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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March  31, 2015 and December 31, 2014 (in thousands):
 
 
 
Fair value measurement at reporting date using:
 
 
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Total
 
At March 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrant liability
 
$
-
 
$
-
 
$
6,377
 
$
6,377
 
 
 
 
Fair value measurement at reporting date using:
 
 
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant other
observable 
inputs 
(Level 2)
 
Significant 
unobservable 
inputs 
(Level 3)
 
Total
 
At December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrant liability
 
$
-
 
$
-
 
$
7,386
 
$
7,386
 
Fair Value Inputs, Liabilities, Quantitative Information
The following table summarizes the calculated aggregate fair values of the warrants, along with the assumptions utilized in each calculation:
 
 
 
March 31,
 
 
December 31,
 
 
 
2015
 
 
2014
 
Calculated aggregate value
 
$
6,377
 
 
$
7,386
 
Weighted average exercise price
 
$
0.30
 
 
$
0.30
 
Closing price per share of common stock
 
$
0.60
 
 
$
0.79
 
Volatility
 
 
138
%
 
 
165.6
%
Weighted average remaining expected life (years)
 
 
4.7
 
 
 
5.0
 
Risk-free interest rate
 
 
1.4
%
 
 
1.8
%
Dividend yield
 
 
-
 
 
 
-