Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.2.0.727
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]  
Schedule of Short-Term Investments

June 30, 2015

 

Amortized cost

   

Gross
unrealized
gains

   

Gross
unrealized
losses

   

Estimated fair
value

 

Certificates of deposit

$ 925,000     $ 62     $ -     $ 925,062  

Municipal bonds

  171,234       -       (2,787 )     168,447  
    $ 1,096,234     $ 62     $ (2,787 )   $ 1,093,509  

 

December 31, 2014

Amortized cost

   

Gross
unrealized
gains

   

Gross
unrealized
losses

   

Estimated fair
value

Certificates of deposit

$ 1,099,775     $ 1,168     $ -     $ 1,100,943

Municipal bonds

  536,046       -       (6,572 )     529,474

Corporate fixed income bonds

    3,563,057       808,948       -       4,372,005
    $ 5,198,878     $ 810,116     $ (6,572 )   $ 6,002,422
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial Instrument

 

     Level     

   

June 30,
        2015         

   

December 31,
2014

 

Warrant liability

  3     $ 2,229     $ 93,789
Schedule of Warrant Liability Fair Value Assumptions
   
June 30,
2015
   
December 31,
2014
 
Strike price
 
$
10.00
   
$
10.00
 
Market price
 
$
2.07
   
$
4.87
 
Expected life
 
3.68 years
   
4.17 years
 
Risk-free interest rate
    
1.62
%
   
1.62
%
Dividend yield
   
0.00
%
   
0.00
%
Volatility
   
37
%
   
42
%
Warrants outstanding
   
131,250
     
131,250
 
Fair value of warrants
 
$
2,229
   
$
93,789
 
Schedule of Changes in Fair Value of Warrant Liability
Balance – January 1, 2015
 
$
          (93,789
)
Decrease in net value of warrant liability
   
91,560
 
Balance – June 30, 2015
 
$
(2,229
)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


 

        2015        

 

 

2014

 

Warrants to purchase common stock

 

 

362,500

 

 

 

131,250

 

Stock options

 

 

340,857

 

 

 

183,000

 

Unvested restricted stock

 

 

200,001

 

 

 

- 

 

 

 

 

903,358

 

 

 

314,250