Warrants (Tables)

6 Months Ended

Jun. 30, 2015

Assumptions Used in Binomial and Monte Carlo Valuation Model

The following assumptions were used in the Binomial/Monte Carlo valuation model at June 30, 2014:

	2014
Risk-free interest rate		0.06	%
Expected life in years		0.44
Expected volatility		70	%
Expected dividend yield		0
Steps per year		54