Warrants (Tables)

3 Months Ended

Mar. 31, 2015

Assumptions Used in Binomial and Monte Carlo Valuation Model

The following assumptions were used in the Binomial/Monte Carlo valuation model at March 31, 2014 (no warrants were outstanding during the three months ended March 31, 2015):

	2014
Risk-free interest rate		0.11	%
Expected life in years		0.69
Expected volatility		80	%
Expected dividend yield		0
Steps per year		13