Liability Attributable to Warrants (Tables)

12 Months Ended

Dec. 31, 2015

Other Liabilities Disclosure [Abstract]

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

We used a binomial pricing model to determine the fair value of our warrants liability as of December 31, 2015 and 2014, the balance sheet dates, respectively, using the following assumptions:

For the Year Ended December 31, 2015

Warrants	Estimated Volatility	Annualized Forfeiture Rate	Expected Option Term (Years)	Estimated Exercise Factor	Risk-Free Interest Rate	Dividends
2011 Private Placement	104% - 132%	—	1.61 – 0.68	3.5	0.26% - 0.47%	—
ipCapital	105% - 127%	—	1.79 – 0.79	4.0	0.26% - 0.54%	—

For the Year Ended December 31, 2014

Warrants	Estimated Volatility	Annualized Forfeiture Rate	Expected Option Term (Years)	Estimated Exercise Factor	Risk-Free Interest Rate	Dividends
2011 Private Placement	91% - 104%	—	2.67 – 1.69	3.5	0.41% - 0.56%	—
2014 Private Placement	114% - 157%	—	5.00 - 4.08	3.5	1.35% - 1.69%	—
ipCapital	92% - 127%	—	3.79 – 1.81	4	0.43% - 0.61%	—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table is a reconciliation of the warrants liability measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2015:

Warrants liability – December 31, 2014 fair value	$	647,300
Change in fair value of warrant liability recorded in other income		(190,300	)
Change in fair value of warrant liability recorded in general and administrative expense		(18,100	)
Reclassification of 2014 PIPE Warrant to Equity		(407,300	)
Warrants liability – December 31, 2015 fair value	$	31,600

Schedule of Stockholders' Equity Note, Warrants or Rights

The following tables reconcile the number of warrants outstanding for the periods indicated:

	For the Year Ended December 31, 2015
	Beginning Outstanding		Issued		Exercised		Cancelled / Forfeited		Ending Outstanding
2011 Transaction		686,833		—				—		686,833
2014 Transaction		376,667		—		—		—		376,667
ipCapital		26,667		—		—		—		26,667
Exercise Agreement		300,000		—		—		—		300,000
Consultant Warrant		11,285		—		—		—		11,285
Offer to Exercise		10,167		—		—		—		10,167
		1,411,619		—		—		—		1,411,619

During the year ended December 31, 2015, our warrants liability was reduced by $407,300 as a result of the above mentioned reclassification of 2014 PIPE from liability warrant to equity. The aggregate reduction in the liability was $615,700. See Note 14.

	For the Year Ended December 31, 2014
	Beginning Outstanding		Issued		Exercised			Cancelled / Forfeited			Ending Outstanding
2011 Transaction		753,500		—		(66,667	)		—			686,833
2014 Transaction		—		376,667		—			—			376,667
ipCapital		26,667		—		—			—			26,667
Exercise Agreement		300,000		—		—			—			300,000
Consultant Warrant (1)		20,833		—		—			(9,548	)		11,285
Offer to Exercise		10,167		—		—			—			10,167
		1,111,167		376,667		(66,667	)		(9,548	)		1,411,619