Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2014

The fair value of the warrants at June 30, 2014 and December 31, 2013, consisted of the following (in thousands):


	June 30,		December 31,
	2014		2013
2009 Warrants	$	3,018	$	8,542
2010 Warrants		4,635		11,848

Total warrant liability	$	7,653	$	20,390

Fair Value Assumptions of Warrants

The fair value of the Company’s warrants was based option valuation models and using the following assumptions at June 30, 2014 and December 31, 2013:


	June 30,		December 31,
	2014		2013
2009 Warrants:
Expected term (in years)		0.15		0.65
Estimated volatility		49%		45%
Risk-free interest rate		0.04%		0.10%
Expected dividend yield		0%		0%
2010 Warrants:
Expected term (in years)		1.36		1.86
Estimated volatility		49%		41%
Risk-free interest rate		0.11%		0.38%
Expected dividend yield		0%		0%