Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Measurement Tables

Financial liabilities measured at fair value

	Fair value measurements at September 30, 2013 using
	September 30, 2013		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Liabilities:
Fair value of warrant liabilities	$	39,923		–		–	$	39,923

	Fair value measurements at December 31, 2012 using
	December 31, 2012		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Liabilities:
Fair value of warrant liabilities	$	3,125,393		–		–	$	3,125,393

Liabilities resulting from the Series B Warrants

	September 30,			December 31,
	2013			2012
Warrants:
Risk-free interest rate		0.04% - 1.42	%		0.16% - 0.72	%
Expected volatility		55.12%-72.94	%		91.79% - 146.03	%
Expected life (in years)		0.1-3.3			0.8 - 4.9
Expected dividend yield		-			-
Number of warrants		66,062			550,664
Fair value	$	39,923		$	3,125,393

Changes in company's Level 3 liabilities

	2013			2012
Beginning balance	$	3,125,393		$	916,621
Issuance of new warrants		-			214,288
Fair value adjustments for
warrant liabilities		2,610,465			(740,605	)
Reclassification to
stockholders’ equity		(5,695,935	)		-
Ending balance	$	39,923		$	390,304