DERIVATIVE WARRANT LIABILITY (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Warrant Liability Tables

Derivative warrant liability

The table below presents the changes in the derivative warrant liability, which is measured at fair value on a recurring basis and classified as Level 3 in fair value hierarchy (see Note 2):

	2013			2012
Derivative warrant liability as of January 1	$	5,585,141		$	1,035,337
Warrants issued under Montaur Credit Facility		—			8,295,000
Total unrealized losses included in net loss (1)		1,671,682			500,000
Total realized losses included in net loss (1)		—			1,438
Total unrealized gains included in net loss (1)		(5,985,000	)		(4,077,433	)
Total realized gains included in net loss (1)		(152,668	)		(107,681	)
Reclassification of liability to additional paid-in capital for warrants		—			(61,520	)
Derivative warrant liability as of December 31	$	1,119,155		$	5,585,141
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(1) Included in gain or loss on revaluation of derivative warrant liability in the Consolidated Statement of Operations.