XML 40 R27.htm IDEA: XBRL DOCUMENT v3.4.0.3
Warrant Liability (Tables)
 3 Months Ended
Mar. 31, 2016
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, 2016 are as follows:

 

     Series A
(2011)		     Series A
(2016)		     Series B
(2016)		  

Risk-free interest rate per year

      0.48 %      0.72 %      1.4 % 

Expected volatility per year

      85.7 %      76.9 %      77.5 % 

Expected dividend yield

      0 %      0 %      0 % 

Expected life (years)

      0.7        2        6   
Summary of Changes in Fair Value of Warrant Liability

The following table is a summary of the changes in fair value of warrant liability in 2016:

 

     Series A
(2011)		      Series A
(2016)		      Series B
(2016)		      Total  

Balance at December 31, 2015

    $ 770,964       $ —         $ —         $ 770,964   

New Issues

       $ 1,770,596       $ 3,896,339         5,666,935   

Changes in fair value

      (259,370 )       (9,659 )       (9,199 )       (278,228 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Balance at March 31, 2016

    $ 511,594       $ 1,760,937       $ 3,887,140       $ 6,159,671   
  

 

 

     

 

 

     

 

 

     

 

 

  
Summary of Warrant Liability

The following table is a summary of our warrant liability as of March 31, 2016:

 

Warrants

    Number
Outstanding		      Exercise Price
($) per share		      Fair Value  

Series A (2011)

      578,074         3.60       $ 511,594   

Series A (2016)

      1,277,598         3.60         1,760,937   

Series B (2016)

      1,916,396         5.04         3,887,140   
  

 

 

        

 

 

  
     3,772,068          $ 6,159,671