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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2015
Binomial Lattice Option Valuation Technique [Member] |
Derivative [Line Items] |
Schedule of Price Risk Derivatives [Table Text Block] | The Company's warrants were valued on the applicable dates using a Binomial Lattice Option Valuation Technique (“Binomial”). Significant inputs into this technique as of December 31, 2014, August 14, 2015 and December 31, 2015 were as follows:
Binomial Assumptions | December 31, 2014 | August 14, 2015 | December 31, 2015
Fair market value of asset (1) | $5.60 | $8.40 | $7.66
Exercise price | $7-$25 | $5-$10 | $25.00
Term (2) | 2.7 - 4.2 years | 3.5 years | 1.7 years
Implied expected life (3) | 2.7 - 4.2 years | 3.5 years | 1.7 years
Volatility range of inputs (4) | 42%--71% | 41%--50% | 83.00%
Equivalent volatility (3) | 48%--54% | 47.00% | 83.00%
Risk-free interest rate range of inputs (5) | 1.10%--1.38% | 1.08% | 1.06%
Equivalent risk-free interest rate (3) | 1.10%--1.38% | 1.08% | 1.06%
(1) The fair market value of the asset was determined by using the Company's closing stock price as reflected in the over-the-counter market. (2) The term is the contractual remaining term, allocated among twelve equal intervals for purposes of calculating other inputs, such as volatility and risk-free rate. (3) The implied expected life, and equivalent volatility and risk-free interest rate amounts are derived from the binomial. (4) The Company does not have a market trading history upon which to base its forward-looking volatility. Accordingly, the Company selected peer companies that provided a reasonable basis upon which to calculate volatility for each of the intervals described in (2), above. (5) The risk-free rates used for inputs represent the yields on zero coupon U.S. Government Securities with periods to maturity consistent with the intervals described in (2), above.
Warrant [Member] |
Derivative [Line Items] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the Company's activity and fair value calculations of its derivative warrants for the twelve months ended December 31, 2015 and 2014:
| Linked Common Shares to Derivative Warrants | Warrant Liability
Balance, December 31, 2013 | 718,024 |  | $ | 1,832,945 |
Issuance of warrants to investors in 2014 Private Placement | 1,789,368 |  | 12,382,216 |
Reclassification of fair value of 2013 Private Placement warrants to equity | (711,828 | ) | (3,166,482 | )
Change in fair value of derivatives | — |  | (7,845,214 | )
Balance, December 31, 2014 | 1,795,564 |  | $ | 3,203,465 |
Exercise of warrants for common stock | (1,392,832 | ) | (5,348,408 | )
Loss on exchange of warrants | — |  | 1,197,821 |
Reclassification of fair value of 2014 Private Placement warrants to equity | (396,536 | ) | (1,181,638 | )
Change in fair value of derivatives | — |  | 2,133,820 |
Balance, December 31, 2015 | 6,196 |  | $ | 5,060 |

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