Senior Notes Payable (Tables)

6 Months Ended

Jun. 30, 2015

Senior Notes Payable

Summary of the Company's notes payable

In the following table is a summary of the Company’s notes payable:

	June 30, 2015
	(unaudited)
Senior-secured notes payable, net of unamortized debt discount of $2,816	$	7,184

Value of the warrants using the binomial method

The Company computed the value of the warrants using the binomial method. The key assumptions used to value the warrants are as follows:

	June 22, 2015			June 30, 2015
Number of shares underlying warrants		3,000,000			3,000,000
Exercise price	$	0.75		$	0.75
Share price	$	1.38		$	1.15
Fair value of warrants	$	2,959		$	2,390
Probability of stockholder approval		80.0	%		80.0	%
Volatility		90.0	%		90.0	%
Risk-free interest rate		1.62	%		1.62	%
Expected dividend yield		0	%		0	%
Expected warrant life		5 years			4.98 years