Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of Fair Value on Recurring Basis of Assets

The following table presents certain assets of the Company’s measured and recorded at fair value on the Company’s balance sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2016.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 892,250     $ -     $ -     $ 892,250  
Overnight sweep deposits   $ 2,000     $ 2,000     $ -     $ -  
Total Assets measured at fair value   $ 894,250     $ 2,000     $ -     $ 892,250  

 

The following table presents certain assets of the Company’s measured and recorded at fair value on the Company’s balance sheet on a recurring basis and their level within the fair value hierarchy as of September 30, 2017.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 235,000     $ -     $ -     $ 235,000  
Overnight sweep deposits   $ 2,000     $ 2,000     $ -     $ -  
Total Assets measured at fair value   $ 237,000     $ 2,000     $ -     $ 235,000  

Schedule of Reconciliation of Level 1 & 3 Assets

The following is a reconciliation of the level 3 Assets:

 

Beginning Balance as of December 31, 2016   $ 892,250  
         
Unrealized loss on (level 3) investments September 30, 2017     (657,250 )
         
Ending Balance as of September 30, 2017   $ 235,000  

Schedule of Property and Equipment

Property and equipment as of September 30, 2017 and December 31, 2016 consisted of the following:

 

    Estimated            
    Useful Lives   2017     2016  
Computer equipment & Software   3 yrs SL   $ 5,358     $ 5,358  
                     
Furniture   3 yrs SL     4,622       4,622  
Total         9,980       9,980  
Less Accumulated Depreciation         4,055       1,327  
Property and Equipment, net         5,925     $ 8,653