Stockholders' Equity (Deficit) (Tables)

3 Months Ended

Mar. 31, 2016

Summary of Preferred Stock Allocated to Investors

The Purchase Agreement provides for the Company to issue and sell to the Investor, upon stockholder approval which was received on June 9, 2015, shares of the Company’s preferred stock in the amounts set forth in the following table (numbers have been adjusted for the February 2016 reverse stock split):


Convertible Preferred Stock	Shares		Price Per Share		Total Investment
Series AA-1		8,427,004	$	12.00	$	101,124,042
Series AA-2		7,223,145	$	6.00		43,338,870

		15,650,149			$	144,462,912

Stock Options Valuation Assumptions

The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Because option valuation models require the use of subjective assumptions, changes in or variations from these assumptions can materially affect the fair value of the options.


	March 31, 2016		March 31, 2015
Risk-free interest rate		—	1.78 - 2.00%
Expected volatility of common stock		—	64.47 - 65.95%
Dividend yield		—	0%
Expected life of options		—	6.1 - 8.2 years