Warrants (Tables)

9 Months Ended

Sep. 30, 2014

Warrants and Rights Note Disclosure [Abstract]

Schedule Of Changes In Warrants Activity

The following table summarizes information about warrant activity for the nine month period ended September 30, 2014:

	No. of warrants		Weighted average exercise price		Exercise price range
Outstanding at January 1, 2014		18,427,478	$	3.15	$	0.94 – $5.06
Granted		5,412,366	$	5.06	$	5.06
Exercised		(6,415,992)	$	1.76	$	1.76
Outstanding at September 30, 2014		17,423,852	$	4.26	$	0.94 – $5.06

Schedule Of Warrants Outstanding

The Company’s outstanding warrants consist of the following:

	No. outstanding		No. outstanding classified as equity		No. outstanding classified as liabilities*		Exercise price		Remaining contractual life
Series 1 Warrants		1,490,250		64,621		1,425,629	$	1.76	2.80 years
Series 2 Warrants		1,943,523		1,943,523		—	$	1.76	2.80 years
Conversion Warrants		14,492		—		14,492	$	0.94	0.72 years
Special Bridge Warrants		21,198		—		21,198	$	0.94	0.24 years
Reload Warrants		758,023		597,414		160,609	$	1.76	2.35 years
IPO Warrants		4,784,000		4,784,000		—	$	5.06	0.72 years
October 2012 Warrants		3,000,000		3,000,000		—	$	5.06	0.72 years
June 2014 Warrants**		5,412,366		5,412,366		—	$	5.06	0.72 years
Outstanding at September 30, 2014		17,423,852		15,801,924		1,621,928

* These warrants bear down-round protection clauses and as a result, they are classified as derivative liabilities and recorded at fair value.

** The June 2014 Warrants were valued on the grant date (June 20, 2014) using the following assumptions: volatility: 40.05%, stock price: $3.33, risk free interest rate: 0.15% and dividend yield: 0%. The new warrants issued in connection with the exercise of warrants that were classified as liabilities were accounted for as an inducement and therefore an amount of $65, which is based on the fair value of the new warrants, was recorded as a non-operating expense during the second quarter of 2014. The new warrants issued in connection with the exercise of warrants that were classified as equity, which were fair valued at $611, were recorded as equity.

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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