DERIVATIVE WARRANT LIABILITY (Tables)

9 Months Ended

Sep. 30, 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)		176,000			1,061,682
Total unrealized gains included in net loss (1)		(1,182,000	)		(5,515,000	)
Total realized gains included in net loss (1)		—			(152,668	)
Derivative Warrant Liability as of September 30	$	113,155		$	979,155
(1) Included in Gain on Revaluation of Derivative Warrant Liability in the Consolidated Statement of Operations.