| Fair value of derivative liabilities |
The
following tables set forth by level within the fair value hierarchy, the Company’s derivative liability stated at fair value as of
October 31, 2015 and April 30, 2015.
| |
|
October
31, 2015 |
|
|
|
|
|
|
|
|
|
|
| |
|
Quoted
Prices in Active Markets for Identical Assets |
|
|
Significant
Other Observable Inputs |
|
|
Significant
Unobservable Inputs |
|
| |
|
(Level
1) |
|
|
(Level
2) |
|
|
(Level
3) |
|
|
Total |
|
| Warrants - Cashless (derivative
liability) |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
29,746 |
|
|
$ |
29,746 |
|
| Total |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
29,746 |
|
|
$ |
29,746 |
|
| |
|
April
30, 2015 |
|
|
|
|
|
|
|
|
|
|
| |
|
Quoted
Prices in Active Markets for Identical Assets |
|
|
Significant
Other Observable Inputs |
|
|
Significant
Unobservable Inputs |
|
| |
|
(Level
1) |
|
|
(Level
2) |
|
|
(Level
3) |
|
|
Total |
|
| Warrants - Cashless (derivative
liability) |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
492,049 |
|
|
$ |
492,049 |
|
| Total |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
492,049 |
|
|
$ |
492,049 |
|
|
| Changes in Level 3 liabilities |
The
following table sets forth a summary of the changes in the fair value of our Level 3 liability stated at fair value for the three
and six months ended October 31, 2015 and 2014, respectively.
| |
|
Six
Months Ended October 31, 2015 |
|
|
|
Six
Months Ended October 31, 2014 |
|
| |
|
Fair
Value Measurements Using Significant Unobservable Inputs (Level 3) |
|
|
|
Fair
Value Measurements Using Significant Unobservable Inputs (Level 3) |
|
| Balance,
April 30, 2015 |
|
$ |
492,049 |
|
|
Balance,
April 30, 2014 |
$ |
– |
|
| Gain
on derivative liability included in net loss |
|
|
(492,049 |
) |
|
Loss
on derivative liability included in net loss |
|
– |
|
| Balance,
October 31, 2015 |
|
$ |
– |
|
|
Balance,
October 31, 2014 |
$ |
– |
|
| |
|
Three
Months Ended October 31, 2015 |
|
|
|
Three
Months Ended October 31, 2014 |
|
| |
|
Fair
Value Measurements Using Significant Unobservable Inputs (Level 3) |
|
|
|
Fair
Value Measurements Using Significant Unobservable Inputs (Level 3) |
|
| Balance,
April 30, 2015 |
|
$ |
29,746 |
|
|
Balance,
April 30, 2014 |
$ |
– |
|
| Gain
on derivative liability included in net loss |
|
|
(29,746 |
) |
|
Loss
on derivative liability included in net loss |
|
– |
|
| Balance,
October 31, 2015 |
|
$ |
– |
|
|
Balance,
October 31, 2014 |
$ |
– |
|
|