Balance at January 1, 2014

$

–

Fair value of Earn-Out Payments at date of EGEN Purchase Agreement (Note 5)

13,878,204

Non-cash gain from the adjustment for the change in fair value included in 2014 net loss

(213,494

)

Balance at December 31, 2014

$

13,663,710

Non-cash loss from the adjustment for the change in fair value included in 2015 net loss

257,702

Balance at December 31, 2015

$

13,921,412