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8. FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2014
Fair Value Disclosures [Abstract] |
Assumptions used and related fair value for conversion feature |
Original Issuance |  | Exercise Price |  | Volatility |  | Risk-Free Interest Rate |  | Term (years) |  | Discount for marketability restrictions |  | Warrants Outstanding |  | Fair Value |
09/26/2012 |  | $8.85 |  | 51.2% |  | 0.13% |  | 0.99 |  |  | 35.6% |  |  | 473,000 |  | $ | 1,732,000 |
07/3/2012 |  | $6.09 |  | 52.3% |  | 1.07% |  | 2.76 |  |  | 31.7% |  |  | 391,000 |  |  | 2,361,000 |
12/13/2011 |  | $8.43 |  | 52.0% |  | 0.58% |  | 2.21 |  |  | 29.2% |  |  | 138,000 |  |  | 700,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 1,002,000 |  | $ | 4,793,000 |
Significant assumptions used and related fair values for the Company’s warrants as of December 31, 2013 were as follows:
Original Issuance |  | Exercise Price |  | Volatility |  | Risk-Free Interest Rate |  | Term (years) |  | Discount for marketability restrictions |  | Warrants Outstanding |  | Fair Value |
03/28/2013 |  | $7.59 |  | 52.4% |  | 0.13% |  | 1.20 |  |  | 22.7% |  |  | 788,000 |  | $ | 495,000 |
06/21/2013 |  | $7.59 |  | 52.4% |  | 0.13% |  | 1.24 |  |  | 22.7% |  |  | 1,051,000 |  |  | 660,000 |
01/11/2013 |  | $6.32 |  | 63.3% |  | 1.27% |  | 4.03 |  |  | 43.8% |  |  | 1,709,000 |  |  | 2,892,000 |
09/26/2012 |  | $8.85 |  | 58.5% |  | 0.38% |  | 1.74 |  |  | 42.3% |  |  | 1,771,000 |  |  | 702,000 |
07/3/2012 |  | $6.09 |  | 61.2% |  | 1.27% |  | 3.51 |  |  | 40.2% |  |  | 1,812,000 |  |  | 3,008,000 |
07/3/2012 |  | $5.47 |  | 52.8% |  | 0.01% |  | 0.01 |  |  | 42.3% |  |  | 804,000 |  |  | 3,000 |
12/13/2011 |  | $8.43 |  | 60.4% |  | 0.78% |  | 2.95 |  |  | 37.9% |  |  | 306,000 |  |  | 455,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 8,241,000 |  | $ | 8,215,000 |
Summary of fair value measurements by level |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(1) |  | $ | 1,130 |  |  | $ | – |  |  | $ | – |  |  | $ | 1,130 |
Total Assets |  | $ | 1,130 |  |  | $ | – |  |  | $ | – |  |  | $ | 1,130 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants(2) |  | $ | – |  |  | $ | – |  |  | $ | 4,793 |  |  | $ | 4,793 |
Commodity contracts(3) |  |  | 659 |  |  |  | – |  |  |  | – |  |  |  | 659 |
Total Liabilities |  | $ | 659 |  |  | $ | – |  |  | $ | 4,793 |  |  | $ | 5,452 |
__________ (1) Included in other current assets in the consolidated balance sheets. (2) Included in warrant liabilities at fair value in the consolidated balance sheets. (3) Included in other current liabilities in the consolidated balance sheets. The following table summarizes fair value measurements by level at December 31, 2013 (in thousands):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts(1) |  | $ | 961 |  |  | $ | – |  |  | $ | – |  |  | $ | 961 |
Total Assets |  | $ | 961 |  |  | $ | – |  |  | $ | – |  |  | $ | 961 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants(2) |  | $ | – |  |  | $ | – |  |  | $ | 8,215 |  |  | $ | 8,215 |
Commodity contracts(3) |  |  | 859 |  |  |  | – |  |  |  | – |  |  |  | 859 |
Total Liabilities |  | $ | 859 |  |  | $ | – |  |  | $ | 8,215 |  |  | $ | 9,074 |
__________
Changes in fair value of Level 3 inputs |
Adjustments to fair value for the period |  |  | 37,465 |
Exercises of warrants |  |  | (40,884 | )
Expiration of warrants |  |  | (3 | )
Fair value of warrants, September 30, 2014 |  | $ | 4,793 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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