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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Measurements Tables  
Financial instruments measured at fair value

The following table summarizes our financial instruments measured at fair value as of June 30, 2013 (in thousands):

 

   June 30, 2013
Fair Value Measurements
    Total    Level 1    Level 2    Level 3 
Assets:                    
Cash and equivalents – United States  $2,558   $2,558   $—     $—   
                     
Liabilities:                    
  Warrant liability (1)  $81   $—     $—     $81 

 

The following table summarizes our financial instruments measured at fair value as of December 31, 2012 (in thousands):

 

   December 31, 2012
Fair Value Measurements
    Total    Level 1    Level 2    Level 3 
Assets:                    
Cash and equivalents – United States  $4,162   $4,162   $—     $—   
                     
Liabilities:                    
  Warrant liability (1)  $85   $—     $—     $85 



(1) Refer to Warrants and Stockholders’ Equity (Note 6) for valuation assumptions.
Activity in Level 3 assets

Description   June 30,
2013		   December 31,
2012
                 
Beginning balance   $ 85     $ 105  
Purchases, issuances, and settlements (Note 6)     —         —    
Total loss (gain) included in earnings (2)     (4 )     (20 )
                 
Ending Balance   $ 81     $ 85  


(2) Gains and losses for the periods related to the revaluation of equity based liabilities. These gains or losses are included in our consolidated statements of operations.