Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v3.3.0.814
FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]
The following tables set forth the Company’s financial instruments carried at fair value using the lowest level of input applicable to each financial instrument as of September 30, 2015 and December 31, 2014:
 
 
 
September 30, 2015
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
February 2013 Public Offering Warrants
 
$
 
$
 
$
594,000
 
$
594,000
 
August 2014 Warrants
 
 
 
 
4,057,000
 
 
 
 
4,057,000
 
Total
 
$
 
$
4,057,000
 
$
594,000
 
$
4,651,000
 
 
 
 
December 31, 2014
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
July 2010 Warrants
 
$
 
$
999
 
$
 
$
999
 
February 2013 Public Offering Warrants
 
 
 
 
 
 
1,127,500
 
 
1,127,500
 
August 2014 Warrants
 
 
 
 
4,048,416
 
 
 
 
4,048,416
 
Total
 
$
 
$
4,049,415
 
$
1,127,500
 
$
5,176,915
 
Schedule Of Changes In Fair Value Warrants Classified Level Three [Table Text Block]
The following table summarizes the changes in the fair market value of the Company’s warrants which are classified within the Level 3 fair value hierarchy.
 
 
 
Nine Months
Ended
 
Twelve Months
Ended
 
 
 
September 30,
 
December 31,
 
 
 
2015
 
2014
 
Beginning balance – Fair value
 
$
1,127,500
 
$
3,355,000
 
Gain on derivatives resulting from change in fair value
 
 
(533,500)
 
 
(2,227,500)
 
Ending balance – Fair value
 
$
594,000
 
$
1,127,500