Annual report pursuant to section 13 and 15(d)

Warrants (Tables)

v2.4.0.8
Warrants (Tables)
 12 Months Ended
Dec. 31, 2013
Warrants and Rights Note Disclosure [Abstract]  
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block]
The assumptions used in the Black-Scholes model are as follows:
 
 
For the year ended December 31,
 
 
 
2013
 
2012
 
Risk-free interest rate
 
0.83% - 1.35%
 
0.46% - 0.69%
 
Expected dividend yield
 
0%
 
0%
 
Expected lives
 
3.6 - 5 years
 
3.5 - 4 years
 
Expected volatility
 
90%
 
90%
 
Share Based Compensation Warrant Activity [Table Text Block]
A summary of the Company’s warrant activity and related information is as follows:
 
 
2013
 
2012
 
 
 
Warrants
 
Weighted Average Exercise
Price
 
Warrants
 
Weighted Average
Exercise
Price
 
Outstanding at January 1
 
1,179,956
 
$
3.5367
 
93,007
 
$
0.0010
 
Granted
 
536,875
 
$
5.6927
 
1,086,949
 
$
3.8392
 
Change in Estimate
 
244,364
 
$
0.0010
 
—
 
 
—
 
Exercised
 
(301,273)
 
$
0.0010
 
—
 
 
—
 
Forfeited/Expired
 
—
 
 
—
 
—
 
 
—
 
Outstanding at December 31
 
1,659,922
 
$
4.3552
 
1,179,956
 
$
3.5367