Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurements [Abstract]

Balances of Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of liabilities measured at fair value on a recurring basis by level as of September 30, 2012:

	Fair Value Measurements Using
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
As of September 30, 2012
Derivative liability	$	-	$	-	$	1,455,471	$	1,455,471
Warrant liability		-		-		3,101,257		3,101,257
Total	$	-	$	-	$	4,556,728	$	4,556,728

Changes in Liabilities with Significant Unobservable Inputs (Level 3)

The following table presents changes in the liabilities with significant unobservable inputs (Level 3) for the nine months ended September 30, 2012:

	Warrant			Derivative			Total
	Liability			Liability			Liability
Balance, December 31, 2011	$	-		$	-		$	-
Issuance of convertible debt and warrants
resulting in derivative and warrant liabilities		1,888,415			1,573,319			3,461,734
Change in estimated fair value		317,148			452,240			769,388
Balance, March 31, 2012		2,205,563			2,025,559			4,231,122
Change in the estimated fair value		1,085,791			1,803,766			2,889,557
Balance, June 30, 2012		3,291,354			3,829,325			7,120,679
Issuance of convertible debt and warrants
resulting in derivative and warrant liabilities		230,183			160,074			390,257
Change in the estimated fair value		(420,280	)		(786,419	)		(1,206,699	)
Reclassification of derivative liability to
APIC at conversion		-			(1,747,509	)		(1,747,509	)
Balance, September 30, 2012	$	3,101,257		$	1,455,471		$	4,556,728