Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements

v2.4.1.9
Fair Value Measurements
 12 Months Ended
Dec. 31, 2014
Fair Value Measurements [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

 

Our fair value hierarchies for our 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   $ 378     $ –     $ –     $ 378  
Convertible debt   $ 5,062     $ –     $ –     $ 5,062  

 

The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities during the year ended December 31, 2014, which were measured at fair value on a recurring basis:

 

Warrant

Liability

    

Convertible 

debt

  
Balance at December 31, 2013 $ 378     $ 5,062  
Additional debt incurred prior to Merger 20
Transfer to equity upon settlement at Merger  

    (5,082 )
Fair value of warrants issued on Merger and subsequent PPO   10,614      
 
Change in fair value of warrants issued on Merger and subsequent PPO     16,485
   
 
Transfer to equity upon removal of anti-dilution feature (27,099 )
Warrant liability transferred to equity upon exercise (282 )
Obligation to issue a warrant transferred to equity (96 )
Balance at December 31, 2014   $ –     $ –  

 

The warrant liability and convertible debt outstanding as of December 31, 2013 were settled in transactions related to the Merger. See Note 3, The Merger, Offering and Other Related Transactions. The warrant liability from the issuance of warrants during the year ended December 31, 2014 was settled pursuant to a warrant tender offer in November 2014. See Note 13, Capitalization and Equity Structure - Warrants.