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Warrant Liability (Tables)
 3 Months Ended
Mar. 31, 2014
Text Block [Abstract]  
Assumptions Used for Simulation Model

The assumptions used for the Monte Carlo simulation model to value the outstanding Series A Warrants at March 31, 2014 are as follows:

 

Risk-free interest rate per year

      0.4 % 

Expected volatility per year

      85.9 % 

Expected dividend yield

      0 % 

Expected life (years)

      2.7   
Summary of Changes in Fair Value of Warrant Liability

The following table is a summary of the changes in fair value of warrant liability for the Series A Warrants in 2013:

 

    

Series A

  
     Number of
Warrants		      Fair value $  

Balance at December 31, 2013

      8,116,895       $ 5,541,809   

Changes in fair value

      —          326,624   
  

 

 

     

 

 

  

Balance at March 31, 2014

      8,116,895       $ 5,868,433   
  

 

 

     

 

 

  
Summary of Warrant Liability

The following table is a summary of our warrant liability as of March 31, 2014:

 

Warrants

    Number Outstanding      Exercise Price ($)
per share		      Fair value  

Warrants issued in 2008

      1,034,483         23.00       $ —    

Warrants issued in 2009

      400,000         15.00         —    

Series A Warrants

      8,116,895         1.40         5,868,433   
  

 

 

        

 

 

  

Total

      9,551,378          $ 5,868,433