Warrant Derivative Gain

6 Months Ended

Jun. 30, 2015

Warrant Derivative Gain.

Warrant Derivative Gain

17.   Warrant Derivative Gain

During the six months ended June 30, 2015 the Company recorded approximately $0.9 million of other income related to an decrease in the fair value of the liability recorded for warrants to acquire the Company’s stock (see Note 14).  The warrant liability has been recorded at fair value as of June 30, 2015 based primarily on a valuation performed by a third party expert using a Monte Carlo simulation, which falls within Level 3 of the fair value hierarchy (see Note 12).  The valuation model takes into account the probability that the Company could issue additional shares in a future transaction at a lower price than the current exercise price of the warrants.