Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Warrants (Tables)

v2.4.0.8
Fair Value of Warrants (Tables)
 9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Assumptions Used in Computing Fair Value of Derivative Warrants

Issued with Debt Guarantee
Exercised During the Nine Months Ended September 30, 2014
 
As of December 31, 2013
 
IPO Date April 5, 2013
Exercise Price
$
10.00

 
$
10.00

 
$
13.56

Expected life (years)
0.60

 
0.83

 
2.42

Expected volatility
49.01
%
 
57.33
%
 
66.37
%
Risk-free interest rate
0.08
%
 
0.13
%
 
0.32
%
Expected dividend yield
—
%
 
—
%
 
—
%
 
Issued with Series B Preferred Shares
Exercised During the Nine Months Ended September 30, 2014
 
As of September 30, 2014
 
As of December 31, 2013
Exercise Price
$
10.00

 
$
10.00

 
$
10.00

Expected life (years)
1.72

 
1.13

 
1.92

Expected volatility
46.60
%
 
47.45
%
 
59.26
%
Risk-free interest rate
0.33
%
 
0.13
%
 
0.38
%
Expected dividend yield
—
%
 
—
%
 
—
%
Issued for Consulting
As of September 30, 2014
 
As of December 31, 2013
 
IPO Date April 5, 2013
Exercise Price
$
10.00

 
$
10.00

 
$
10.00

Expected life (years)
1.39

 
2.14

 
2.33

Expected volatility
48.34
%
 
63.63
%
 
63.20
%
Risk-free interest rate
0.13
%
 
0.38
%
 
0.27
%
Expected dividend yield
—
%
 
—
%
 
—
%
 
Issued with Financing
Exercised During the Nine Months Ended September 30, 2014
 
As of September 30, 2014
 
As of December 31, 2013
 
IPO Date April 5, 2013
Exercise Price
$
13.34

 
$
10.00

 
$
10.00

 
$
13.21

Expected life (years)
9.78

 
1.48

 
2.25

 
8.30

Expected volatility
74.70
%
 
48.60
%
 
64.40
%
 
73.22
%
Risk-free interest rate
1.95
%
 
0.13
%
 
0.38
%
 
1.44
%
Expected dividend yield
—
%
 
—
%
 
—
%
 
—
%
Summary of Derivative Warrant Activity
The following table summarizes the derivative warrant activity subject to fair value accounting for the nine months ended September 30, 2014:
Issued with/for
Fair value of
warrants
outstanding as of
December 31, 2013
 
Fair value
of warrants
exercised
 
Change in
fair value
of warrants
 
Fair value of
warrants
outstanding as of
September 30, 2014
Series B Preferred Stock
$
117,000

 
$
(38,000
)
 
$
(54,000
)
 
$
25,000

Debt Guarantee
64,000

 
(87,000
)
 
23,000

 
—

Consulting
1,000

 
—

 
—

 
1,000

Financing
412,000

 
—

 
(293,000
)
 
119,000

 
$
594,000

 
$
(125,000
)
 
$
(324,000
)
 
$
145,000