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Derivative Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2014
Derivative Laibilities [Abstract] |
Schedule of Derivative Liabilities Valuations Models |
|  | Initial |  |  | At |
|  | valuation |  |  | June 30 |
|  | 2014 |  |  | 2014 |
Common stock issuable upon exercise of warrants |  |  | 30,036,648 |  |  |  | 30,036,648 |
Market value of common stock on measurement date (1) |  | $ | 1.17 |  |  | $ | 2.00 |
Exercise price |  | $ | 1.50 and 2.25 |  |  | $ | 1.50 and 2.25 |
Risk free interest rate (2) |  |  | 1.7 | % |  |  | 1.6 | %
Expected life in years |  |  | 0.3 and 5 |  |  |  | 0.3 and 4.9 |
Expected volatility (3) |  |  | 71 and 73 | % |  |  | 71 and 73 | %
Expected dividend yields (4) |  |  | None |  |  |  | None |
(1) | The market value is the calculated fair value of the common stock pursuant to the valuation technique as described above.
(2) | The risk-free interest rate was determined by management using the 1 and 5 - year Treasury Bill as of the measurement date.
(3) | The historical trading volatility was determined by calculating the volatility of the Company’s peer group.
|  | Initial |  |  | Initial |  |  | At |  |  | At |
|  | valuations |  |  | valuations |  |  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Common stock issuable upon exercise of warrants |  |  | 22,333,593 |  |  |  | 19,385,157 |  |  |  | 41,718,750 |  |  |  | 19,385,157 |
Common stock issuable upon conversion of Series A preferred stock |  |  | 51,006,250 |  |  |  | 85,035,025 |  |  |  | 136,041,275 |  |  |  | 85,035,025 |
Market value of common stock on measurement date (1) |  | $ | 0.80 |  |  | $ | 0.30 |  |  | $ | 1.50 |  |  | $ | 0.80 |
Exercise price |  | $ | 0.80 |  |  | $ | 0.80 |  |  | $ | 0.80 |  |  | $ | 0.80 |
Risk free interest rate (2) |  |  | 0.19 | % |  |  | 0.20 | % |  |  | 0.38 | % |  |  | 0.19 | %
Expected life in years |  |  | 1.4 |  |  |  | 1.6 |  |  |  | 2.0 |  |  |  | 1.4 |
Expected volatility (3) |  |  | 68 | % |  |  | 72 | % |  |  | 68 | % |  |  | 73 | %
Expected dividend yields (4) |  |  | None |  |  |  | None |  |  |  | None |  |  |  | None |
(1) | The market value is the calculated fair value of the common stock pursuant to the valuation technique as described above.
(2) | The risk-free interest rate was determined by management using the 1, 2 or 3 - year Treasury Bill as of the measurement date.
(3) | The historical trading volatility was determined by calculating the volatility of the Company’s peer group.
Schedule of Derivative Liabilities at Fair Value |
|  | Balance at December 31, |  |  | Initial valuation of derivative liabilities upon issuance of new warrants during the |  |  | Increase (decrease) in fair value of derivative |  |  | Fair value of derivatives upon reclass to additional paid-in |  |  | Balance at June 30, |
|  | 2013 |  |  | period |  |  | liabilities |  |  | capital |  |  | 2014 |
Convertible preferred derivative liability issued in connection with Series A preferred stock offering |  | $ | 11,762,115 |  |  | $ | - |  |  | $ | (7,214,804 | ) |  | $ | (4,547,311 | ) |  | $ | - |
Convertible preferred derivative liability issued to Wonpung for services |  |  | 2,030,589 |  |  |  | - |  |  |  | (1,370,262 | ) |  |  | (660,327 | ) |  |  | - |
Convertible preferred derivative liability issued to lenders in connection with exchange of debt for Series A preferred stock |  |  | 2,219,854 |  |  |  | - |  |  |  | (1,262,858 | ) |  |  | (956,996 | ) |  |  | - |
Warrants issued in connection with Series A preferred stock offering |  |  | 2,424,167 |  |  |  | - |  |  |  | (1,945,669 | ) |  |  | (478,498 | ) |  |  | - |
Warrants issued as offering costs to placement agent |  |  | 1,217,083 |  |  |  | - |  |  |  | (1,109,421 | ) |  |  | (107,662 | ) |  |  | - |
Warrants issued to lenders in connection with subordinated promissory notes offering |  |  | 313,258 |  |  |  | - |  |  |  | (259,427 | ) |  |  | (53,831 | ) |  |  | - |
Warrants issued to placement agent in connection with subordinated promissory notes offering |  |  | 136,359 |  |  |  | - |  |  |  | (136,359 | ) |  |  | - |  |  |  | - |
Series A warrants issued in May and June 2014 offering |  |  | - |  |  |  | 842,370 |  |  |  | 9,198,452 |  |  |  | - |  |  |  | 10,040,822 |
Series B warrants issued in connection with May and June 2014 offering |  |  | - |  |  |  | 2,494,655 |  |  |  | 7,400,275 |  |  |  | - |  |  |  | 9,894,930 |
Placement Agent warrants issued in connection with May and June 2014 offering |  |  | - |  |  |  | 996,138 |  |  |  | 4,655,043 |  |  |  | - |  |  |  | 5,651,181 |
Total |  | $ | 20,103,425 |  |  | $ | 4,333,163 |  |  | $ | 7,954,970 |  |  | $ | (6,804,625 | ) |  | $ | 25,586,933 |
|  |  |  |  | Initial valuation |  |  |  |  |  |  |
|  |  |  |  | of derivative |  |  |  |  |  |  |
|  |  |  |  | liabilities upon |  |  |  |  |  |  |
|  | Balance at |  |  | issuance of new derivatives |  |  | Increase in fair value of |  |  | Balance at |
|  | December 31, |  |  | during |  |  | derivative |  |  | December 31, |
|  | 2012 |  |  | the period |  |  | liabilities |  |  | 2013 |
Convertible preferred derivative liability issued in connection with Series A preferred stock offering |  | $ | 2,492,166 |  |  | $ | 1,647,910 |  |  | $ | 7,622,039 |  |  | $ | 11,762,115 |
Convertible preferred derivative liability issued to Wonpung for services |  |  | 880,214 |  |  |  | - |  |  |  | 1,150,375 |  |  |  | 2,030,589 |
Convertible preferred derivative liability issued to lenders in connection with exchange of debt for Series A preferred stock |  |  | 958,861 |  |  |  | - |  |  |  | 1,260,993 |  |  |  | 2,219,854 |
Warrants issued in connection with Series A preferred stock offering |  |  | 475,000 |  |  |  | 113,153 |  |  |  | 1,836,014 |  |  |  | 2,424,167 |
Warrants issued as offering costs to placement agent |  |  | 242,500 |  |  |  | 248,655 |  |  |  | 725,928 |  |  |  | 1,217,083 |
Warrants issued to lenders in connection with subordinated promissory notes offering |  |  | 29,158 |  |  |  | 83,363 |  |  |  | 200,737 |  |  |  | 313,258 |
Warrants issued to placement agent in connection with subordinated promissory notes offering |  |  | 13,089 |  |  |  | 41,681 |  |  |  | 81,589 |  |  |  | 136,359 |
Total |  | $ | 5,090,988 |  |  | $ | 2,134,762 |  |  | $ | 12,877,675 |  |  | $ | 20,103,425 |
|  |  |  |  | Initial valuation |  |  |  |  |  |  |
|  |  |  |  | of derivative |  |  |  |  |  |  |
|  |  |  |  | liabilities upon |  |  |  |  |  |  |
|  | Balance at |  |  | liabilities upon issuance of new derivatives |  |  | Increase in fair value of |  |  | Balance at |
|  | December 31, |  |  | during |  |  | derivative |  |  | December 31, |
|  | 2011 |  |  | the period |  |  | liabilities |  |  | 2012 |
Convertible preferred derivative liability issued in connection with Series A preferred stock offering |  | $ | - |  |  | $ | 872,688 |  |  | $ | 1,619,478 |  |  | $ | 2,492,166 |
Convertible preferred derivative liability issued to Wonpung for services |  |  |  |  |  |  | 299,141 |  |  |  | 581,073 |  |  |  | 880,214 |
Convertible preferred derivative liability issued to lenders in connection with exchange of debt for Series A preferred stock |  |  |  |  |  |  | - |  |  |  | 958,861 |  |  |  | 958,861 |
Warrants issued in connection with Series A preferred stock offering |  |  | - |  |  |  | 111,777 |  |  |  | 363,223 |  |  |  | 475,000 |
Warrants issued as offering costs to placement agent |  |  |  |  |  |  | 79,615 |  |  |  | 162,885 |  |  |  | 242,500 |
Warrants issued to lenders in connection with subordinated promissory notes offering |  |  | - |  |  |  | 26,325 |  |  |  | 2,833 |  |  |  | 29,158 |
Warrants issued to placement agent in connection with subordinated promissory notes offering |  |  | - |  |  |  | 13,089 |  |  |  | - |  |  |  | 13,089 |
|  | $ | - |  |  | $ | 1,402,635 |  |  | $ | 3,688,353 |  |  | $ | 5,090,988 |

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