Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Schedule of Fair Value, Financial Assets and Liabilities [Table Text Block]
      Fair value measurement using  
            Significant     Significant        
      Quoted prices in     other     unobservable        
      active markets     observable     inputs        
      (Level 1)     inputs (Level 2)     (Level 3)     Total  
Balance at December 31, 2014                          
Assets:                          
Cash and cash equivalents   $ 4,220,225   $   —   $   —   $   4,220,225  
Liabilities:                          
Warrant liability   $   —   $   —   $ 4,633,312   $ 4,633,312  
      Fair value measurement using  
            Significant     Significant        
      Quoted prices in     other     unobservable        
      active markets     observable     inputs        
      (Level 1)     inputs (Level 2)     (Level 3)     Total  
Balance at December 31, 2013                          
Assets:                          
Cash and cash equivalents   $ 3,672,877   $   —   $   —   $   3,672,877  
Liabilities:                          
Warrant liability   $   —   $   —   $ 1,711,331   $ 1,711,331  
Schedule of Reconciliation of Warrant Liability [Table Text Block]
($ rounded to nearest thousand)   Warrant Liability  
Balance at December 31, 2012 $ 461,000  
Issuance of additional warrants   1,528,000  
Exercise of warrants   -  
Change in fair value of warrant liability   (278,000 )
Balance at December 31, 2013   1,711,000  
Issuance of additional warrants   4,416,000  
Exercise of warrants   (331,000 )
Change in fair value of warrant liability   (1,163,000 )
Balance at December 31, 2014 $ 4,633,000