Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v2.4.1.9
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2014 and December 31, 2013:
 
 
 
September 30, 2014 (Restated)
 
 
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Legacy Warrants
 
$
—
 
$
624
 
$
—
 
$
624
 
February 2013 Public Offering Warrants
 
 
—
 
 
—
 
 
819,500
 
 
819,500
 
August 2014 Warrants
 
 
—
 
 
3,272,971
 
 
—
 
 
3,272,971
 
Total
 
$
—
 
$
3,273,595
 
$
819,500
 
$
4,093,095
 
 
 
 
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.
 
 
 
September 30,
2014
 
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 on derivatives resulting from change in fair value
 
 
(2,535,500)
 
 
(2,365,000)
 
Ending balance – Fair value
 
$
819,500
 
$
3,355,000