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8. Derivative liability (Tables)
 9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
The derivative liabilities were valued using a probability weighted average series of Black-Scholes-Merton models

The derivative liabilities were valued using a probability weighted average series of Black-Scholes-Merton models as a valuation technique with the following assumptions:

 

   Fair Value of Warrants 
   September 30, 2012   December 31,
2011		 
Risk-free interest rate   0.10%    0.12% 
Expected volatility   206%    92% 
Expected life (in years)   0.29    0.75 – 1.00 
Expected dividend yield   0%    0% 
Fair Value:          
2009 Summer Warrants   –    332,998 
2009 Wellfleet Warrants   –    17,807 
2009 Fall Warrants   3,035,739    1,292,334 
Total Fair Value  $3,035,739   $1,643,139