Quarterly report pursuant to Section 13 or 15(d)

Warrant Liability (Tables)

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Warrant Liability (Tables)
 9 Months Ended
Sep. 30, 2015
Schedule of Aggregate Fair Values, Warrants [Table Text Block]
    September 30,     December 31,  
    2015     2014  
Calculated aggregate value $ 1,891,566   $ 4,633,312  
Weighted average exercise price per share of warrant $ 3.72   $ 3.72  
Closing price per share of common stock $ 0.83   $ 1.55  
Weighted average volatility   86.48     89.80  
Weighted average remaining expected life (years)   5.29     6.11  
Weighted average risk-free interest rate   1.60     1.94  
Dividend yield   0 %   0 %