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Warrant Liability (Tables)
 9 Months Ended
Sep. 30, 2014
Text Block [Abstract]  
Assumptions Used for Simulation Model

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

 

Risk-free interest rate per year

      0.7 % 

Expected volatility per year

      77.6 % 

Expected dividend yield

      0 % 

Expected life in years

      2.2   
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 September 30, 2014:

 

     Series A  
     Number of
Warrants		     Fair value $  

Balance at June 30, 2014

      7,266,895      $ 8,525,666   

Less exercised

      (330,015 )      (437,570 ) 

Changes in fair value

      —          (4,076,360 ) 
  

 

 

    

 

 

  

Balance at September 30, 2014

      6,936,880      $ 4,011,736   
  

 

 

    

 

 

  
Summary of Warrant Liability

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

 

Warrants

    Number Outstanding      Exercise Price ($)
per share		      Fair value $  

Warrants issued in 2009

      400,000         15.00         —     

Series A Warrants

      6,936,880         1.40         4,011,736   
  

 

 

        

 

 

  

Total

      7,336,880            4,011,736