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Warrant Liability (Tables)

6 Months Ended

Jun. 30, 2014

The assumptions used for the Monte Carlo simulation model to value the Series A Warrants at June 30, 2014 are as follows:


Risk-free interest rate per year	0.7	%
Expected volatility per year	78.1	%
Expected dividend yield	0	%
Expected life in years	2.5

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 for the three-month period ended June 30, 2014:


	Series A
	Number of Warrants			Fair value $
Balance at March 31, 2014		8,116,895		$	5,868,433
Less exercised		(850,000	)		(997,237	)
Changes in fair value		—			3,654,470

Balance at June 30, 2014		7,266,895		$	8,525,666

Summary of Warrant Liability

The following table is a summary of our warrant liability as of June 30, 2014:


Warrants	Number Outstanding		Exercise Price ($) per share		Fair value $
Warrants issued in 2009		400,000		15.00		—
Series A Warrants		7,266,895		1.40		8,525,666

Total		7,666,895				8,525,666