Warrant Derivative Gain

9 Months Ended

Sep. 30, 2015

Warrant Derivative Gain

Warrant Derivative Gain

18.Warrant Derivative Gain

During the nine months ended September 30, 2015 the Company recorded approximately $1.1 million of other income related to a decrease in the fair value of the liability recorded for warrants to acquire the Company’s stock (see Note 15).  The warrant liability has been recorded at fair value as of September 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 13).  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.