Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE LIABILITY (Tables)

v3.7.0.1
DERIVATIVE LIABILITY (Tables)
3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative liability

The following assumptions were used in the Black-Scholes valuation model:

 

    Three        
    Months Ended     Year ended  
    March 31,     December 31,  
    2017     2016  
Conversion price   $    0.11 to 0.22     $ 0.22 to 0.23  
Risk free interest rate        0.63 to 1.04 %     0.85 %
Expected life of derivative liability     4 to 11 months       9 months  
expected volatility of underlying stock     132.56 to 138.19 %     133.0 %
Expected dividend rate     0 %     0 %
Schedule of movement in derivative liability

The movement in derivative liability is as follows:

 

    March 31, 2017     December 31, 2016  
             
Opening balance   $ 113,074     $ -  
Derivative financial liability arising from convertible note     458,000       77,000  
Fair value adjustment to derivative liability     247,770       36,074  
    $ 818,844     $ 113,074