FAIR VALUE MEASUREMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Fair Value Measurements Tables |
|
| Fair value hierarchy financial assets measured |
The
following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value
hierarchy as of the dates indicated:
| |
|
Fair
Value at December 31, |
|
|
Fair
Value Measurement Using |
|
| Description
|
|
2017 |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Liabilities
Conversion Feature |
|
$ |
9,331,400 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
9,331,400 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
9,331,400 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
9,331,400 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Fair
Value at December 31, |
|
|
Fair
Value Measurement Using |
|
| Description
|
|
2016 |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative
Liabilities Conversion Feature |
|
$ |
6,987,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,987,000 |
|
| Liability
Contingent Consideration |
|
|
12,085,859 |
|
|
|
- |
|
|
|
- |
|
|
|
12,085,859 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
19,072,859 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
19,072,859 |
|
|
| Fair value of the derivative liabilities using |
| |
|
|
December
31, |
|
| |
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Stock
Price |
|
|
$2.25
- $5.85 |
|
|
$4.35
- $7.35 |
|
|
$1.35
- $3.30 |
|
| Conversion
and Exercise Price |
|
|
$1.80
- $6.60 |
|
|
$3.30
- $7.50 |
|
|
$1.05
- $2.40 |
|
| Annual
Dividend Yield |
|
|
- |
|
|
- |
|
|
- |
|
| Expected
Life (Years) |
|
|
0.46
- 3.42 |
|
|
1.5
- 4.0 |
|
|
1.0
- 4.0 |
|
| Risk-Free
Interest Rate |
|
|
1.04%
- 2.50% |
|
|
2.50% |
|
|
2.50% |
|
| Expected
Volatility |
|
|
43.80%
- 123.56% |
|
|
120.30%
- 144.03% |
|
|
98.35%
- 148.71% |
|
|
| Reconciliation of the Derivative Liabilities measured |
| Balance
at December 31, 2015 |
|
$ |
743,400 |
|
| |
|
|
|
|
| Change
in Fair Market Value of Conversion Feature |
|
|
501,700 |
|
| Issuance
of Equity Instruments with Debt Greater Than Debt Carrying Amount |
|
|
1,487,500 |
|
| Derivative
Debt Converted into Equity |
|
|
(14,232,100 |
) |
| Issuance
of Debt Instruments with Derivatives |
|
|
18,486,500 |
|
| |
|
|
|
|
| Balance
at December 31, 2016 |
|
$ |
6,987,000 |
|
| |
|
|
|
|
| Change
in Fair Market Value of Conversion Feature |
|
|
3,494,550 |
|
| Derivative
Debt Converted into Equity |
|
|
(14,223,550 |
) |
| Issuance
of Debt Instruments with Derivatives |
|
|
13,073,400 |
|
| |
|
|
|
|
| Balance
at December 31, 2017 |
|
$ |
9,331,400 |
|
|
| Reconciliation of the Contingent Consideration Liability |
| Balance
at December 31, 2015 |
|
$ |
- |
|
| |
|
|
|
|
| Purchase
of Black Oak Gallery |
|
|
12,754,553 |
|
| Change
in Fair Market Valuation of Black Oak Contingent Consideration |
|
|
(668,694 |
) |
| |
|
|
|
|
| Balance
at December 31, 2016 |
|
$ |
12,085,859 |
|
| |
|
|
|
|
| Change
in Fair Market Valuation of Contingent Consideration |
|
|
4,426,047 |
|
| Payment
of Contingent Consideration in Cash |
|
|
(2,088,000 |
) |
| Settlement
of Contingent Consideration |
|
|
(4,739,638 |
) |
| Settlement
of Contingent Consideration Recorded Against Additional Paid-In Capital |
|
|
(4,692,697 |
) |
| Gain
on Settlement of Contingent Consideration |
|
|
(4,991,571 |
) |
| |
|
|
|
|
| Balance
at December 31, 2017 |
|
$ |
- |
|
|