DERIVATIVE WARRANT LIABILITY (Tables)

3 Months Ended

Mar. 31, 2014

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:

	2014			2013
Derivative warrant liability as of January 1	$	1,119,155		$	5,585,141
Total unrealized losses included in net loss (1)		15,000			741,682
Total realized losses included in net loss(1)		—			—
Total unrealized gains included in net loss (1)		(155,000	)		(2,270,000	)
Total realized gains included in net loss (1)		—			(152,668	)
Reclassification of liability to additional paid-in capital for warrants exercised		—			—
Derivative warrant liability as of March 31	$	979,155		$	3,904,155

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 (1) Included in Gain on Revaluation of Derivative Warrant Liability in the Consolidated Statement of Operations.