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Warrant Liability (Tables)
 9 Months Ended
Sep. 30, 2016
Text Block [Abstract]  
Assumptions Used for Black-Scholes Model

The assumptions used for the Black-Scholes model to value the Warrants at September 30, 2016 are as follows:

 

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

Risk-free interest rate per year

      0.25 %      0.74 %      1.32 % 

Expected volatility per year

      430.7 %      237.1 %      140.6 % 

Expected dividend yield

      0 %      0 %      0 % 

Expected life (years)

      0.2        1.5        5.5   
Summary of Changes in Fair Value of Warrant Liability

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

 

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

Balance at December 31, 2015

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

Exercised

      (838,485 )       (1,564,788 )       —          (2,403,273 ) 

Cancelled

      —          —          (1,786,170 )       (1,786,170 ) 

Changes in fair value

      122,466         1,679,706         2,268,209         4,070,381   
  

 

 

     

 

 

     

 

 

     

 

 

  

Balance at September 30, 2016

    $ 54,945       $ 114,918       $ 482,039       $ 651,902