Quarterly report pursuant to Section 13 or 15(d) 03-31-2016

Fair Value Measurements (Tables)

v3.4.0.3
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy

The following tables set forth the financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy at March 31, 2016 and December 31, 2015:

 

    Fair Value Measurements at March 31, 2016  
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                
Common stock warrants   $ -     $ -     $ 604     $ 604  

 

    Fair Value Measurements at December 31, 2015  
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                
Common stock warrants   $ -     $ -     $ 598     $ 598  

Schedule of Reconciliation of Derivative Liability Measured on Recurring Basis Using Unobservable Inputs (Level 3)

The following table presents a reconciliation of the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2016 and 2015:

 

    Common Stock
Warrants
    Preferred
Stock
Warrants
    Conversion
Feature of
Notes
    Total
Derivative
Liability
 
Balance at December 31, 2014   $ (11,358)     $ -     $ (2,612)     $ (13,970)  
Decrease in liability due to debt conversions     -       -       179       179  
Decrease in liability due to warrants being exercised     723       -       -       723  
Change in fair value     435       -       (612)       (177)  
Balance at March 31, 2015   $ (10,200)     $ -     $ (3,045)     $ (13,245)  
                                 
Balance at December 31, 2015   $ (598)     $ -     $ -     $ (598)  
Increase in fair value included in earnings, as other income     (6)       -       -       (6)  
Balance at March 31, 2016   $ (604)     $ -     $ -     $ (604)  

Schedule of Assumptions used in Estimating Common Stock Warrant Liability

The assumptions used in estimating the common stock warrant liability at March 31, 2016 and December 31, 2015 were as follows:

 

    March 31,2016     December 31, 2015  
Weighted-average risk free interest rate     1.06%       1.71%  
Weighted-average expected life (in years)     3.55       3.7  
Expected dividend yield     0%       0%  
Weighted average expected volatility     137%       119%