Annual report pursuant to section 13 and 15(d)

JANUARY AND MARCH 2012 FINANCING (Tables)

v2.4.0.8
JANUARY AND MARCH 2012 FINANCING (Tables)
12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Schedule Of Share-Based Payment Award, Warrants, Valuation Assumptions [Table Text Block]
The following assumptions were used in the Binomial Lattice model to determine fair value of the Class A Warrants and the Agent Warrants:
 
 
 
Issuance date
January 20 and
March 1, 2012
 
 
Expiration date
June 6, 2012
 
Price of the Company’s common stock
 
$
12.40
 
 
$
17.00
 
Dividend yield
 
 
0
%
 
 
0
%
Expected terms
 
 
5 – 7 years
 
 
 
4.6 - 6.7 years
 
Risk free interest rate
 
 
0.89 - 1.47
%
 
 
0.73 - 1.11
%
Expected volatility
 
 
96.68 - 96.69
%
 
 
95.73
%
Expected price at which holders are likely to exercise their warrants
 
$
25.00
 
 
$
25.00