Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

The following table identifies the carrying amounts of such assets and liabilities at December 31, 2013:

	Level 1		Level 2		Level 3		Total
Liabilities
Derivative instruments - stock purchase warrants	$	-	$	-	$	1,417,527	$	1,417,527
	$	-	$	-	$	1,417,527	$	1,417,527

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 inputs:

	Derivative
	Instruments – Stock
	Purchase Warrants		Stock Options
Balance at January 1, 2013	$	-	$	-
Issuance		452,198		35,000
Satisfaction of contingency		-		(54,881)
Change in fair value		965,329		19,881
Balance at December 31, 2013		1,417,527		-
Change in fair value		334,133		-
Exercise of underlying warrants		(1,751,660)		-
Balance at December 31, 2014	$	-	$	-

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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