Derivative Liability and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows at December 31, 2014:

	Total		(Level 1)		(Level 2)		Level (3)
Assets	$	—	$	—	$	—	$	—
Total assets measured at fair value		—		—		—		—
Liabilities
Note Conversion Feature Liability in 2014		2,806,942		—		—		2,806,942
Warrant Liability		10,734,196		—		—		10,734,196
Total liabilities measured at fair value (Long-Term)	$	13,541,138	$	—	$	—	$	13,541,138

Assets and liabilities measured at fair value on a recurring basis are as follows at December 31, 2013

	Total		(Level 1)		(Level 2)		Level (3)
Assets	$	—	$	—	$	—	$	—
Total assets measured at fair value		—		—		—		—
Liabilities
Warrant Liability		12,035,816		—		—		12,035,816
Total liabilities measured at fair value (Long-Term)	$	12,035,816	$	—	$	—	$	12,035,816

Schedule of Fair Value Level 3 warrant liabilities

Fair value – December 31,2012	$	—
Warrants issue during period		9,067,283
Reclassification (reset expiration) of warrant liabilities to Additional Paid-in Capital		(526,245)
Reclassification of warrant exercises to Additional Paid-in Capital		(80,500)
Change in fair value for the period of warrant derivative liability		(3,575,278)
Fair value – December 31, 2013		12,035,816
Reclassification of warrant exercises to Additional Paid-in Capital		(2,127,405)
Change in fair value for the period of warrant derivative liability		825,786
Convertible debt issued with an embedded conversion price adjustment provision		1,938,988
Extinguishment of liability upon conversion of debt		(500,261)
Change in fair value of debt conversion price adjustment for the period		1,368,215
Fair value – December 31, 2014	$	13,541,138

Schedule Of Fair Value Of Warrants

The following summary table shows the assumptions used to compute the fair value of the embedded conversion option when granted at issuance and as of December 31, 2014:

	December 31, 2014			At Issuance – June 3, 2014
Assumptions for Pricing Model:
Expected term in years		2.67			3.00
Volatility range for years 1 to 5		81	%		57	%
Expected annual dividends		None			None
Value of convertible debt price adjustment:
Fair value of debt embedded conversion price adjustment option	$	2,806,942		$	1,938,988

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The Monte Carlo Options Lattice pricing model was used to estimate the fair value of warrants outstanding:

	December 31, 2014		December 31, 2013		At Issuance Aug 5, 2013
Assumptions for Pricing Model:
Expected term in years		3.47 to 4.04		4.2 to 4.6		4.62 to 5.0
Volatility range for years		72 to 81%		56 to 62%		61 to 110%
Risk-free interest rate		0.93 to 1.83%		1.75%		0.77 to 1.41%
Expected annual dividends		None		None		None
Value of warrants outstanding:
Fair value of warrants	$	10,734,196	$	12,035,816	$	9,067,283