Quarterly report pursuant to sections 13 or 15(d)

Derivative Warrant Liability (Tables)

v2.4.0.8
Derivative Warrant Liability (Tables)
3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of assumptions used in connection with the valuation of warrants and units
   
March 31,
2014
   
December 31,
2013
 
Number of shares underlying the warrants
    19,873,714       19,873,714  
Exercise price
  $ 1.00 - $1.05     $ 1.00 - $1.05  
Volatility
    89.23 %     90.11 %
Risk free interest rate
    0.90 %     0.78 %
Expected dividend yield
    0.00 %     0.00 %
Expected warrant life (years)
    4.53 – 4.69       4.78 – 4.94  
Stock price
  $ 0.78     $ 1.25  
Fair value measurements using significant unobservable inputs
 
   
 
December 31,
2013
   
 
Initial
Measurements
   
Increase
(Decrease)
To
Fair Value
   
 
Reclassed
To Equity
   
 
March 31,
2014
 
Unit Offering
  $ 8,518,330     $ --     $ 188,661     $ --     $ 8,706,991  
Unit Offering- Placement Agent
    993,034       --       20,374       --       1,013,408  
    $ 9,511,364     $ --     $ 209,035     $ --     $ 9,720,399  
 
 
Number of warrants subject to remeasurement
   
December 31,
2013
   
Additions
   
Reductions
   
March 31,
2014
 
Unit Offering
    17,785,714       --       --       17,785,714  
Unit Offering- Placement Agent
    2,088,000       --       --       2,088,000  
      19,873,714       --       --       19,873,714