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Warrant Liability (Tables)
 12 Months Ended
Dec. 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 December 31, 2014 are as follows:

 

Risk-free interest rate per year

   0.7 % 

Expected volatility per year

   53.4 % 

Expected dividend yield

   0 % 

Expected life (years)

   2.0   
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 2014:

 

     Series A  
     Number of
Warrants		      Fair value $  

Balance at December 31, 2013

      8,116,895       $ 5,541,809   

Less exercised

      (1,180,015 )       (1,434,807 ) 

Changes in fair value

      —        (2,422,451 ) 
  

 

 

     

 

 

  

Balance at December 31, 2014

   6,936,880    $ 1,684,551   
  

 

 

     

 

 

  
Summary of Warrant Liability

The following table is a summary of our warrant liability as of December 31, 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         1,684,551   
  

 

 

        

 

 

  

Total

   7,336,880    $ 1,684,551