Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2013

Stockholders' Equity Attributable To Parent [Abstract]

Assumptions Used in Black-Scholes Option-Pricing Model

The Company records compensation expense associated with stock options and other forms of equity compensation using the Black-Scholes option-pricing model and the following assumptions:

		Three Months Ended March 31, 2013		Three Months Ended March 31, 2012
Expected Term		5 years		5 years
Volatility		118% - 131%		113% - 114%
Dividend yield		0.0%		0.0%
Risk-free interest rate		0.81% - 1.96%		0.86% - 1.22%

Summary of Option Activity under Plan and Related Information

A summary of the Company’s stock options activity and related information is as follows:

		Three Months Ended March 31, 2013								Three Months Ended March 31, 2012
		Shares				Weighted Average Exercise Price				Shares				Weighted Average Exercise Price
Outstanding at beginning of period			2,135,630			$	1.26				1,236,342			$	2.47
Forfeited			(237,333	)		$	1.61				(19,220	)		$	1.89
Granted			1,400,000			$	0.90				330,000			$	0.40
Outstanding at end of period			3,298,297			$	1.08				1,547,122			$	2.03
Expected to vest			1,476,200			$	0.78				402,698			$	2.03
Options exercisable			878,297			$	1.91				875,958			$	2.60
Weighted-average fair value of options granted during the period						$	0.77							$	0.32

Summary of warrants outstanding

The following table is the summary of warrants outstanding at March 31, 2013:

		Number of Warrants				Exercise Price				Expiration Date
Issued to co-placement agents in connection with previous convertible note financings			18,250				7.84			10/29/2014
Issued in connection with 2009 private placement			503,034				3.4375			10/29/2014
Issued in connection with IPO			4,043,569				3.4375			3/24/2015
Issued to IPO underwriters that, if exercised, would result in the issuance of an additional 4,812 shares of common stock and warrants to purchase an additional 2,406 shares of common stock			4,812				3.90			3/24/2015
Issued in connection with September 20, 2012 private placement of convertible notes			2,125,000				0.40			9/20/2017
Issued to placement agent in connection with September 20, 2012 private placement of convertible notes			212,500				0.40			9/20/2017
Issued in connection with November 13, 2012 private placement of convertible notes			1,185,000				0.40			11/13/2017
Issued to placement agent in connection with November 13, 2012 private placement of convertible notes			118,500				0.40			11/13/2017
Issued in connection with February 2013 private placement			400,000				1.50			2/19/2018
Total warrants outstanding at March 31, 2013			8,610,665

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details