The following tables summarize the inputs and assumptions used in valuing derivative liabilities:
|
|
|
|
|
|
|
|
|
|
June 30,
2015 |
|
December 31,
2014 |
|
|
|
|
Fair value of derivative liability (3) |
$ |
3,463,000 |
|
|
$ |
6,241,000 |
|
|
|
|
|
Significant assumptions (or ranges): |
|
|
|
|
|
Trading market values (1) |
$ |
4.19 |
|
|
$ |
4.85 |
|
Term (years) (2) |
7 months, 29 days |
|
1 year, 58 days |
|
Expected volatility (1) |
37.0 |
% |
|
26.8 |
% |
Risk-free rate (2) |
0.15 |
% |
|
0.32 |
% |
Discount rate (3) |
1.01 |
% |
|
1.18 |
% |
Effective Exercise price (2) |
$ |
5.00 |
|
|
$ |
5.00 |
|
Trigger price (2) |
$ |
6.25 |
|
|
$ |
6.25 |
|
Expected months until effective registration (3) |
0 |
|
|
0 |
|
Fair value hierarchy:
|
|
(1) |
Level 1 inputs are quoted prices in active markets for identical assets and liabilities, or derived therefrom. |
|
|
(2) |
Level 2 inputs are inputs other than quoted prices that are observable. |
|
|
(3) |
Level 3 inputs are unobservable inputs. Inputs for which any parts are level 3 inputs are classified as level 3 in their entirety. |
|