XML 52 R22.htm IDEA: XBRL DOCUMENT

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurement Tables

Financial liabilities measured at fair value on a recurring basis

The following table presents the Company's assets and liabilities that are measured at fair value at December 31, 2014 and 2013 (in thousands):

		Fair value measured at December 31, 2014
		Total carrying value at December 31,				Quoted prices in active markets				Significant other observable inputs				Significant unobservable inputs
		2014				(Level 1)				(Level 2)				(Level 3)
Assets
Marketable securities - mutual funds		$	3,500			$	3,500			$	-			$	-

Liabilities
Fair value of warrant liabilities		$	-			$	-			$	-			$	-
		Fair value measured at December 31, 2013
		Total carrying value at December 31,				Quoted prices in active markets				Significant other observable inputs				Significant unobservable inputs
			2013			(Level 1)				(Level 2)				(Level 3)
Liabilities
Fair value of warrant liabilities		$	48			$	-			$	-			$	48

Significant assumptions used in the valuations

Liabilities resulting from the Warrants issued in connection with the Company’s November 2012 financing were valued using the Black-Scholes option valuation model and the following assumptions on the following dates (fair value in thousands):

		December 31,				December 31,				March 6,
		2014				2013				2013
Risk-free interest rate			0.02% - 1.10%				0.01% - 0.78%				0.81%
Expected volatility			69.1% - 86.1%				69.1% - 89.4%				147.15%
Expected life (in years)			0.1 - 3.4				0.1 - 3.9				4.7
Expected dividend yield			-				-				-
Number of warrants			58,448				65,263				474,266
Fair value		$	-			$	48			$	5,696

Changes in the fair value of the Company's Level 3 inputs

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis for the year ended December 31 (in thousands):

		For the Years Ended
		December 31,
		2014				2013
Beginning balance		$	48			$	3,126
Issuance of new warrants			-				-
Fair value adjustments for warrant liabilities			(48	)			2,618
Reclassification to stockholders' equity			-				(5,696	)
Ending balance		$	-			$	48

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details