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Loan Payable (Tables)

12 Months Ended

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

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X

- 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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