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Warrant Liability (Tables)
9 Months Ended
Sep. 30, 2013
Text Block [Abstract]  
Assumptions Used for Simulation Model

The assumptions used for the Monte Carlo simulation model to value the Series A Warrants at September 30, 2013 are as follows:

 

Risk-free interest rate per year

     0.7

Expected volatility per year

     83.6

Expected dividend yield

     0

Expected life in years

     3.2   
Summary of Changes in Fair Value of Warrant Liability

The following table is a summary of the changes in fair value of warrant liability for the Series A Warrants for the nine-month period ended September 30, 2013:

 

    

Series A

 
     Number of
Warrants
    Fair value $  

Balance at December 31, 2012

     8,501,429      $ 9,157,397   

Less exercised

     (334,534     (418,841

Changes in fair value

     —         (332,862
  

 

 

   

 

 

 

Balance at September 30, 2013

     8,166,895      $ 8,405,694   
  

 

 

   

 

 

 
Summary of Outstanding Warrants and Fair Value of Warrant Liability

The following table is a summary of our warrant liability as of September 30, 2013:

 

Warrants

   Number Outstanding      Exercise Price ($)
per share
     Fair value  

Warrants issued in 2008

     1,034,483         23.00       $ —    

Warrants issued in 2009

     400,000         15.00         15,260   

Series A Warrants

     8,166,895         1.40         8,405,694   
  

 

 

       

 

 

 

Total

     9,601,378          $ 8,420,954