Quarterly report pursuant to Section 13 or 15(d)

Warrant Liability (Tables)

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Warrant Liability (Tables)
 3 Months Ended
Mar. 31, 2015
Schedule of Aggregate Fair Values, Warrants [Table Text Block]
    March 31,     December 31,  
    2015     2014  
Calculated aggregate value $ 3,435,326   $ 4,633,312  
Weighted average exercise price per share of warrant $ 3.72   $ 3.72  
Closing price per share of common stock $ 1.24   $ 1.55  
Weighted average volatility   88.40     89.80  
Weighted average remaining expected life (years)   5.79     6.11  
Weighted average risk-free interest rate   1.65     1.94  
Dividend yield   0%     0%