Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of March 31, 2014 and December 31, 2013 is as follows:

	March 31, 2014	December 31, 2013
Stock Price	$0.62	$	0.64
Risk-free Rate (5-year U.S. Treasury Yield)	1.73%		1.75	%
Volatility (Annual)	93.46%		93.43	%
Time to Maturity (Years)	4.85-5.08		5.33

Schedule of Derivative Warrant Liabilities

Derivative warrant liabilities consist of the following:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Warrant Derivative Liabilities
Beginning balance at January 1, 2014	$	3,017,142
Issuance of warrants with derivative liabilities		5,584,865
Changes in estimated fair value		(137,142	)
Ending balance at March 31, 2014	$	8,464,865