Annual report pursuant to Section 13 and 15(d)

Private Placement (Tables)

v2.4.1.9
Private Placement (Tables)
12 Months Ended
Dec. 31, 2014
Private Placement [Line Items]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The Company calculated the fair value of the embedded conversion feature of the Convertible Notes at April 2, 2014 at the conversion features’ fair value, with the observable assumptions as provided in the table below.  
 
 
 
As of
 
 
 
April 2, 2014
 
Stock price on valuation date
 
$
13.88
 
Conversion price
 
$
3.00
 
Fair value
 
$
26,790,177
 
Financing And Consulting Warrant [Member]  
Private Placement [Line Items]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
Provided below are the principal assumptions used in the measurement of the fair values of the Financing Warrant and the Consulting Warrant as of June 24, 2014 and December 31, 2013.
 
 
 
As of June 24, 2014
 
 
As of December 31, 2013
 
 
 
Financing
 
 
Consulting
 
 
Financing
 
 
Consulting
 
 
 
Warrant
 
 
Warrant
 
 
Warrant
 
 
Warrant
 
Stock price on valuation date
 
$
14.69
 
 
$
14.69
 
 
$
1.68
 
 
$
1.68
 
Exercise price
 
$
3.60
 
 
$
0.04
 
 
$
2.49
 
 
$
0.04
 
Term (years)
 
 
3.89
 
 
 
3.89
 
 
 
4.38
 
 
 
4.38
 
Expected volatility
 
 
60
%
 
 
60
%
 
 
60
%
 
 
60
%
Dividend yield
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
Weighted average risk-free interest rate
 
 
1.33
%
 
 
1.33
%
 
 
1.75
%
 
 
1.75
%
Number of warrants
 
 
152,778
 
 
 
278,228
 
 
 
220,905
 
 
 
278,228
 
Number of trials
 
 
20,000
 
 
 
20,000
 
 
 
20,000
 
 
 
20,000
 
Aggregate fair value
 
$
1,733,000
 
 
$
4,019,000
 
 
$
175,000
 
 
$
529,000