Quarterly report pursuant to Section 13 or 15(d)

Warrant Liability (Tables)

v2.4.0.8
Warrant Liability (Tables)
6 Months Ended
Jun. 30, 2014
Warrant Liability [Abstract]  
Schedule of Warrant Liability Fair Value Assumptions
The warrant liability was valued using the Black-Scholes option pricing model and the following assumptions on the following dates:
 
   
June 30,
2014
   
December 31,
2013
 
Strike price
  $ 10.00     $ 10.00  
Market price
  $ 4.07     $ 4.61  
Expected life
 
4.68 years
   
5.17 years
 
Risk-free interest rate
    1.62 %     0.86 %
Dividend yield
    0.00 %     0.00 %
Volatility
    43 %     39 %
Warrants outstanding
    131,250       131,250  
Fair value of warrants
  $ 71,689     $ 85,221  

Schedule of Changes in Fair Value of Warrant Liability
The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis:

Beginning balance
 
$
(85,221
)
Decrease in net value of warrant liability
   
13,532
 
Ending balance
 
$
(71,689
)