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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2012
FAIR VALUE MEASUREMENTS [Abstract]  
Financial assets and liabilities measured at fair value on a recurring basis
Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and December 31, 2011 are summarized below:
 
(in thousands)
               
 
 
Description
 
As of
December 31,
2012
  
 
Level 1
  
 
Level 2
  
 
Level 3
  
Total Gains
(Losses)
 
Liabilities:
Derivative liability-
               
warrants
 $271  $-  $271  $-  $1,236 
preferred stock
 $9,200  $-  $-  $9,200  $(4,770)
 
(in thousands)
                    
 
 
Description
 
As of
December 31, 2011
  
 
Level 1
  
 
Level 2
  
 
Level 3
  
Total Gains
(Losses)
 
Liabilities:
Derivative liability-
                    
warrants
 $1,507  $-  $1,507  $-  $3,580 
preferred stock
 $4,430  $-  $-  $4,430  $1,410