XML 19 R25.htm IDEA: XBRL DOCUMENT

Warrant Liability (Tables)

9 Months Ended

Sep. 30, 2012

Warrant Liability [Abstract]

Assumptions used for Black-Scholes option pricing model


		To Calculate Fair Value of Warrant Liability at
		September 30, 2012				December 31, 2011
Expected life (years)			1.6				2.4
Risk-free interest rate			0.2	%			0.3	%
Expected volatility			108.1	%			74.1	%
Expected dividend yield			0	%			0	%


		At September 30, 2012				At December 31, 2011				Change in Fair Value of Warrant Liability
Fair value of liability for warrants issued in 2008		$	129,785			$	2,224			$	127,561


		To Calculate Fair Value of Warrant Liability at
		September 30, 2012				December 31, 2011
Expected life (years)			2.6				3.3
Risk-free interest rate			0.3	%			0.5	%
Expected volatility			90.1	%			90.8	%
Expected dividend yield			0	%			0	%


		At September 30, 2012				At December 31, 2011				Change in Fair Value of Warrant Liability
Fair value of liability for warrants issued in 2009		$	104,703			$	28,971			$	75,732

Assumptions used for simulation model


Risk-free interest rate per year			0.5	%
Expected volatility per year			95.3	%
Expected dividend yield			0	%
Expected life in years			4.2

Summary of changes in fair value of warrant liability


		Series A
		Number of Warrants				Fair value $
Balance at June 30, 2012			10,700,000			$	5,390,018
Less exercised			(1,445,400	)			(728,106	)
Changes in fair value			—				9,586,748

Balance at September 30, 2012			9,254,600			$	14,248,660

Summary of outstanding warrants and fair value of warrant liability


Warrants		Number Outstanding				Exercise Price ($) per share				Fair value
Warrants issued in 2008			1,034,483				23.00			$	129,785
Warrants issued in 2009			400,000				15.00				104,703
Series A Warrants			9,254,660				1.40				14,248,660

Total			10,689,143							$	14,483,148