Derivative Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2017

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2017:

			Quoted Prices		Significant
			in Active		Other		Significant
	Balance at		Markets for		Observable		Unobservable
	September 30, 2017		Identical Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
Embedded conversion option liabilities	$	1,160,865	$	—	$	—	$	1,160,865
Fair value of liability for warrant derivative instruments	$	142	$	—	$	—	$	142
Total	$	1,161,007	$	—	$	—	$	1,161,007

The following is a roll forward for the three months ended September 30, 2017 of the fair value liability of price adjustable derivative instruments:

	Fair Value of
	Liability for
	Derivative
	Instruments
Balance at June 30, 2017	$	881,172
Effects of foreign currency exchange rate changes		109
Initial fair value of embedded conversion option derivative liability recorded as debt discount		310,000
Initial fair value of embedded conversion option derivative liability recorded as change in fair value of embedded conversion option		268,212
Change in fair value included in statements of operations		(298,486	)
Balance at September 30, 2017	$	1,161,007

Warrants

	September 30, 2017
Volatility		121.55	%
Expected remaining term (in years)		1.0
Risk-free interest rate		1.31	%
Expected dividend yield		None

Convertible Debt

	Initial Valuations (on new derivative instruments entered into during the three months ended September 30, 2017)			September 30, 2017
Volatility		197.41	%		61.48% – 189.28	%
Expected Remaining Term (in years)		2.00			.21 - 1.86
Risk Free Interest Rate		1.33	%		1.06% - 1.54	%
Expected dividend yield		None			None