Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

The warrant derivative liability was re-measured at June 30, 2014 prior to reclassification using the Black-Scholes option pricing model based on the following assumptions:

	As of June 30, 2014
Risk free interest rate		1.25	%
Expected dividend yield		0	%
Contractual term		3.97
Expected volatility		66	%

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	December 31, 2014
	Level 1		Level 2		Level 3			Total
Liabilities:
Derivative warrant liability at December 31, 2013	$	—	$	—	$	19,932		$	19,932
Change in fair value of the derivative warrant liability		—		—		28,448			28,448
Reclassification of derivative warrant liability to equity		—		—		(48,380	)		(48,380	)
Derivative warrant liability at December 31, 2014	$	—	$	—	$	—		$	—