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Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2015
Fair Value of Financial Instruments  
Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

 

Financial instruments consist of cash and cash equivalents, marketable securities, accounts payable and derivative instruments. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short term nature, except for marketable securities and derivative instruments which are marked to market at the end of each reporting period.

 

The value of Senior Convertible Debentures is stated at its carrying value at June 30, 2015. The Company believes it could obtain borrowings at June 30, 2015 at comparable interest rates as the November 2014 debentures, therefore, the carrying value approximates fair value.