Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Assets and Liabilities (Tables)

Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

The Company had valued certain warrants as a derivative liability at March 31, 2014 and used the Black-Scholes option pricing model to estimate fair value at March 31, 2014 and used the contractual life according to the remaining terms of the warrants and the following assumptions:


	As of March 31, 2014
Risk free interest rate		1.40	%
Expected dividend yield		0	%
Contractual term		4.22
Expected volatility		87	%

Assets and Liabilities Measured at Fair Value on Recurring Basis

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


	March 31, 2014
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative warrant liability at December 31, 2013	$	—	$	—	$	18,414	$	18,414
Change in fair value of the derivative warrant liability		—		—		1,518		1,518
Reclassification of derivative warrant liability		—		—		—		—

Derivative warrant liability at March 31, 2014	$	—	$	—	$	19,932	$	19,932