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14. Shareholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2013
Shareholders Equity Tables |
Stock Options- Assumptions |
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 to purchase common stock:
|  | Options Outstanding |  |  | Options Exercisable
|  | Options Outstanding |  |  | Range of Exercise Prices |  |  | Weighted Average Remaining Life in Years |  | Weighted Average Exercise Price |  |  | Options Exercisable |  |  | Weighted Average Remaining Life in Years |  | Weighted Average Exercise Price
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 |  |  | 4.5 |  | $0.36 |  |  | 1,634,333 |  |  | 4.5 |  | $0.36
As of December 31, 2012 |  | 7,943,523 |  |  | $0.35 -$0.54 |  |  | 3.3 |  | $0.46 |  |  | 5,731,023 |  |  | 2.9 |  | $0.48
Cancelled |  | – |  |  | – |  |  | – |  | – |  |  | – |  |  | – |  | –
Exercised |  | – |  |  | – |  |  | – |  | – |  |  | – |  |  | – |  | –
Granted |  | – |  |  | – |  |  | – |  | – |  |  | – |  |  | – |  | –
Vested |  | – |  |  | – |  |  | – |  | – |  |  | 1,312,500 |  |  | – |  | –
As of March 31, 2013 |  | 7,943,523 |  |  | $0.35 -$0.54 |  |  | 3.1 |  | $0.46 |  |  | 7,043,523 |  |  | 3.0 |  | $0.46
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 |  |  | – |
Calculations of the ratchet-down impact | Calculations of the ratchet-down impact as of April 4, 2012:
|  | 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 |  |  |  |  |  |  |  |  |
Additional warrants from ratchet-down |  |  |  | 56,991,667 |  |  |  |  |  |  |  |  |
Warrants - Summary | A summary of the warrants:
|  | Warrants Outstanding |  |  | Warrants Exercisable
|  | Warrants Outstanding |  |  | Range of Exercise Prices |  |  | Weighted Average Remaining Life in Years |  | Weighted Average Exercise Price |  |  | Warrants Exercisable |  |  | Weighted Average Remaining Life in Years |  | Weighted Average Exercise Price
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 |  | 15,763,330 |  |  | $0.30 - $0.75 |  |  | 4.6 |  | $0.38 |  |  | 10,388,330 |  |  | 4.6 |  | –
As of December 31, 2012 |  | 132,285,242 |  |  | $0.30 - $2.00 |  |  | 3.5 |  | $0.40 |  |  | 126,910,242 |  |  | 3.5 |  | $0.38
Cancelled |  | – |  |  | – |  |  | – |  | – |  |  | – |  |  | – |  | –
Exercised |  | – |  |  | – |  |  | – |  | – |  |  | – |  |  | – |  | –
Granted |  | – |  |  | – |  |  | – |  | – |  |  | – |  |  | – |  | –
Vested |  | – |  |  | – |  |  | – |  | – |  |  | 2,530,000 |  |  | – |  | –
As of March 31, 2013 |  | 132,285,242 |  |  | $0.30 - $2.00 |  |  | 3.3 |  | $0.38 |  |  | 129,440,242 |  |  | 3.2 |  | $0.38

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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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