Annual report pursuant to Section 13 and 15(d)

Fair Value of Assets and Liabilities (Tables)

Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

The warrant derivative liability was re-measured at June 30, 2014 prior to reclassification using the Black-Scholes option pricing model based on the following assumptions:

	As of June 30, 2014
Risk free interest rate		1.25	%
Expected dividend yield		0	%
Contractual term		3.97
Expected volatility		66	%

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	December 31, 2014
	Level 1		Level 2		Level 3			Total
Liabilities:
Derivative warrant liability at December 31, 2013	$	—	$	—	$	19,932		$	19,932
Change in fair value of the derivative warrant liability		—		—		28,448			28,448
Reclassification of derivative warrant liability to equity		—		—		(48,380	)		(48,380	)
Derivative warrant liability at December 31, 2014	$	—	$	—	$	—		$	—