Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.1.9
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net income (loss) per share because the effect of their inclusion would have been anti-dilutive.
 
 
 
For the Year Ended
 
 
 
December 31,
 
 
 
2014
 
2013
 
Convertible Notes – principal
 
 
-
 
 
2,650,858
 
Convertible Notes – accrued interest
 
 
-
 
 
100,224
 
Consulting Warrant to purchase common stock
 
 
278,228
 
 
278,228
 
Financing Warrant to purchase common stock
 
 
152,778
 
 
220,905
 
IPO Warrants  to purchase common stock
 
 
460,000
 
 
-
 
IR Consulting Warrant
 
 
36,000
 
 
-
 
Options to purchase common stock
 
 
1,607,075
 
 
275,689
 
RSUs
 
 
727,279
 
 
-
 
Total potentially dilutive securities
 
 
3,261,360
 
 
3,525,904
 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table provides a summary of the liabilities that are measured at fair value on a recurring basis.
 
 
 
 
 
 
 
Quoted
 
 
 
 
 
 
 
Quoted Prices
 
Prices for
 
 
 
 
 
 
 
in Active
 
Similar
 
 
 
 
 
 
 
Markets for
 
Assets or
 
 
 
 
 
 
 
Identical
 
Liabilities in
 
Significant
 
 
 
 
 
Assets or
 
Active
 
Unobservable
 
 
 
 
 
Liabilities
 
Markets
 
Inputs
 
 
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Derivative Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
Conversion Feature
 
$
5,573,000
 
$
-
 
$
-
 
$
5,573,000
 
Financing Warrant
 
 
175,000
 
 
-
 
 
-
 
 
175,000
 
Consulting Warrant
 
 
529,000
 
 
-
 
 
-
 
 
529,000
 
Total
 
$
6,277,000
 
$
-
 
$
-
 
$
6,277,000
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis: 
 
 
 
For the Year Ended
 
 
 
December 31, 2014
 
Beginning balance
 
$
6,277,000
 
Change in fair value of conversion feature and warrants
 
 
26,265,177
 
Extinguishment of derivative liability upon conversion of Convertible Notes
 
 
(26,790,177)
 
Extinguishment of derivative liability upon modification of Financing Warrant
 
 
(1,733,000)
 
Extinguishment of derivative liability upon modification of Consulting Warrant
 
 
(4,019,000)
 
Ending balance
 
$
-