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Loan Payable (Tables) | 12 Months Ended
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Dec. 31, 2013
Assumptions Used for Black-Scholes Option Pricing Model | The assumptions used for the Black-Scholes option pricing model are as follows:
|  | To Calculate Fair Value of Warrant Liability at December 31, |
|  | 2013 |  |  | 2012 |
Expected life (years) |  |  | 0.4 |  |  |  | 1.4 |
Risk-free interest rate |  |  | 0.1 | % |  |  | 0.2 | %
Expected volatility |  |  | 46.1 | % |  |  | 108.2 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
|  | At December 31, 2013 |  |  | At December 31, 2012 |  |  | Change in Fair Value of Warrant Liability in Year 2013 |
Fair value of warrant liability |  | $ | — |  |  | $ | 44,628 |  |  | $ | (44,628 | )
The assumptions used for the Black-Scholes option pricing model are as follows:
|  | To Calculate Fair Value of Warrant Liability at |
|  | December 31, 2013 |  |  | December 31, 2012 |
Expected life (years) |  |  | 1.3 |  |  |  | 2.3 |
Risk-free interest rate |  |  | 0.2 | % |  |  | 0.3 | %
Expected volatility |  |  | 48.2 | % |  |  | 94.5 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
|  | At December 31, 2013 |  |  | At December 31, 2012 |  |  | Change in Fair Value of Warrant Liability in Year 2013 |
Fair value of warrant liability |  | $ | — |  |  | $ | 63,340 |  |  | $ | (63,340 | )
Summary of Changes in Carrying Value of Loan Payable | The following table is a summary of the changes in the carrying value of our loan payable:
|  | Silicon Valley Bank Loan |  |  | CIRM Loan |  |  | Total |
Loan proceeds |  | $ | 10,000,000 |  |  | $ | 3,820,264 |  |  | $ | 13,820,264 |
Cash discount |  |  | (100,000 | ) |  |  |  |  |  |  | (100,000 | )
Fair value of warrants issued |  |  | (387,576 | ) |  |  | — |  |  |  | (387,576 | )
Initial carrying value |  |  | 9,512,424 |  |  |  | 3,820,264 |  |  |  | 13,332,688 |
Repayment of principal |  |  | (620,215 | ) |  |  | — |  |  |  | (620,215 | )
Accretion of discount |  |  | 196,771 |  |  |  | — |  |  |  | 196,771 |
Carrying value of loan payable at 12/31/2013 (current and non-current) |  | $ | 9,088,980 |  |  | $ | 3,820,264 |  |  | $ | 12,909,244 |
Carrying value of loan payable, current portion |  | $ | 3,664,370 |  |  | $ | — |  |  | $ | 3,664,370 |
Carrying value of loan payable, non-current portion |  |  | 5,424,610 |  |  |  | 3,820,264 |  |  |  | 9,244,874 |
Total loan payable at 12/31/2013 |  | $ | 9,088,980 |  |  | $ | 3,820,264 |  |  | $ | 12,909,244 |
Silicon Valley Bank Loan Agreement Warrant [Member] |
Assumptions Used for Black-Scholes Option Pricing Model | We estimated the fair value of the warrant to be approximately $388,000 using the Black-Scholes option pricing model with the following assumptions:
Expected life (years) |  |  | 10 |
Risk-free interest rate |  |  | 1.9 | %
Expected volatility |  |  | 88.1 | %
Expected dividend yield |  |  | 0 | %

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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