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12. Shareholders' Deficit (Tables) | 9 Months Ended
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Sep. 30, 2012
Shareholders Deficit Tables |
Stock Options- Assumptions | The following assumptions were used for the Black Scholes calculation to determine this expense:
Estimated fair value of underlying common stock |  |  | $0.35 - $0.38 |
Remaining life |  |  | 5.0 |
Risk-free interest rate |  |  | 0.69% - 0.80% |
Expected volatility |  |  | 80% - 89% |
Dividend yield |  |  | – |
Stock Options - Activity | The following table sets forth the activity of our stock options:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Range of |  |  | Weighted Average Remaining |  |  | Weighted Average |  |  |  |  |  | Weighted Average Remaining |  |  | Weighted Average |
|  | Options |  |  | Exercise |  |  | Life in |  |  | Exercise |  |  | Options |  |  | Life in |  |  | Exercise |
|  | Outstanding |  |  | Prices |  |  | Years |  |  | Price |  |  | Exercisable |  |  | Years |  |  | Price |
As of December 31, 2010 |  |  | 10,269,852 |  |  |  | $0.14 - $3.50 |  |  |  | 2.4 |  |  | $ | 0.94 |  |  |  | 8,512,684 |  |  |  | 2.0 |  |  | $ | 0.94 |
Cancelled |  |  | (3,110,000 | ) |  |  | – |  |  |  | – |  |  | $ | 0.43 |  |  |  | (3,110,000 | ) |  |  | – |  |  | $ | 0.00 |
Exercised |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | 5,010,000 |  |  | $ | 0.54 |  |  |  | 5.0 |  |  | $ | 0.54 |  |  |  | 3,355,000 |  |  |  | 5.0 |  |  | $ | 0.54 |
As of December 31, 2011 |  |  | 12,169,852 |  |  |  | $0.14 - $1.50 |  |  |  | 3.2 |  |  | $ | 0.49 |  |  |  | 8,757,684 |  |  |  | 3.2 |  |  | $ | 0.40 |
Cancelled |  |  | (7,276,329 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4,660,994 | ) |  |  | – |  |  |  | – |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Granted |  |  | 3,050,000 |  |  |  | $0.35 - $0.38 |  |  |  | 4.8 |  |  | $ | 0.36 |  |  |  | 734,333 |  |  |  | 4.8 |  |  | $ | 0.36 |
As of September 30, 2012 |  |  | 7,943,523 |  |  |  | $0.35 -$0.54 |  |  |  | 3.6 |  |  | $ | 0.46 |  |  |  | 4,831,023 |  |  |  | 2.9 |  |  | $ | 0.50 |
Warrants -Assumptions | The following assumptions were used for the Black Scholes calculation to determine this expense:
Estimated fair value of underlying common stock |  |  | $0.38 - $0.75 |
Remaining life |  |  | 5.0 |
Risk-free interest rate |  |  | 0.74% - 1.80% |
Expected volatility |  |  | 84% - 132% |
Dividend yield |  |  | – |
Warrants - Summary | A summary of the warrants:
|  | Warrants Outstanding |  |  | Warrants Exercisable |
|  |  |  |  | Range of |  |  | Weighted Average Remaining |  |  | Weighted Average |  |  |  |  |  | Weighted Average Remaining |  |  | Weighted Average |
|  | Warrants |  |  | Exercise |  |  | Life in |  |  | Exercise |  |  | Warrants |  |  | Life in |  |  | Exercise |
|  | Outstanding |  |  | Prices |  |  | Years |  |  | Price |  |  | Exercisable |  |  | Years |  |  | Price |
As of December 31, 2010 |  |  | 2,472,676 |  |  |  | $1.00 - $2.00 |  |  |  | 4.4 |  |  | $ | 1.37 |  |  |  | 2,472,676 |  |  |  | 4.4 |  |  | $ | 1.37 |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Granted |  |  | 57,057,569 |  |  |  | $0.65 - $1.00 |  |  |  | 4.5 |  |  | $ | 0.75 |  |  |  | 57,057,569 |  |  |  | 4.5 |  |  | $ | 0.75 |
As of December 31, 2011 |  |  | 59,530,245 |  |  |  | $0.65 - $2.00 |  |  |  | 3.5 |  |  | $ | 2.00 |  |  |  | 59,530,245 |  |  |  | 3.5 |  |  | $ | 2.00 |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Ratchet-down impact |  |  | 56,991,667 |  |  | $ | 0.30 |  |  |  | – |  |  | $ | 0.30 |  |  |  | 56,991,667 |  |  |  | – |  |  | $ | 0.30 |
Granted |  |  | 14,363,330 |  |  |  | $0.30 - $0.40 |  |  |  | 4.6 |  |  | $ | 0.40 |  |  |  | 6,488,330 |  |  |  | 4.6 |  |  | $ | 0.40 |
As of September 30, 2012 |  |  | 130,885,242 |  |  |  | $0.30 - $2.00 |  |  |  | 3.7 |  |  | $ | 0.40 |  |  |  | 123,010,242 |  |  |  | 3.7 |  |  | $ | 0.40 |
Calculations of the ratchet-down impact | Calculations of the ratchet-down impact:
|  |  | Original |  | After Ratchet Down |
|  |  | Shares x |  |  |  | Strike = |  |  |  | Aggregate Exercise Price |  |  |  | Shares x |  |  |  | Strike = |  |  |  | Aggregate Exercise Price |
Series A warrants |  |  | 21,750,000 |  |  | $ | 0.65 |  |  | $ | 14,137,500 |  |  |  | 47,125,000 |  |  | $ | 0.30 |  |  | $ | 14,137,500 |
Series B warrants |  |  | 10,875,000 |  |  | $ | 1.00 |  |  | $ | 10,875,000 |  |  |  | 36,250,000 |  |  | $ | 0.30 |  |  | $ | 10,875,000 |
Placement agent warrant |  |  | 3,600,000 |  |  | $ | 0.65 |  |  | $ | 2,340,000 |  |  |  | 7,800,000 |  |  | $ | 0.30 |  |  | $ | 2,340,000 |
Broker-dealer warrant |  |  | 1,000,000 |  |  | $ | 0.65 |  |  | $ | 650,000 |  |  |  | 2,166,667 |  |  | $ | 0.30 |  |  | $ | 650,000 |
Advisory warrant |  |  | 750,000 |  |  | $ | 0.65 |  |  | $ | 487,500 |  |  |  | 1,625,000 |  |  | $ | 0.30 |  |  | $ | 487,500 |
|  |  | 37,975,000 |  |  |  |  |  |  |  |  |  |  |  | 94,966,667 |  |  |  |  |  |  |  |  |

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