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Warrant Liability (Tables)
 3 Months Ended
Mar. 31, 2015
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, 2015 are as follows:

 

Risk-free interest rate per year

   0.45 %

Expected volatility per year

   57.8 %

Expected dividend yield

   0 %

Expected life (years)

   1.7  
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 2015:

 

     Series A  
     Number of
Warrants		      Fair value $  

Balance at December 31, 2014

      6,936,880      $ 1,684,551  

Changes in fair value

      —          347,330  
  

 

 

     

 

 

  

Balance at March 31, 2015

   6,936,880   $ 2,031,881  
  

 

 

     

 

 

  
Summary of Warrant Liability

The following table is a summary of our warrant liability as of March 31, 2015:

 

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        2,031,881  
  

 

 

        

 

 

  

Total

   7,336,880   $ 2,031,881