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Warrant Liability (Tables)
 6 Months Ended
Jun. 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 June 30, 2013 are as follows:

 

Risk-free interest rate per year

      0.8 % 

Expected volatility per year

      81.4 % 

Expected dividend yield

      0 % 

Expected life in years

      3.5   
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 three-month period ended June 30, 2013:

 

    

Series A

  
     Number of
Warrants		      Fair value $  

Balance at March 31, 2013

      8,166,895       $ 8,952,059   

Less exercised

      —           —     

Changes in fair value

      —           (716,808 ) 
  

 

 

     

 

 

  

Balance at June 30, 2013

      8,166,895       $ 8,235,251   
  

 

 

     

 

 

  
Summary of Outstanding Warrants and Fair Value of Warrant Liability

The following table is a summary of our warrant liability as of June 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         42,192   

Series A Warrants

      8,166,895         1.40         8,235,251   
  

 

 

        

 

 

  

Total

      9,601,378          $ 8,277,443