Quarterly report pursuant to Section 13 or 15(d)

Warrant Liability (Tables)

v2.4.0.8
Warrant Liability (Tables)
6 Months Ended
Jun. 30, 2013
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:
 
   
June 30,
2013
     
March 4,
2013
   
Strike price
  $ 10.00       $ 10.00    
Market price
  $ 4.19       $ 8.00    
Expected life
    5.73  
years
    6.00   years
Risk-free interest rate
    0.86%         0.86%    
Dividend yield
    0.00%         0.00%    
Volatility
    45%         48%    
Warrants outstanding
    131,250         131,250    
Fair value of warrants
  $ 104,065       $ 415,368    


Schedule of Changes in Fair Value of Warrant Liability
The following table sets forth a summary of the changes in the fair value of our Level 3 financial liabilities that are measured at fair value on a recurring basis:

Beginning balance
  $ -  
Initial warrant valuation
    (415,368 )
Net unrealized gain
    311,303  
Ending balance
  $ (104,065 )