Annual report pursuant to Section 13 and 15(d)

Summary of significant accounting policies (Tables)

v3.10.0.1
Summary of significant accounting policies (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2017
Accounting Policies [Abstract]    
Foreign Operations

    September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Assets- U.S.   $ 3,173,599     $ 3,419,382     $ 3,544,230     $ 3,826,006  
Assets- Mexico     74,648       69,565       70,156       94,147  
Assets- India     344,547       335,924       333,543       243,570  
Assets - Singapore     1,035       1,245       1,438       40,756  
Assets- Total   $ 3,593,829     $ 3,826,116     $ 3,949,367     $ 4,204,479  
                                 
Liabilities- U.S.   $ 7,436,598     $ 7,276,959     $ 7,215,005     $ 7,106,868  
Liabilities- Mexico     175,281       177,041       169,831       154,341  
Liabilities- India     1,522,920       1,287,906       1,020,754       1,067,090  
Liabilities - Singapore     5,127       5,085       3,579       5,389  
Liabilities- Total   $ 9,139,926     $ 8,746,991     $ 8,409,169     $ 8,333,688  
                                 

 

 

    For the three months ended   For the three months ended   For the three months ended
    September 30,   September 30,   June 30,   June 30,   March 31,   March 31,
    2017   2016   2017   2016   2017   2016
Revenues- U.S.   $ —       $ —       $ —       $ —       $ —       $ —    
Revenues- Mexico     —         —         —         —         —         —    
Revenues- India     17       19,543       2,308       16,969       —         19,559  
Revenues- Singapore                                     —         —    
Revenues- Total   $ 17     $ 19,543     $ 2,308     $ 16,969     $ —       $ 72,923  
                                                 
Net (income) loss- U.S.   $ 659,291     $ 1,014,831     $ 523,802     $ 2,967,092     $ 514,918     $ (193,308 )
Net (income) loss- Mexico     (343 )     43,473       7,801       46,398       39,549       57,188  
Net loss- India     395,743       310,103       305,114       379,709       116,952       271,260  
Net loss- Singapore     2,534       1,373       5,756       10,117       17,428       —    
Net Loss- Total   $ 1,057,225     $ 1,369,780     $ 842,473     $ 3,403,316     $ 688,847     $ 135,140  
                                                 

  

    For the nine months ended   For the six months ended
    September 30,   September 30,   June 30,   June 30,
    2017   2016   2017   2016
Revenues- U.S.   $ —       $ —       $ —       $ —    
Revenues- Mexico     —         —         —         —    
Revenues- India     2,325       56,071       2,308       36,528  
Revenues – Singapore     —         —         —         —    
Revenues- Total   $ 2,325     $ 56,071     $ 2,308     $ 36,528  
                                 
Net Loss- U.S.   $ 1,698,011     $ 3,788,616     $ 1,038,720     $ 2,773,784  
Net loss- Mexico     47,007       147,059       47,350       103,586  
Net loss- India     817,809       961,072       422,066       650,969  
Net loss - Singapore     25,718       11,490       23,184       10,117  
Net Loss- Total   $ 2,588,545     $ 4,908,237     $ 1,531,320     $ 3,538,456  
                                 

 

    December 31,   December 31,   December 31,
    2017   2016   2015
Assets- U.S.   $ 3,129,229     $ 3,826,006     $ 4,396,990  
Assets- Mexico     3,355       94,147       172,170  
Assets- India     386,789       243,570       50,645  
Assets - Singapore     846       40,756       —    
Assets- Total   $ 3,520,219     $ 4,204,479     $ 4,619,805  
                         
Liabilities- U.S.   $ 9,145,727     $ 7,106,868     $ 9,540,657  
Liabilities- Mexico     166,198       154,341       57,422  
Liabilities- India     1,577,830       1,067,090       150,842  
Liabilities - Singapore     31,406       5,389       —    
Liabilities- Total   $ 10,921,161     $ 8,333,688     $ 9,748,921  
                         

 

 

    December 31,   December 31,   December 31,
    2017   2016   2015
Revenues- U.S.   $ —       $ —       $ —    
Revenues- Mexico     —         —         2,350  
Revenues- India     2,329       71,374       —    
Revenues – Singapore     —         —         —    
Revenues- Total   $ 2,329     $ 71,374     $ 2,350  
                         
Net Loss- U.S.   $ 2,637,634     $ 2,464,389     $ 9,720,192  
Net loss - Mexico     109,215       191,376       98,301  
Net loss - India     1,276,203       1,415,001       610,273  
Net loss - Singapore     58,077       260,450       —    
Net Loss- Total   $ 4,081,129     $ 4,331,216     $ 10,428,766  
                         
Fair value of financial instruments

 

    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, 2017   $ 377,571     $ —       $ —       $ 377,571  
June 30, 2017   $ 381,396     $ —       $ —       $ 381,396  
March 31, 2017   $ 577,241     $ —       $ —       $ 577,241  
December 31, 2016   $ 1,302,543     $ —       $ —       $ 1,302,543  

    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:                
      December 31, 2017   $ 826,782     $ —       $ —       $ 826,782  
December 31, 2016   $ 1,302,543     $ —       $ —       $ 1,302,543  
December 31, 2015   $ 1,868,439     $ —       $ —       $ 1,868,439  
                                 
Changes in the fair value

 

    September 30, 2017  

June 30,

2017

  March 31, 2017   December 31, 2016
Beginning balance   $ 381,396     $ 577,241     $ 1,302,543     $ 1,868,439  
Aggregate fair value of conversion feature upon issuance of common shares     —         —         —         —    
Change in fair value of derivative liabilities     (14,470 )     (212,886 )     (763,885 )     (3,485,801 )
Reclassification of warrants to derivative liability     6,462       9,968       30,095       2,785,655  
Reclassification of options to derivative liability     4,183       7,073       8,488       134,2495  
Ending balance   $ 377,571     $ 381,396     $ 577,241     $ 1,302,543  

    December 31, 2017   December 31, 2016   December 31, 2015
Beginning balance   $ 1,302,543     $ 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     (1,144,834 )     (3,485,801 )     (45,356 )
Reclassification of warrants to derivative liability     643,085       2,785,655       1,823,083  
Reclassification of options to derivative liability     25,988       134,249       —    
Ending balance   $ 826,782     $ 1,302,543     $ 1,868,439  

 

Fair value using the Black-Scholes pricing model
    September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Stock price   $ 0.031     $ 0.041     $ 0.046     $ 0.0513  
Volatility     89.65 %     94.91 %     94.99 %     104.69 %
Risk-free interest rate     1.06 %     1.03 %     0.76 %     0.51 %
Dividend yield     0.0 %     0.0 %     0.0 %     0.0 %
Expected life     1.70 years       1.26 years       1.89 years       1.31 years  
    December 31, 2017   December 31, 2016   December 31, 2015
Stock price   $ 0.042     $ 0.0513     $ 0.10  
Volatility     89.33 %     104.69 %     91.3 %
Risk-free interest rate     1.39 %     0.51 %     0.04 %
Dividend yield     0.0 %     0.0 %     0.0 %
Expected life     1.96 years       1.31 years       0.01 years  
                         
Stock based compensation

 

    For the Nine Months Ended   For the Six Months Ended   For the Three Months Ended
             
     

September 30,

2017

     

September 30,

2016

     

June 30,

2017

      June 30, 2016      

March 31,

2017

     

March 31,

2016

 
                                                 
General and administrative   $ 41,629     $ 223,447     $ 29,788     $ 177,675     $ 15,886     $ 14,711  
Research and development     —         33,644       —         33,644       —         33,644  
Sales and marketing     —         7,007       —         7,007       —         7,007  
Total   $ 41,629     $ 246,098     $ 29,788     $ 218,326     $ 15,886     $ 55,362  
                                                 

 

    December 31, 2017   December 31, 2016   December 31, 2015
General and administrative   $ 122,432     $ 256,466     $ 146,932  
Research and development     —         33,644       98,741  
Sales and marketing     —         7,007       130,024  
Total   $ 122,432     $

297,117

    $ 375,697  

Net loss per share  
Year Options Warrants Convertible notes Total
2017 22,952,000 222,869,429 67,451,671 313,273,100
2016 26,345,000 188,125,232 20,631,577 235,101,809
2015 15,480,000 102,188,477 38,001,693 155,670,170