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Securities Purchase Agreement (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Change to Fair Value of Warrant

The following table shows the change to the fair value of the Warrant during the three months ended September 30, 2014 (in thousands):


Warrant Derivative Liability	Level 3
Beginning balance at September 8, 2014	$	4,939
Change in fair value		4,788

Ending balance at September 30, 2014	$	9,727

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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