Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Measurement Tables

Financial liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities that are measured at fair value at March 31, 2016 and December 31, 2015 ($ in thousands):

	Fair value measured at March 31, 2016
	Total carrying value at March 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	2016		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - preferred stock	$	189	$	-	$	189	$	-
Marketable securities - corporate bonds		1,279		-		1,279		-
Total assets	$	1,468	$	-	$	1,468	$	-
Liabilities
Fair value of warrant liabilities	$	1,417	$	-	$	-	$	1,417

	Fair value measured at December 31, 2015
	Total carrying value at December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	2015		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual funds	$	3,392	$	3,392	$	-	$	-
Liabilities
Fair value of warrant liabilities	$	2,959	$	-	$	-	$	2,959

Significant assumptions used in the valuations

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 at the date of issuance and as of March 31, 2016 is as follows:

Date of valuation	March 31, 2016
Risk-free interest rate	0.18% - 1.21%
Expected volatility	100% - 162.48%
Expected life (in years)	0.1 - 4.7
Expected dividend yield	-

Changes in the fair value of the Company's Level 3 inputs

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 ($ in thousands):

	Fair Value of Level 3 financial liabilities
	March 31, 2016			December 31,  2015
Beginning balance	$	2,959		$	-
Recognition of warrant liabilities		-			3,228
Fair value adjustment of warrant liabilities		(1,542	)		(269	)
Ending balance	$	1,417		$	2,959