Quarterly report pursuant to Section 13 or 15(d)

Summary of Accounting Policies (Tables)

v3.5.0.2
Summary of Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Foreign Operations

 

    September 30,   December 31,
    2016   2015
Assets- U.S.   $ 3,907,508     $ 4,396,990  
Assets- Mexico.     114,479       172,170  
Assets- India.     284,190       50,645  
Assets - Singapore     253,710       —    
Assets- Total   $ 4,559,887     $ 4,619,805  
                 
Liabilities- U.S.   $ 9,893,592     $ 9,540,657  
Liabilities- Mexico     135,986       57,422  
Liabilities- India     407,473       150,842  
Liabilities - Singapore     4,255       —    
Liabilities- Total   $ 10,441,306     $ 9,748,921  

    For the 3 months ended     For the 9 months ended
    September 30, 2016     September 30, 2015     September 30, 2016   September 30, 2015
Revenues- U.S. $ —     $ —       $ —       $ —    
Revenues- Mexico.   —       —         —         —    
Revenues- India.   19,543     —         56,071       —    
Revenues – Singapore   —       —          —         —    
Revenues- Total $ 19,543   $ —       $ 56,071     $ —    
                             
Net (Income) Loss- U.S. $ 1,014,831   $ 2,568,897     $ 3,788,615     $ 7,634,322  
Net loss- Mexico   43,473     35,449       147,059       68,992  
Net loss- India   310,103     217,425       961,072       438,115  
Net loss -  Singapore   1,373     —         11,490       —    
Net Loss- Total $ 1,369,780   $ 2,821,771     $ 4,908,236     $ 8,141,429  

Fair Value of Financial instruments Assets and Liabilities

 

    Consolidated
Balance Sheet
  Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
  Quoted Prices for Similar Assets or Liabilities in Active Markets
(Level 2)
  Significant
Unobservable
Inputs
(Level 3)
Derivative Liabilities:                
September 30, 2016   $ 3,154,068     $ —       $ —       $ 3,154,068  
December 31, 2015   $ 1,868,439     $ —       $ —       $ 1,868,439  

Level 3 financial liabilities that are measured at fair value on a recurring basis

 

    September 30, 2016   December 31, 2015
Beginning balance   $ 1,868,439     $ 547,940  
Aggregate fair value of conversion feature upon issuance of common shares     -       (457,228 )
Change in fair value of derivative liabilities     (1,310,776 )     (45,356 )
Reclassification of warrants to derivative liability     2,475,702       1,823,083  
Reclassification of stock options to derivative liability     120,703       —    
Ending balance   $ 3,154,068     $ 1,868,439  

Fair Value of Financial instruments Black-Scholes option pricing models

 

    September 30, 2016   December 31, 2015
Stock price   $ 0.084     $ 0.10  
Volatility     106.01 %     91.3 %
Risk-free interest rate     .68 %     0.64 %
Dividend yield     0.0 %     0.0 %
Expected life     1.5 - 5 years        1.5 - 2 years  

Stock Compensation Changes

 

    3 months ended
September 30
  9 months ended
September 30
    2016   2015   2016   2015
General and administrative   $ 45,772     $ 49,435     $ 938,679     $ 132,843  
Research and development     —         57,198       70,347       97,028  
Sales and marketing     —         37,455       7,007       93,637  
Total   $ 45,772     $ 144,088     $ 1,016,033     $ 323,508