Annual report pursuant to Section 13 and 15(d)

Warrant Liability (Tables)

v2.4.1.9
Warrant Liability (Tables)
 12 Months Ended
Dec. 31, 2014
Warrant Liability [Abstract]  
Schedule of Warrant Liability Fair Value Assumptions

The warrant liability was valued using the Black-Scholes option valuation model and the following assumptions on the following dates:

 

 

December 31,

 
 

2014

        

2013

    

Strike price

  $ 10.00       $ 10.00  

Market price

  $ 4.87       $ 4.61  

Expected life

    4.17 years       6.00 years  

Risk-free interest rate

    1.62 %     0.86 %

Dividend yield

    0.00 %     0.00 %

Volatility

    42 %     39 %

Warrants outstanding

    131,250       131,250  

Fair value of warrants

    $ 93,789       $ 85,221  
Schedule of Changes in Fair Value of Warrant Liability

Balance – January 1, 2013

  $ -  

Initial warrant valuation

    (415,368 )

Decrease in net value of warrant liability

    330,147  

Balance – December 31, 2013

  $ (85,221 )

Increase in net value of warrant liability

    (8,568 )

Balance – December 31, 2014

    (93,789 )