Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 19-May-15 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Trading Symbol | fare | |
Entity Registrant Name | World Moto, Inc. | |
Entity Central Index Key | 1492151 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 460,124,325 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $113,323 | $169,265 |
Prepaid expenses and other current assets | 34,847 | 20,741 |
Inventory | 5,294 | 2,986 |
Total current assets | 153,464 | 192,992 |
Property and equipment, net of accumulated depreciation | 22,581 | 24,215 |
Deferred financing costs, net of accumulated amortization | 15,883 | 28,867 |
Other assets | 11,101 | 10,984 |
TOTAL ASSETS | 203,029 | 257,058 |
Current liabilities: | ||
Accounts payable and accrued expenses | 236,774 | 211,336 |
Convertible notes payable, net of discount of $760,791 and $779,572, respectively | 167,296 | 274,123 |
Derivative note liabilities | 1,675,155 | 1,256,159 |
Short-term debt - related party | 46,190 | 45,707 |
Unearned revenues | 59,415 | 59,056 |
Total current liabilities | 2,184,830 | 1,846,381 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock, $0.0001 par value; 50,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 2,000,000,000 shares authorized; 435,960,255 and 395,369,204 shares issued and outstanding, respectively | 43,596 | 39,536 |
Additional paid-in capital | 2,234,335 | 1,752,443 |
Accumulated deficit | -4,243,761 | -3,365,780 |
Other comprehensive loss | -15,971 | -15,522 |
Total stockholders' deficit | -1,981,801 | -1,589,323 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $203,029 | $257,058 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Convertible note payable, discount | $760,791 | $779,572 |
Preferred stock shares par value | $0.00 | $0.00 |
Preferred stock shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common stock shares par value | $0.00 | $0.00 |
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 |
Common Stock, Shares, Issued | 435,960,255 | 395,369,204 |
Common Stock, Shares, Outstanding | 435,960,255 | 395,369,204 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | $0 | $0 |
Operating expenses: | ||
Research and development | 102,825 | 121,106 |
General and administrative | 99,249 | 139,011 |
Total operating expenses | 202,074 | 260,117 |
Loss from operations | 202,074 | 260,117 |
Other income expense: | ||
Interest expense | 323,170 | 396 |
Interest income | 0 | -6 |
Change in fair value of derivative liability | 352,807 | 0 |
Foreign current transaction loss (gain) | -70 | -256 |
Total other expense | 675,907 | 134 |
Net loss | -877,981 | -260,251 |
Other comprehensive income (loss): | ||
Foreign currency translations | -449 | -2,511 |
Total comprehensive loss | ($878,430) | ($262,762) |
Net loss per common share - basic and diluted | $0 | $0 |
Weighted average number of common shares outstanding - basic and diluted | 415,699,254 | 378,033,149 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($877,981) | ($260,251) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,634 | 3,861 |
Fair value of derivative in excess of debts | 161,264 | 0 |
Amortization of debt discount and deferred financing cost | 160,011 | 0 |
Change in fair value of derivative liability | 352,807 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | -14,223 | -26,660 |
Inventory | -2,308 | 0 |
Unearned revenues | 0 | 24,980 |
Accounts payable and accrued expenses | 26,280 | 113,719 |
Net cash used in operating activities | -192,516 | -144,351 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | 0 | -873 |
Net cash used in investing activities | 0 | -873 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from convertible notes, net of financing costs | 137,023 | 0 |
Net cash provided by financing activities | 137,023 | 0 |
EFFECT OF FOREIGN CURRENCY TRANSLATIONS | -449 | -2,511 |
Net change in cash and cash equivalents | -55,942 | -147,735 |
Cash and cash equivalent at beginning of the period | 169,265 | 179,132 |
Cash and cash equivalent at end of the period | 113,323 | 31,397 |
Cash paid for: | ||
Income tax | 0 | 0 |
Interest | 0 | 0 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Shares issued for conversion of debt | 234,355 | 0 |
Reclassification of fair value of derivatives from liabilities to equity | $251,597 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Nature of Business | |||||||||||||
World Moto, Inc. (the “Company”) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012, and discussed in Note 3. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from “Net Profits Ten Inc.” to “World Moto, Inc.” | |||||||||||||
On January 30, 2013, World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd, a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc., World Moto Technologies, Inc. and World Moto Holdings, Inc. and it is an operating entity of the Company in Thailand for the purposes of research and development in the Southeast Asia region. | |||||||||||||
Basis of Presentation | |||||||||||||
The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission ("SEC") Regulation S-X rule 8-03 and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's last Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2014. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the financial position as of March 31, 2015 and the results of operations and cash flows for the periods then ended. The financial data and other information disclosed in these notes to the interim consolidated financial statements related to the period are unaudited. The results for the three-month period ended March 31, 2015 are not necessarily indicative of the results to be expected for any subsequent quarters or for the entire year ending December 31, 2015. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted. | |||||||||||||
Principal of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of World Moto Technologies, Inc., World Moto Holdings, Inc., and World Moto Co. Ltd, all 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | |||||||||||||
Foreign Currency Translation | |||||||||||||
The functional currency of our subsidiary is the Thai Baht. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods. | |||||||||||||
For financial reporting purposes, the financial statements of the subsidiary are translated into the Company’s reporting currency, United States Dollars (“USD”). Asset and liability accounts are translated using the closing exchange rate in effect at the balance sheet date, equity account and dividend are translated using historical exchange rates and income and expense accounts are translated using the average exchange rate prevailing during the reporting period. | |||||||||||||
Adjustments resulting from the translation, if any, are included in accumulated other comprehensive income (loss) in stockholder’s equity (deficit). | |||||||||||||
Long-Lived Assets | |||||||||||||
Property and equipment | |||||||||||||
Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method of 3 years for financial statement purposes. | |||||||||||||
Software | |||||||||||||
The Company capitalizes software acquisition and development costs incurred during the software application development stage. The software application development stage is characterized by software design and configuration activities, coding, testing and installation. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software acquisition and development costs, once placed in service, are amortized using the straight-line method over the estimated useful life of 3 to 10 years. Capitalized software acquisition and development costs subject to amortization are carried at cost less accumulated amortization. | |||||||||||||
Patents | |||||||||||||
Patents are initially measured based on their fair values. Patents are being amortized on the straight-line method over the estimated useful life of 10 to 20 years. | |||||||||||||
Management evaluates the recoverability of the Company’s property and equipment including patent development costs when events or circumstances indicate a potential impairment exists. The Company considers certain events and circumstances in determining whether the carrying value of identifiable property and equipment may not be recoverable including, but not limited to: significant changes in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets' carrying values and the undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. | |||||||||||||
Income Taxes | |||||||||||||
The Company uses the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. A valuation allowance, if necessary, is provided against deferred tax assets, based upon management’s assessment as to their realization. | |||||||||||||
Fair Value Measurement | |||||||||||||
The Company values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. | |||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). | |||||||||||||
The three levels of the fair value hierarchy are as follows: | |||||||||||||
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. | |||||||||||||
Level 2 - Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company's principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets. | |||||||||||||
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments. | |||||||||||||
The following table sets forth by level with the fair value hierarchy the Company’s financial assets and liabilities measured at fair value on March 31, 2015. | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Liabilities | |||||||||||||
Derivative liability | $ | - | $ | - | $ | 1,675,155 | $ | 1,675,155 | |||||
Revenue Recognition | |||||||||||||
The Company recognizes revenue only when all of the following criteria have been met: | |||||||||||||
• | Persuasive evidence of an arrangement exists; | ||||||||||||
• | Delivery has occurred or services have been rendered; | ||||||||||||
• | The fee for the arrangement is fixed or determinable; and | ||||||||||||
• | Collectibility is reasonably assured. | ||||||||||||
Persuasive Evidence of an Arrangement – The Company documents all terms of an arrangement in a written contract signed by the customer prior to recognizing revenue. | |||||||||||||
Delivery Has Occurred or Services Have Been Performed – The Company performs all services or delivers all products prior to recognizing revenue. Monthly services are considered to be performed ratably over the term of the arrangement. Professional consulting services are considered to be performed when the services are complete. Equipment is considered delivered upon delivery to a customer’s designated location. | |||||||||||||
The Fee for the Arrangement Is Fixed or Determinable – Prior to recognizing revenue, a customer’s fee is either fixed or determinable under the terms of the written contract. Fees for most monthly services, professional consulting services, and equipment sales and rentals are fixed under the terms of the written contract. Fees for certain monthly services, including certain portions of networking, storage, and content distribution and caching services, are variable based on an objectively determinable factor such as usage. Those factors are included in the written contract such that the customer’s fee is determinable. The customer’s fee is negotiated at the outset of the arrangement and is not subject to refund or adjustment during the initial term of the arrangement. | |||||||||||||
Collectibility Is Reasonably Assured – The Company determines that collectibility is reasonably assured prior to recognizing revenue. Collectibility is assessed on a customer by customer basis based on criteria outlined by management. New customers are subject to a credit review process, which evaluates the customer’s financial position and ultimately its ability to pay. The Company does not enter into arrangements unless collectibility is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectibility is not reasonably assured, revenue is recognized on a cash basis. | |||||||||||||
Franchise Fee Revenue | |||||||||||||
Revenues from licensees include a royalty based on a percent of sales, and may include initial fees. Continuing royalties are recognized in the period earned. Initial fees are recognized upon granting of a new franchise term, which is when the Company has performed substantially all initial services required by the franchise arrangement and after the franchisee commences operations. Additionally, the first twelve months of operations are royalty free for the franchisee. | |||||||||||||
Stock-based Compensation | |||||||||||||
The Company expenses the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the service period. | |||||||||||||
Equity instruments issued to parties other than employees for acquiring goods or services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable. | |||||||||||||
Subsequent Event | |||||||||||||
The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2015 | |
GOING CONCERN [Text Block] | NOTE 2 – GOING CONCERN |
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $4,243,761 as of March 31, 2015, has limited liquidity, and has not established a reliable source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
UNEARNED_REVENUES
UNEARNED REVENUES | 3 Months Ended |
Mar. 31, 2015 | |
UNEARNED REVENUES [Text Block] | NOTE 3 – UNEARNED REVENUES |
On December 2, 2013, WM Co. Thailand entered into a Purchase and Licensing Agreement (the "PL Agreement") with Mobile Advertising Ventures Ltd. ("MAV"). Pursuant to the terms of the PL Agreement, MAV will purchase 10 initial "Wheelies" from WM Co. Thailand at a total purchase price of $35,000, and will have an option to purchase an additional 190 Wheelies at a purchase price of $3,500 per unit. WM Co. Thailand also grants a non-exclusive license to MAV for the use of its software in connection with the operation of the Wheelies in consideration for a fee based on net revenue per quarter from advertising sales relating to the use of the Wheelies. The Company received $35,000 from MAV before December 31, 2013 and has been recorded as unearned revenues. | |
On March 10, 2014, the Company entered into a Fleet Franchise Agreement ("the Franchise Agreement") with Mobile Advertising Ventures, Ltd. ("MAV"). MAV paid the Company $24,415 for the right to utilize the Yes software and all other trademarks of the Company, including but not limited to "Yes", "World Moto" and "Wheelies" (collectively, the "Marks") in the Federal Territory of Kuala Lumpur, Malaysia. Initial training has been completed for the Franchisee; however, the Franchisee has not begun operations. This revenue will be reclassified as earned when MAV completes its first sale using the Yes software. |
RELATEDPARTY_TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2015 | |
RELATED-PARTY TRANSACTIONS [Text Block] | NOTE 4 – RELATED PARTY TRANSACTIONS |
At March 31, 2015 and December 31, 2014, the Company has short-term debt of $46,190 and $46,707, respectively, due to one of its majority shareholders. The loan will be paid back from proceeds of the debenture financing that is expected to be completed by the end of the second quarter of 2015. The loan is accruing interest at a rate of 0%. |
CONVERTIBLE_NOTE_PAYABLE
CONVERTIBLE NOTE PAYABLE | 3 Months Ended | |||
Mar. 31, 2015 | ||||
CONVERTIBLE NOTE PAYABLE [Text Block] | NOTE 5 – CONVERTIBLE NOTES PAYABLE | |||
On March 5, 2015, the Company entered into a convertible note with Redwood Management for an aggregate principal amount of $60,870 with a $4,348 original issue discount ("OID") and $12,000 in deferred financing costs for broker fees. | ||||
The note earns an interest rate equal to 12% per annum and matures on March 5, 2016. The Company is obligated to make amortization payments beginning on the six month anniversary of the issuance date of the Debentures and continuing monthly thereafter. Pursuant to this note, the Company recorded a debt discount of $56,522, as result of the embedded conversion feature being a financial derivative. The Company also recorded a debt discount of $4,348 as result of the 8% original issue discount. The Company determined that the fair value of the conversion feature was $110,096 at the issuance date. The fair value of the conversion feature in excess of the principal amount allocated to the notes of $53,574 was expensed immediately as additional interest expense. During the three months ended March 31, 2015, the Company recorded $4,324 amortization of the debt discount on the notes. | ||||
On March 26, 2015, the Company entered into a convertible note with Macallan Partners for an aggregate principal amount of 112,000 with a $12,000 OID and $7,500 in deferred financing costs for broker fees in the form of a convertible note.) | ||||
The note earns an interest rate equal to 8% per annum and matures on March 31, 2016. Pursuant to this note, the Company recorded a debt discount of $100,000, as result of the embedded conversion feature being a financial derivative. The Company also recorded a debt discount of $12,000 as result of the 11% original issue discount. The Company determined that the fair value of the conversion feature was $207,690 at the issuance date. The fair value of the conversion feature in excess of the principal amount allocated to the notes of $107,690 was expensed immediately as additional interest expense. During the three months ended March 31, 2015, the Company recorded $1,509 amortization of the debt discount on the notes. | ||||
As summary of value changes to the notes for the three months ended March 31, 2015 is as follows: | ||||
Carrying value of Convertible Notes at December 31, 2014 | $ | 274,123 | ||
Additional borrowings | 172,870 | |||
Total principal | 446,993 | |||
Less: conversion carrying value of convertible notes | (234,355 | ) | ||
Less: discount related to fair value of the embedded conversion feature | (152,870 | ) | ||
Less: discount related to original issue discount | (20,000 | ) | ||
Add: amortization of discount | 127,528 | |||
Carrying value of Convertible Notes at March 31, 2015 | $ | 167,296 | ||
The deferred financing costs are amortized by the Company through interest expense over the life of the notes. During the three months ended March 31, 2015, the Company recorded $32,484 amortization of the deferred financing costs. |
DERIVATIVE_LIABILITIES
DERIVATIVE LIABILITIES | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
DERIVATIVE LIABILITIES [Text Block] | NOTE 6 – DERIVATIVE LIABILITIES | |||||||||
The Company has determined that the variable conversion prices under its convertible notes caused the embedded conversation feature to be a financial derivative. The Company may not have enough authorized common stock to settle its obligation if the note holder elects to convert the note into common shares when the trading price is lower than a certain threshold. | ||||||||||
The derivative instruments were valued at loan origination date, date of debt conversion and at March 31, 2015, The fair values of the derivative liabilities related to the conversion options of these notes was estimated on the transaction dates (loan original date and date of debt conversion) using the Multinomial Lattice option pricing model, under the following assumptions: | ||||||||||
December 31, | New | March 31, | ||||||||
2014 | Issuances | 2015 | ||||||||
Shares of common stock issuable upon exercise of debt | 23,193,987 | 13,615,794 | 34,984,114 | |||||||
Estimated market value of common stock on measurement date | $ | 0.17 | $ | 0.02 - 0.0261 | $ | 0.0196 | ||||
Exercise price | $ | 0.00766 - 0.1 | $ | 0.009 - 0.03 | $ | 0.009 - 0.1 | ||||
Risk free interest rate (1) | 0.04% - 0.25% | 0.25% | 0.05% - 0.25% | |||||||
Expected dividend yield (2) | 0.00% | 0.00% | 0.00% | |||||||
Expected volatility (3) | 61.54% - 105% | 119.11% - 125.57% | 53.91% - 126.85% | |||||||
Expected exercise term in years (4) | 0.25 - 1.00 | 0.75 | 0.08 - 1.00 | |||||||
-1 | The risk –free interest rate was determined by management using the one month Treasury bill yield as of the valuation dates. | |||||||||
-2 | The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. | |||||||||
-3 | The volatility was determined by referring to the average historical volatility of a peer group of public companies because we do not have sufficient trade history to determine our historical volatility. | |||||||||
-4 | The exercise term is the remaining contractual term of the convertible instrument at the valuation date. | |||||||||
The change in fair values of the derivative liabilities related to the Convertible Notes for the three months ended March 31, 2015 is summarized as: | ||||||||||
Fair value of derivatives December 31, 2014 | $ | 1,256,159 | ||||||||
New issuances | 317,786 | |||||||||
Conversion of derivative liabilities | (251,597 | ) | ||||||||
Change in fair value of derivative liabilities | 352,807 | |||||||||
Fair value of derivative liabilities at March 31, 2015 | $ | 1,675,155 |
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2015 | |
EQUITY TRANSACTIONS [Text Block] | NOTE 7 – EQUITY TRANSACTIONS |
During the three months ended March 31, 2015, the Company issued 40,591,051 shares of common stock for the conversion of notes payable and accrued interests in the amount of $234,355. The Company also recorded $251,597 as increase in additional paid-in capital from derivative liability as a result of the conversions. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2015 | |
SUBSEQUENT EVENTS [Text Block] | NOTE 8 – SUBSEQUENT EVENTS |
Subsequent to March 31, 2015, the Company issued 24,164,070 shares for conversion $52,000 of convertible notes and payable accrued interests. | |
On April 9, 2015, the Company amended its Articles of Incorporation to increase the Company’s authorized shares of Common Stock from 1,000,000,000 to 2,000,000,000. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Nature of Business [Policy Text Block] | Nature of Business | ||||||||||||
World Moto, Inc. (the “Company”) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012, and discussed in Note 3. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from “Net Profits Ten Inc.” to “World Moto, Inc.” | |||||||||||||
On January 30, 2013, World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd, a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc., World Moto Technologies, Inc. and World Moto Holdings, Inc. and it is an operating entity of the Company in Thailand for the purposes of research and development in the Southeast Asia region. | |||||||||||||
Basis of Presentation [Policy Text Block] | Basis of Presentation | ||||||||||||
The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission ("SEC") Regulation S-X rule 8-03 and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's last Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2014. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the financial position as of March 31, 2015 and the results of operations and cash flows for the periods then ended. The financial data and other information disclosed in these notes to the interim consolidated financial statements related to the period are unaudited. The results for the three-month period ended March 31, 2015 are not necessarily indicative of the results to be expected for any subsequent quarters or for the entire year ending December 31, 2015. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted. | |||||||||||||
Principal of Consolidation [Policy Text Block] | Principal of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of World Moto Technologies, Inc., World Moto Holdings, Inc., and World Moto Co. Ltd, all 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. | |||||||||||||
Use of Estimates [Policy Text Block] | Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation | ||||||||||||
The functional currency of our subsidiary is the Thai Baht. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods. | |||||||||||||
For financial reporting purposes, the financial statements of the subsidiary are translated into the Company’s reporting currency, United States Dollars (“USD”). Asset and liability accounts are translated using the closing exchange rate in effect at the balance sheet date, equity account and dividend are translated using historical exchange rates and income and expense accounts are translated using the average exchange rate prevailing during the reporting period. | |||||||||||||
Adjustments resulting from the translation, if any, are included in accumulated other comprehensive income (loss) in stockholder’s equity (deficit). | |||||||||||||
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents | ||||||||||||
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | |||||||||||||
Long-lived Assets [Policy Text Block] | Long-Lived Assets | ||||||||||||
Property and equipment | |||||||||||||
Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method of 3 years for financial statement purposes. | |||||||||||||
Software | |||||||||||||
The Company capitalizes software acquisition and development costs incurred during the software application development stage. The software application development stage is characterized by software design and configuration activities, coding, testing and installation. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software acquisition and development costs, once placed in service, are amortized using the straight-line method over the estimated useful life of 3 to 10 years. Capitalized software acquisition and development costs subject to amortization are carried at cost less accumulated amortization. | |||||||||||||
Patents | |||||||||||||
Patents are initially measured based on their fair values. Patents are being amortized on the straight-line method over the estimated useful life of 10 to 20 years. | |||||||||||||
Management evaluates the recoverability of the Company’s property and equipment including patent development costs when events or circumstances indicate a potential impairment exists. The Company considers certain events and circumstances in determining whether the carrying value of identifiable property and equipment may not be recoverable including, but not limited to: significant changes in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets' carrying values and the undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. | |||||||||||||
Income Taxes [Policy Text Block] | Income Taxes | ||||||||||||
The Company uses the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. A valuation allowance, if necessary, is provided against deferred tax assets, based upon management’s assessment as to their realization. | |||||||||||||
Fair Value Measurement [Policy Text Block] | Fair Value Measurement | ||||||||||||
The Company values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. | |||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). | |||||||||||||
The three levels of the fair value hierarchy are as follows: | |||||||||||||
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. | |||||||||||||
Level 2 - Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company's principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets. | |||||||||||||
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments. | |||||||||||||
The following table sets forth by level with the fair value hierarchy the Company’s financial assets and liabilities measured at fair value on March 31, 2015. | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Liabilities | |||||||||||||
Derivative liability | $ | - | $ | - | $ | 1,675,155 | $ | 1,675,155 | |||||
Revenue Recognition [Policy Text Block] | Revenue Recognition | ||||||||||||
The Company recognizes revenue only when all of the following criteria have been met: | |||||||||||||
• | Persuasive evidence of an arrangement exists; | ||||||||||||
• | Delivery has occurred or services have been rendered; | ||||||||||||
• | The fee for the arrangement is fixed or determinable; and | ||||||||||||
• | Collectibility is reasonably assured. | ||||||||||||
Persuasive Evidence of an Arrangement – The Company documents all terms of an arrangement in a written contract signed by the customer prior to recognizing revenue. | |||||||||||||
Delivery Has Occurred or Services Have Been Performed – The Company performs all services or delivers all products prior to recognizing revenue. Monthly services are considered to be performed ratably over the term of the arrangement. Professional consulting services are considered to be performed when the services are complete. Equipment is considered delivered upon delivery to a customer’s designated location. | |||||||||||||
The Fee for the Arrangement Is Fixed or Determinable – Prior to recognizing revenue, a customer’s fee is either fixed or determinable under the terms of the written contract. Fees for most monthly services, professional consulting services, and equipment sales and rentals are fixed under the terms of the written contract. Fees for certain monthly services, including certain portions of networking, storage, and content distribution and caching services, are variable based on an objectively determinable factor such as usage. Those factors are included in the written contract such that the customer’s fee is determinable. The customer’s fee is negotiated at the outset of the arrangement and is not subject to refund or adjustment during the initial term of the arrangement. | |||||||||||||
Collectibility Is Reasonably Assured – The Company determines that collectibility is reasonably assured prior to recognizing revenue. Collectibility is assessed on a customer by customer basis based on criteria outlined by management. New customers are subject to a credit review process, which evaluates the customer’s financial position and ultimately its ability to pay. The Company does not enter into arrangements unless collectibility is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectibility is not reasonably assured, revenue is recognized on a cash basis. | |||||||||||||
Franchise Fee Revenue [Policy Text Block] | Franchise Fee Revenue | ||||||||||||
Revenues from licensees include a royalty based on a percent of sales, and may include initial fees. Continuing royalties are recognized in the period earned. Initial fees are recognized upon granting of a new franchise term, which is when the Company has performed substantially all initial services required by the franchise arrangement and after the franchisee commences operations. Additionally, the first twelve months of operations are royalty free for the franchisee. | |||||||||||||
Stock-based Compensation [Policy Text Block] | Stock-based Compensation | ||||||||||||
The Company expenses the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the service period. | |||||||||||||
Equity instruments issued to parties other than employees for acquiring goods or services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable. | |||||||||||||
Subsequent Events [Policy Text Block] | Subsequent Event | ||||||||||||
The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. | |||||||||||||
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements | ||||||||||||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Schedule of Fair Value of the Company's Financial Assets and Liabilities [Table Text Block] | Level 1 | Level 2 | Level 3 | Total | |||||||||
Liabilities | |||||||||||||
Derivative liability | $ | - | $ | - | $ | 1,675,155 | $ | 1,675,155 |
CONVERTIBLE_NOTE_PAYABLE_Table
CONVERTIBLE NOTE PAYABLE (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Schedule of Converitble Debt, Activity [Table Text Block] | Carrying value of Convertible Notes at December 31, 2014 | $ | 274,123 | |
Additional borrowings | 172,870 | |||
Total principal | 446,993 | |||
Less: conversion carrying value of convertible notes | (234,355 | ) | ||
Less: discount related to fair value of the embedded conversion feature | (152,870 | ) | ||
Less: discount related to original issue discount | (20,000 | ) | ||
Add: amortization of discount | 127,528 | |||
Carrying value of Convertible Notes at March 31, 2015 | $ | 167,296 |
DERIVATIVE_LIABILITIES_Tables
DERIVATIVE LIABILITIES (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Schedule of Fair Value of Derivative Liabilties, Original Loan Date [Table Text Block] | December 31, | New | March 31, | |||||||
2014 | Issuances | 2015 | ||||||||
Shares of common stock issuable upon exercise of debt | 23,193,987 | 13,615,794 | 34,984,114 | |||||||
Estimated market value of common stock on measurement date | $ | 0.17 | $ | 0.02 - 0.0261 | $ | 0.0196 | ||||
Exercise price | $ | 0.00766 - 0.1 | $ | 0.009 - 0.03 | $ | 0.009 - 0.1 | ||||
Risk free interest rate (1) | 0.04% - 0.25% | 0.25% | 0.05% - 0.25% | |||||||
Expected dividend yield (2) | 0.00% | 0.00% | 0.00% | |||||||
Expected volatility (3) | 61.54% - 105% | 119.11% - 125.57% | 53.91% - 126.85% | |||||||
Expected exercise term in years (4) | 0.25 - 1.00 | 0.75 | 0.08 - 1.00 | |||||||
Schedule of Derivative Liabilites Related to Convertible Notes [Table Text Block] | Fair value of derivatives December 31, 2014 | $ | 1,256,159 | |||||||
New issuances | 317,786 | |||||||||
Conversion of derivative liabilities | (251,597 | ) | ||||||||
Change in fair value of derivative liabilities | 352,807 | |||||||||
Fair value of derivative liabilities at March 31, 2015 | $ | 1,675,155 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Percentage of owned subsidiaries | 100.00% |
Property, Plant and Equipment, Estimated Useful Life | 3 years |
Minimum [Member] | Patents [Member] | |
Intangible Assets Estimated Useful Life | 10 years |
Minimum [Member] | Software [Member] | |
Intangible Assets Estimated Useful Life | 3 years |
Maximum [Member] | Patents [Member] | |
Intangible Assets Estimated Useful Life | 20 years |
Maximum [Member] | Software [Member] | |
Intangible Assets Estimated Useful Life | 10 years |
GOING_CONCERN_Narrative_Detail
GOING CONCERN (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accumulated deficit | $4,243,761 | $3,365,780 |
UNEARNED_REVENUES_Narrative_De
UNEARNED REVENUES (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Mar. 10, 2014 | Dec. 31, 2013 | |
Purchase Price of PL agreement | $35,000 | |
Purchase Price of PL agreement per unit | $3,500 | |
Unearned revenue | 35,000 | |
Proceeds from business transcation with MAV | $24,415 |
RELATEDPARTY_TRANSACTIONS_Narr
RELATED-PARTY TRANSACTIONS (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Due to related party | $46,190 | $45,707 |
Major Shareholder [Member] | ||
Interest rate | 0.00% | |
Due to related party | $46,190 | $46,707 |
CONVERTIBLE_NOTE_PAYABLE_Narra
CONVERTIBLE NOTE PAYABLE (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 26, 2015 | Mar. 05, 2015 | Dec. 31, 2014 | |
Convertible Debt, principal amount | $274,123 | |||
Debt discount | 152,870 | |||
Debt Instrument, Unamortized Discount | 760,791 | 779,572 | ||
Original issue discount, amount | 20,000 | |||
Amortization of deferred financing costs | 32,484 | |||
Macallan Partners [Member] | ||||
Purchase price of convertible debt | 112,000 | |||
Debt Instrument, interest rate, percentage | 8.00% | |||
Deferred financing costs | 7,500 | |||
Debt discount | 100,000 | |||
Amortization of the debt discount on notes | 1,509 | |||
Fair value of conversion feature | 207,690 | |||
Interest Expense, Debt | 107,690 | |||
Macallan Partners [Member] | Original Issue Discount [Member] | ||||
Purchase price of convertible debt | 12,000 | |||
Original Issue Discount, percentage | 11.00% | |||
Debt discount | 12,000 | |||
Redwood Management [Member] | ||||
Purchase price of convertible debt | 60,870 | |||
Debt Instrument, interest rate, percentage | 12.00% | |||
Deferred financing costs | 12,000 | |||
Debt discount | 56,522 | |||
Amortization of the debt discount on notes | 4,324 | |||
Fair value of conversion feature | 110,096 | |||
Interest Expense, Debt | 53,574 | |||
Redwood Management [Member] | Original Issue Discount [Member] | ||||
Purchase price of convertible debt | 4,348 | |||
Original Issue Discount, percentage | 8.00% | |||
Debt discount | $4,348 |
EQUITY_TRANSACTIONS_Narrative_
EQUITY TRANSACTIONS (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock Issued During Period, Value, Conversion of Convertible Securities | $234,355 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 40,591,051 |
Conversion of derivative liabilities | $251,597 |
SUBSEQUENT_EVENTS_Narrative_De
SUBSEQUENT EVENTS (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Apr. 09, 2015 | Apr. 08, 2015 | |
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 40,591,051 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $234,355 | |||
Subsequent Event [Member] | ||||
Common Stock, Shares Authorized | 2,000,000,000 | 1,000,000,000 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 24,164,070 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $52,000 |
Schedule_of_Fair_Value_of_the_
Schedule of Fair Value of the Company's Financial Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Liabilities | ||
Derivative liability | $1,675,155 | $1,256,159 |
Level 1 [Member] | ||
Liabilities | ||
Derivative liability | 0 | |
Level 2 [Member] | ||
Liabilities | ||
Derivative liability | 0 | |
Level 3 [Member] | ||
Liabilities | ||
Derivative liability | 1,675,155 | |
Level 4 [Member] | ||
Liabilities | ||
Derivative liability | $1,675,155 |
Schedule_of_Converitble_Debt_A
Schedule of Converitble Debt, Activity (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Carrying value of Convertible Notes at December 31, 2014 | $274,123 | |
Additional borrowings | 172,870 | |
Total principal | 446,993 | |
Less: conversion carrying value of convertible notes | -234,355 | |
Less: discount related to fair value of the embedded conversion feature | -152,870 | |
Less: discount related to original issue discount | -20,000 | |
Add: amortization of discount | 127,528 | |
Carrying value of Convertible Notes March 31, 2015 | $167,296 | $274,123 |
Schedule_of_Fair_Value_of_Deri
Schedule of Fair Value of Derivative Liabilties, Original Loan Date (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Shares of common stock issuable upon exercise of debt | $34,984,114 | $23,193,987 |
Estimated market value of common stock on measurement date | $0.02 | $0.17 |
Expected dividend rate | 0.00% | 0.00% |
Minimum [Member] | ||
Exercise price | $0.01 | $0.01 |
Risk free interest rate | 0.05% | 0.04% |
Expected volitility | 53.91% | 61.54% |
Expected exercise term in years | 0 years 29 days | 0 years 3 months |
Maximum [Member] | ||
Exercise price | $0.10 | $0.10 |
Risk free interest rate | 0.25% | 0.25% |
Expected volitility | 126.85% | 105.00% |
Expected exercise term in years | 1 year | 1 year |
New Issuances [Member] | ||
Shares of common stock issuable upon exercise of debt | $13,615,794 | |
Risk free interest rate | 0.25% | |
Expected dividend rate | 0.00% | |
Expected exercise term in years | 0 years 9 months | |
New Issuances [Member] | Minimum [Member] | ||
Estimated market value of common stock on measurement date | $0.02 | |
Exercise price | $0.01 | |
Expected volitility | 119.11% | |
New Issuances [Member] | Maximum [Member] | ||
Estimated market value of common stock on measurement date | $0.03 | |
Exercise price | $0.03 | |
Expected volitility | 125.57% |
Schedule_of_Derivative_Liabili
Schedule of Derivative Liabilites Related to Convertible Notes (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Fair value of derivatives December 31, 2014 | $1,256,159 | ||
New issuances | 317,786 | ||
Conversion of derivative liabilities | -251,597 | ||
Change in fair value of derivative liability | 352,807 | 0 | |
Fair value of derivative liabilities at March 31, 2015 | $1,675,155 |