Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 and December 31, 2013 is as follows:


	June 30, 2014		December 31, 2013
Stock Price	$	3.20	$	6.40
Risk-free Rate (5-year U.S. Treasury Yield)		1.62%		1.75%
Volatility (Annual)		93.46%		93.43%
Time to Maturity (Years)		4.60-4.83		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		(5,042,780	)

Ending balance at June 30, 2014	$	3,559,227