Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Assets and Liabilities (Tables)

Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2014

The warrant 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:


	Nine Months Ended September 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						(48,380	)		(48,380	)

Derivative warrant liability at September 31, 2014	$	—	$	—	$	—		$	—


	Nine Months Ended September 31, 2013
	Level 1		Level 2		Level 3			Total
Liabilities:
Derivative warrant liability at December 31, 2012					$	—		$	—
Derivative warrant liability recorded for warrants issued						21,910			21,910

Derivative warrant liability at September 31, 2013	$	—	$	—	$	21,910		$	21,910