General form of registration statement for all companies including face-amount certificate companies

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value

The Company's fair value hierarchies for its financial assets and liabilities which require fair value measurement on a recurring basis are as follows:

 

    Total     Quoted Prices in
Active Markets for
Identical Items
Level 1		     Significant Other
Observable Inputs 
Level 2		     Significant
Unobservable
Inputs
Level 3		  
                         
December 31, 2013                                
Liabilities:                                
Warrant liability   $ 377,747     $ -     $ -     $ 377,747  
Convertible debt     5,062,417       -       -       5,062,417  
Total liabilities measured at estimated fair value   $ 5,440,164     $ -     $ -     $ 5,440,164  
                                 
December 31, 2012                                
Liabilities:                                
Warrant liability   $ 563,822     $ -     $ -     $ 563,822  
Convertible debt     3,528,313       -       -       3,528,313  
Total liabilities measured at estimated fair value   $ 4,092,135     $ -     $ -     $ 4,092,135  

 
Summary of Changes in Fair Value of Level 3 Liabilities

The changes in the value of the Level 3 liabilities are summarized below:

 

    Convertible Notes
Payable		     Warrant
Liability		  
             
Balance at January 1, 2012   $ -     $ 168,338  
Issuance of warrants at fair value     -       412,610  
Issuance of 2012 Series B convertible bridge notes at fair value     3,354,021       -  
Mark to market, included in other expense, net     -       (17,126 )
Mark to market, included in interest expense     174,292       -  
Balance at December 31, 2012     3,528,313       563,822  
Issuance of 2012 Series B convertible bridge notes at fair value     2,162,564       -  
Issuance of 2013 Series B convertible bridge notes at fair value     5,062,417       -  
Issuance of right to receive common stock warrants at fair value included in other expense, net     -       95,760  
Mark to market, included in other expense, net     -       (281,835 )
Mark to market, included in interest expense     799,194       -  
Converted to Series B convertible preferred stock     (6,490,071 )     -  
Balance at December 31, 2013   $ 5,062,417     $ 377,747