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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2015

Summary of Significant Accounting Policies [Abstract]

Fair value, financial liabilities measured on recurring basis

Quoted Prices

In Active

Significant

Total

Markets for

Other

Significant

Carrying

Identical

Observable

Unobservable

Value as of

Assets

Inputs

Inputs

June 30,

Description

(Level 1)

(Level 2)

(Level 3)

2015

Derivative liabilities - warrant instruments

$

-

$

-

$

14,001,369

$

14,001,369

The following table sets forth, by level within the fair value hierarchy, the Company’s financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2014:

Description		Quoted Prices In Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable   Inputs  (Level 3)				Total Carrying Value as of June 30,  2014,
Derivative liabilities - warrant instruments		$	-			$	-			$	25,586,933			$	25,586,933

Fair value of the company level three financial liabilities

Quoted Prices

In Active

Significant

Total

Markets for

Other

Significant

Carrying

Identical

Observable

Unobservable

Value as of

Assets

Inputs

Inputs

June 30,

Description

(Level 1)

(Level 2)

(Level 3)

2015

Derivative liabilities - warrant instruments

$

-

$

-

$

14,001,369

$

14,001,369

The following table sets forth, by level within the fair value hierarchy, the Company’s financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2014:

Description		Quoted Prices In Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable   Inputs  (Level 3)				Total Carrying Value as of June 30,  2014
Derivative liabilities - warrant instruments		$	-			$	-			$	25,586,933			$	25,586,933

The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as level 3 in the fair value hierarchy:

		Significant Unobservable Inputs (Level 3)
		Year  Ended  June 30,				Six Months  Ended  June 30,				Year  Ended  December 31,
		2015				2014				2013
Beginning balance		$	25,586,933			$	20,103,425			$	5,090,988
Change in fair value of derivative liabilities included in net loss for the year ended June 30, 2015, for the six months ended June 30, 2014, and for the year ended December 31, 2013, respectively			3,710,277				7,954,970				12,877,675
Additions - warrant instruments			-				4,333,163				373,699
Transfer of warrant instruments to additional paid-in-capital			(15,295,841	)			(6,804,625	)			-
Additions - conversion feature of Series A preferred stock			-				-				1,761,063
Ending balance		$	14,001,369			$	25,586,933			$	20,103,425

Summary of anti-dilutive securities

		Year Ended  June 30,  2015				Six Months Ended  June 30,  2014				Year Ended December 31,  2013
Class A convertible preferred stock			71,672				667,462				-
Series A preferred stock			-				-				2,720,826
Common stock warrants			5,362,183				8,628,911				1,785,303
Restricted stock awards			94,000				-				-
Common stock options			777,630				673,034				373,082
Total			6,305,485				9,969,407				4,879,211

X

- References

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 3



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Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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