Quarterly report pursuant to sections 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2014
Fair Value Measurements [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
    Total     Quoted Prices in
Active Markets for
Identical Items
Level 1
    Significant Other
Observable Inputs 
Level 2
    Significant
Unobservable
Inputs
Level 3
 
                         
March  31, 2014                                
Liabilities:                                
Warrant liability   $ 88,050,250     $ -     $ -     $ 88,050,250  
Convertible debt     -       -       -       -  
Total liabilities measured at estimated fair value   $ 88,050,250     $ -     $ -     $ 88,050,250  
                                 
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  
Summary of Changes in Fair Value of Level 3 Liabilities
    Warrant liability     Convertible debt  
Beginning balance December 31, 2013   $ 377,747     $ 5,062,417  
Transfer to equity upon settlement     (377,747 )     (5,062,417 )
Fair value of warrants on date of issuance     10,613,550       -  
Change in fair value of warrants during the period     77,436,700       -  
Ending balance March 31, 2014   $ 88,050,250     $ -  
Schedule of Fair Value Assumptions
    Three months
ended March 31,
    2014
     
Dividend yield   -
Risk-free interest rate    0.81-0.90%
Current share price   $0.60 - $3.19
Expected term (in years)   2.80-3.00
Volatility   79.0%
Periodic rate   0.24-0.25%
Periods in the model   10