Warrant Liability (Tables)

6 Months Ended

Jun. 30, 2015

Text Block [Abstract]

Assumptions Used for Simulation Model

The assumptions used for the Monte Carlo simulation model to value the outstanding Series A Warrants at June 30, 2015 are as follows:

Risk-free interest rate per year	0.45	%
Expected volatility per year	67.7	%
Expected dividend yield	0	%
Expected life (years)	1.5

Summary of Changes in Fair Value of Warrant Liability

The following table is a summary of the changes in fair value of warrant liability for the Series A Warrants in 2015:

	Series A
	Number of Warrants		Fair value $
Balance at December 31, 2014		6,936,880	$	1,684,551
Changes in fair value		—		(641,037	)
Balance at June 30, 2015		6,936,880	$	1,043,514