2012

2011

Liabilities:

Derivative warrant liability as of January 1

$

1,035,337

$

1,544,996

Warrants issued under Montaur credit facility

8,295,000

-

Total unrealized losses included in net loss (1)

500,000

2,191,147

Total realized losses included in net loss (1)

1,438

978,678

Total unrealized gains included in net loss (1)

(4,077,433

)

(1,377,261

)

Total realized gains included in net loss (1)

(107,681

)

(29,626

)

Reclassification of liability to additional paid-in capital

for warrants

(61,520

)

(2,272,597

)

Derivative warrant liability as of December 31

$

5,585,141

$

1,035,337