|
|
0.07 |
% |
|
|
0.07 |
% |
Exercise price |
|
$ |
0.14 |
|
|
$ |
0.19 |
|
Fair value per conversion option |
|
$ |
0.09 |
|
|
$ |
0.16 |
|
Assumptions |
|
Feb. 25, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
5 |
|
Expected volatility |
|
|
132.1 |
% |
|
|
149.4 |
% |
Risk-free interest rate |
|
|
0.08 |
% |
|
|
0.08 |
% |
Exercise price |
|
$ |
0.10 |
|
|
$ |
0.14 |
|
Fair value per conversion option |
|
$ |
0.28 |
|
|
$ |
0.19 |
|
Assumptions |
|
March 4, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
5 |
|
Expected volatility |
|
|
138.9 |
% |
|
|
150.5 |
% |
Risk-free interest rate |
|
|
0.08 |
% |
|
|
0.08 |
% |
Exercise price |
|
$ |
0.17 |
|
|
$ |
0.19 |
|
Fair value per conversion option |
|
$ |
0.17 |
|
|
$ |
0.16 |
|
Assumptions |
|
March 9, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
5 |
|
Expected volatility |
|
|
139.2 |
% |
|
|
149.8 |
% |
Risk-free interest rate |
|
|
0.08 |
% |
|
|
0.08 |
% |
Exercise price |
|
$ |
0.20 |
|
|
$ |
0.21 |
|
Fair value per conversion option |
|
$ |
0.13 |
|
|
$ |
0.15 |
|
Assumptions |
|
March 17, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
6 |
|
Expected volatility |
|
|
143.3 |
% |
|
|
149.3 |
% |
Risk-free interest rate |
|
|
0.08 |
% |
|
|
0.08 |
% |
Exercise price |
|
$ |
0.21 |
|
|
$ |
0.21 |
|
Fair value per conversion option |
|
$ |
0.19 |
|
|
$ |
0.16 |
|
Assumptions |
|
March 17, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
6 |
|
Expected volatility |
|
|
143.3 |
% |
|
|
149.3 |
% |
Risk-free interest rate |
|
|
0.08 |
% |
|
|
0.08 |
% |
Exercise price |
|
$ |
0.17 |
|
|
$ |
0.20 |
|
Fair value per conversion option |
|
$ |
0.22 |
|
|
$ |
0.16 |
|
Assumptions |
|
March 20, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
6 |
|
Expected volatility |
|
|
140.9 |
% |
|
|
147.2 |
% |
Risk-free interest rate |
|
|
0.08 |
% |
|
|
0.08 |
% |
Exercise price |
|
$ |
0.20 |
|
|
$ |
0.21 |
|
Fair value per conversion option |
|
$ |
0.20 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
March 26, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
6 |
|
Expected volatility |
|
|
143.2 |
% |
|
|
144.9 |
% |
Risk-free interest rate |
|
|
0.07 |
% |
|
|
0.07 |
% |
Exercise price |
|
$ |
0.18 |
|
|
$ |
0.18 |
|
Fair value per conversion option |
|
$ |
0.20 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
March 27, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
6 |
|
Expected volatility |
|
|
142.6 |
% |
|
|
144.3 |
% |
Risk-free interest rate |
|
|
0.06 |
% |
|
|
0.06 |
% |
Exercise price |
|
$ |
0.18 |
|
|
$ |
0.19 |
|
Fair value per conversion option |
|
$ |
0.20 |
|
|
$ |
0.17 |
|
Assumptions |
|
March 27, 2015 |
|
|
Conversion options revalued at March 31, 2015 |
|
Expected life (in months) |
|
|
6 |
|
|
|
6 |
|
Expected volatility |
|
|
142.6 |
% |
|
|
144.9 |
% |
Risk-free interest rate |
|
|
0.06 |
% |
|
|
0.06 |
% |
Exercise price |
|
$ |
0.14 |
|
|
$ |
0.14 |
|
Fair value per conversion option |
|
$ |
0.22 |
|
|
$ |
0.19 |
|
|