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CONVERTIBLE PREFERRED STOCK AND WARRANTS (Tables)

12 Months Ended

Dec. 31, 2014

Convertible Preferred Stock And Warrants Tables

Fair value of the warrants issued to the investors

		Proceeds Allocated				Expenses Allocated

Series A Preferred Stock		$	2,616,250			$	396,369
Investor Warrants			4,383,750				664,151
		$	7,000,000			$	1,060,520

Reconciliation of changes in fair value

The following represents a reconciliation of the changes in fair value of warrants measured at fair value using Level 3 inputs during the year ended December 31, 2014:

(in $ thousands)			2013 Investor Warrants				2013 Placement Agent Warrants				2010 Investor Warrants				2010 Placement Agent Warrants				Total

Balance, December 31, 2013			$	4,599			$	460			$	689			$	1			$	5,749

Issuances				-				-				-				-				-

Repurchase of warrants				-				-				(421	)			-				(421	)

Change in fair value				5,947				538				797				3				7,285

Balance, December 31, 2014			$	10,546			$	998			$	1,065			$	4			$	12,613