Annual report pursuant to Section 13 and 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Carrying Amount of the Major Classes of Liabilities

The carrying amounts of the major classes of these liabilities as of December 31, 2016 and 2015 are summarized as follows:

 

    December 31, 2016     December 31, 2015  
Assets of discontinued operations   $ -     $ -  
Liabilities                
Accounts payables and accrued expenses   $ (112,397 )   $ (112,397 )
Liabilities of discontinued operations   $ (112,397 )   $ (112,397 )

Schedule of Estimated Useful Life of Property and Equipment

The estimated useful lives of property and equipment are generally as follows:

 

    Years  
Office furniture and fixtures     4  
Computer equipment     4  
Appliques     10  
Website development     2  

Schedule of Reconciliation of Derivative Liability Measured at Fair Value

The following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable input (Level 3) from January 1, 2016 to December 31, 2016:

 

    Conversion feature derivative liability     Warrant liability     Total  
Balance at January 1, 2016   $ 614,035     $ 4,356     $ 618,391  
Change in fair value included in earnings     (422,974 )     (3,119 )     (426,093 )
Net effect on additional paid in capital     (191,061 )     -       (191,062 )
Balance at December 31, 2016   $ -     $ 1,237     $ 1,237  

Schedule of Dilutive Common Stock Equivalents

The following are dilutive common stock equivalents during the year ended:

 

    December 31, 2016     December 31, 2015  
Convertible preferred stock     212,514,255       214,157,174  
Stock Options     12,850,000       2,850,000  
Stock Warrants     5,000       5,000  
Total     225,369,255       217,012,174