Accounting allocation of initial proceeds | March 28, 2013 | |||
Gross Proceeds | $ | 401,000 | ||
Derivative preferred stock liability fair value | (1,610,015 | ) | ||
Derivative warrant liability fair value | (1,909,161 | ) | ||
Financing expense on issuance of derivative instruments | $ | 3,118,176 | ||
Accounting allocation of initial proceeds | May 31, 2013 | |||
Gross proceeds | $ | 370,000 | ||
Derivative preferred stock liability fair value | (1,670,550 | ) | ||
Derivative warrant liability fair value | (1,945,830 | ) | ||
Financing expense on issuance of derivative instruments | $ | 3,246,380 | ||