Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v2.4.0.8
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2014
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 March 31, 2014 and December 31, 2013:
 
 
 
March 31, 2014
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Legacy Warrants
 
$
—
 
$
4,308
 
$
—
 
$
4,308
 
February 2013 Public Offering Warrants
 
 
—
 
 
—
 
 
3,410,000
 
 
3,410,000
 
Total
 
$
—
 
$
4,308
 
$
3,410,000
 
$
3,414,308
 
 
 
 
December 31, 2013
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Legacy Warrants
 
$
—
 
$
4,363
 
$
—
 
$
4,363
 
February 2013 Public Offering Warrants
 
 
—
 
 
—
 
 
3,355,000
 
 
3,355,000
 
Total
 
$
—
 
$
4,363
 
$
3,355,000
 
$
3,359,363
 
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.
 
 
 
Three
Months Ended
March 31,
2014
 
Year Ended
December 31,
2013
 
 
 
 
 
 
 
 
 
Beginning balance - fair value
 
$
3,355,000
 
$
—
 
Fair value of warrants issued in connection with February 2013 public offering
 
 
—
 
 
5,720,000
 
(Gain)/loss on derivatives resulting from change in fair value
 
 
55,000
 
 
(2,365,000)
 
Ending balance - fair value
 
$
3,410,000
 
$
3,355,000