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12. FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Significant assumptions

Significant assumptions used and related fair values for the warrants as of December 31, 2014 were as follows:

Original Issuance		Exercise Price				Volatility				Risk Free Interest Rate				Term (years)				Market Discount				Warrants Outstanding				Fair Value
09/26/2012		$	8.85				51.0%				0.19%				0.74				37.0%				473,000				748,000
07/3/2012		$	6.09				56.1%				0.89%				2.51				32.8%				211,000				811,000
12/13/2011		$	8.43				54.3%				0.67%				1.95				28.7%				138,000				427,000
																										$	1,986,000

Significant assumptions used and related fair values for the warrants as of December 31, 2013 were as follows:

Original Issuance		Exercise Price				Volatility				Risk Free Interest Rate				Term (years)				Market Discount				Warrants Outstanding				Fair Value
06/21/2013		$	7.59				52.4%				0.13%				1.24				22.7%				1,051,000			$	660,000
03/28/2013		$	7.59				52.4%				0.13%				1.20				22.7%				788,000				495,000
01/11/2013		$	6.32				63.3%				1.27%				4.03				43.8%				1,709,000				2,892,000
09/26/2012		$	8.85				58.5%				0.38%				1.74				42.3%				1,771,000				702,000
07/3/2012		$	6.09				61.2%				1.27%				3.51				40.2%				1,812,000				3,008,000
07/3/2012		$	5.47				52.8%				0.01%				0.01				42.3%				804,000				3,000
12/13/2011		$	8.43				60.4%				0.78%				2.95				37.9%				306,000				455,000
																										$	8,215,000

Schedule of fair value measurements

The following table summarizes fair value measurements by level at December 31, 2014 (in thousands):

		Level 1				Level 2				Level 3				Total
Assets:
Commodity contracts⁽¹⁾		$	1,586			$	–			$	–			$	1,586
Total Assets		$	1,586			$	–			$	–			$	1,586

Liabilities:
Warrants⁽²⁾		$	–			$	–			$	1,986			$	1,986
Commodity contracts⁽³⁾			1,149				–				–				1,149
Total Liabilities		$	1,149			$	–			$	1,986			$	3,135

_______________

(1)		Included in other current assets in the consolidated balance sheets.
(2)		Included in warrant liabilities at fair value in the consolidated balance sheets.
(3)		Included in accrued liabilities in the consolidated balance sheets.

The following table summarizes fair value measurements by level at December 31, 2013 (in thousands):

		Level 1				Level 2				Level 3				Total
Assets:
Commodity contracts⁽¹⁾		$	961			$	–			$	–			$	961
Total Assets		$	961			$	–			$	–			$	961

Liabilities:
Warrants⁽²⁾		$	–			$	–			$	8,215			$	8,215
Commodity contracts⁽³⁾			859				–				–				859
Total Liabilities		$	859			$	–			$	8,215			$	9,074

_______________

(1)		Included in other current assets in the consolidated balance sheets.
(2)		Included in warrant liabilities at fair value in the consolidated balance sheets.
(3)		Included in accrued liabilities in the consolidated balance sheets.

Level 3 fair value schedule

		Warrants				Conversion Features
Balance, December 31, 2011		$	1,921			$	–
Issuance of warrants in July offering			3,380				–
Issuance of warrants in September offering			1,658				–
Exercises of warrants			(113	)			–
Adjustments to fair value for the period			(1,954	)			–
Balance, December 31, 2012		$	4,892			$	–
Issuance of warrants in January offering		$	2,657			$	–
Issuance of notes and warrants in March offering			1,572				1,401
Issuance of notes in June offering			–				2,929
Conversions of notes			–				(5,205	)
Exercises of warrants			(260	)			–
Adjustments to fair value for the period			(646	)			875
Balance, December 31, 2013		$	8,215			$	–
Exercises of warrants			(41,486	)			–
Expiration of warrants			(3	)			–
Adjustments to fair value for the period			35,260				–
Balance, December 31, 2014		$	1,986			$	–