Debt (Tables)

12 Months Ended

Dec. 31, 2014

Assumptions Used in Estimation of Initial Fair Value of Warrants

The estimated fair value of the warrant issued to Square 1 was determined on the date of issuance using the Black-Scholes option-pricing valuation model with the following assumptions:

Risk free interest rate		2.17%
Expected warrant term	10 Years
Expected volatility of common stock		77.19%
Expected dividend yield		0.00%

Schedule of Maturities of Long-Term Debt

Future maturities of long-term debt and interest payments under the credit facility as of December 31, 2014 are set forth below:

2015		436,375
2016		2,433,505
2017		2,119,935
Total minimum payments		4,989,815
Less amounts representing interest		(489,815	)
Gross balance of outstanding debt	$	4,500,000
Less debt discount ⁽¹⁾		(108,122	)
Total carrying value	$	4,391,878
Less current portion		(150,430	)
Total carrying value, long-term portion	$	4,241,448