Derivative Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Liabilities [Abstract]

Schedule of Assumptions Used

The estimated fair values of the derivative liabilities associated with the 8% Notes and the 12% Notes, for the conversion options and warrants issued through and as of December 31, 2014 were computed by a third party using Monte Carlo simulations based on the following ranges for each assumption:

			December 31,
	At Issuances		2014
Volatility	40.0% to 45.0	%	35.0	%
Risk-free interest rate	0.11% to 0.3	%	0.4% to 0.14	%
Dividend yield	0.0	%	0.0	%
Expected life	1.1 to 1.6 years		0.25 to 0.65 years

Financial Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the financial liability measured at fair value on a recurring basis as of December 31, 2014 and 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	As of December 31, 2014
							Derivative
							Liabilities at
	Level 1		Level 2		Level 3		Fair Value
8% Convertible promissory notes:
Conversion option	$	-	$	-	$	1,984,000	$	1,984,000
12% Convertible promissory notes:
Conversion option		-		-		69,000		69,000
Derivative liabilities - Current		-		-		2,053,000		2,053,000
Placement agent warrants - Non-current		-		-		52,720		52,720
Derivative liabilities - Total	$	-	$	-	$	2,105,720	$	2,105,720

	As of December 31, 2013
							Derivative
							Liabilities at
	Level 1		Level 2		Level 3		Fair Value
8% Convertible promissory notes:
Conversion option	$	-	$	-	$	12,400,000	$	12,400,000
Warrants		-		-		4,790,000		4,790,000
Derivative liabilities - Current		-		-		17,190,000		17,190,000
Placement agent warrants - Non-current		-		-		296,194		296,194
Derivative liabilities - Total	$	-	$	-	$	17,486,194	$	17,486,194

Reconciliation of Derivative Liability Used in Determining Fair Value

The following tables are a reconciliation of the derivative liability for which Level 3 inputs were used in determining fair value during the years ended December 31, 2014 and 2013:

	For the Year Ended December 31, 2014
			Fair Value
	Balance -		of				Balance -
	January 1,		Derivative		Change in		December 31,
	2014		Liability		Fair Value		2014
8% Convertible promissory notes:
Conversion option	$	12,400,000	$	4,387,139	$	(14,803,139)	$	1,984,000
Warrants		4,790,000		391,365		(5,181,365)		-
12% Convertible promissory notes:
Conversion option		-		157,000		(88,000)		69,000
Derivative liabilities - Current		17,190,000		4,935,504		(20,072,504)		2,053,000
Placement agent warrants - Non-current		296,194		-		(243,474)		52,720
Derivative liabilities - Total	$	17,486,194	$	4,935,504	$	(20,315,978)	$	2,105,720

	For the Year Ended December 31, 2013
			Fair Value
	Balance -		of				Balance -
	January 1,		Derivative		Change in		December 31,
	2013		Liability		Fair Value		2013
8% Convertible promissory notes:
Conversion option	$	610,000	$	919,554	$	10,870,446	$	12,400,000
Warrants		220,000		334,059		4,235,941		4,790,000
Derivative liabilities - Current		830,000		1,253,613		15,106,387		17,190,000
Placement agent warrants - Non-current		81,716		-		214,478		296,194
Derivative liabilities - Total	$	911,716	$	1,253,613	$	15,320,865	$	17,486,194