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Note 9 - Fair Values of Financial Instruments
 6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

9.

FAIR VALUES OF FINANCIAL INSTRUMENTS

Cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and notes payable, are carried at, or approximate, fair value because of their short-term nature.


 The fair value of the warrant liabilities were measured using the following assumptions:


Risk-free interest rate

     0.40 %  

–

       0.42 %

Expected term

     1.32    

–

       1.36  

Expected dividends

             0          

Volatility of stock price

     78.5 %  

–

       78.9 %

The warrant liabilities are considered Level 3 liabilities on the fair value hierarchy as the determination of fair value includes various assumptions about future activities and the Company’s stock prices and utilizes historical volatility as inputs.


Warrant issued under PI SPA

        

Fair value at January 1, 2015

   $ 43,227  

Gain on derivative

     (14,253

)

Balance, June 30, 2015

   $ 28,974