Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.3.1.900
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]  
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 December 31, 2015 and December 31, 2014:

 

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

 

    Fair Value Measurements at December 31, 2014  
Description   Level 1     Level 2     Level 3     Total  
Derivative liability                                
Common stock warrants   $ -     $ -     $ 11,358     $ 11,358  
Conversion feature of notes     -       -       2,612       2,612  
Total derivative liability   $ -     $ -     $ 13,970     $ 13,970  

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 years ended December 31, 2015 and 2014:

 

    Common Stock
 Warrants 		    Preferred
Stock
 Warrants 		    Conversion
Feature of
 Notes 		    Total
Derivative
Liability 		 
Balance at December 31, 2013   $ (199 )   $ (11 )   $ -     $ (210 )
Issuances of derivatives     (12,617 )     -       (1,930 )     (14,547 )
Reclassification from liability to equity     -       5       -       5  
Extinguishment of derivative liabilities     24       -       1,008       1,032  
Change in fair value     1,434       6       (1,690 )     (250 )
Balance at December 31, 2014   $ (11,358 )   $ -     $ (2,612 )   $ (13,970 )
                                 
Balance at December 31, 2014   $ (11,358 )   $ -     $ (2,612 )   $ (13,970 )
Issuances of derivatives     (14,556 )     -       -       (14,556 )
Modification of terms     (382 )     -       -       (382 )
Decrease in liability due to debt conversions     -       -       179       179  
Decrease in liability due to warrants being exercised     20,335       -       -       20,335  
Reclassification from liability to equity     2,403       -       -       2,403  
Extinguishment of derivative liabilities     -       -       3,468       3,468  
Change in fair value     2,960       -       (1,035 )     1,925  
Balance at December 31, 2015   $ (598 )   $ -     $ -     $ (598 )

Common Stock Warrants [Member]  
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]  
Schedule of Assumptions used in Estimating Fair Value

The assumptions used in estimating the common stock warrant liability at December 31, 2015 and December 31, 2014 were as follows:

 

    December 31, 2015     December 31, 2014  
Weighted-average risk free interest rate     1.71 %     1.53 %
Weighted-average expected life (in years)     3.7       4.7  
Expected dividend yield     0 %     0 %
Weighted average expected volatility     119 %     116 %

Conversion Feature Of Notes [Member]  
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]  
Schedule of Assumptions used in Estimating Fair Value

The assumptions used in estimating the conversion features of the notes at December 31, 2014 were as follows:

 

    December 31, 2014  
Weighted-average risk free interest rate     0.67 %
Weighted-average expected life (in years)     1.6  
Expected dividend yield     0 %
Weighted average expected volatility     32 %