Warrants Liability, at Fair Value (Tables)

6 Months Ended

Jun. 30, 2013

Calculated Value of Warrants Liability Determined Using Black-Scholes Option-Pricing Model

The calculated value of the 2011 warrants liability was determined using the Black-Scholes Model with the following assumptions:


	June 30, 2013			December 31, 2012
Risk free interest rate		0.98	%		0.60	%
Expected term		3.84 years			4.34 years
Expected volatility		130	%		136	%
Expected dividend yield		0	%		0	%
Expected forfeiture rate		0	%		0	%

Summary of Company's Warrants Liability Activity

The following table rolls forward the fair value of the Company’s warrants liability activity for the three and six month periods ended June 30, 2013 and 2012:


	Three months ended June 30,					Six months ended June 30,
	2013		2012			2013		2012
Fair value, beginning of period	$	543,913	$	1,371,033		$	498,587	$	1,645,240
Issuance of warrants		—		—			—		—
Exercise of warrants		—		—			—		—
Change in fair value		498,587		(776,919	)		543,913		(1,051,126	)

Fair value, end of period	$	1,042,500	$	594,114		$	1,042,500	$	$594,114

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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