The fair value of the Group’s convertible promissory notes derivatives is determined by Management using a valuation model based on certain inputs that are observable.
| 2017 | 2016 | 2015 | ||||||||||
| Derivatives not designated as hedging instruments | ||||||||||||
| Conversion feature on promissory notes | $ | 1,859,700 | $ | 794,235 | $ | 2,568,188 | ||||||
| Interest rate swaps | – | $ | – | $ | 165,648 | |||||||
| Total derivatives not designated as hedging instruments | $ | 1,859,700 | $ | 794,235 | $ | 2,733,836 | ||||||