Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v2.4.0.6
Warrants (Tables)
 6 Months Ended
Jun. 30, 2012
Warrants [Abstract]  
Summary Of Changes In Warrants Outstanding During The Period
         

 

2012

2011

Number of warrants

Weighted average exercise price

Number of warrants

Weighted average exercise price

Balance, January 1

   8,676,142

      $   1.53

        5,624,583

      $    1.48

Issued during the period

          -

         -

        3,541,666

      $     1.50

Exercised during the period

          -

         -

   (333,959)

      $    (0.95)

Expired during the period

          -

         -

  (156,148)

      $    (0.82)

 

 

 

 

 

Balance, June 30

   8,676,142

      $    1.53

        8,676,142

      $    1.53
Schedule Of Fair Value Of Warrants Issued
         

 

 

Fair Value as of:

Warrant Issuance:

 

June 30,  2012

December 31, 2011

Transaction Date

December 18, 2007 financing

 

$            -     

$             -     

$    1,392,476

March 20, 2008 financing

 

-

-

       190,917

June 5, 2009 financing:

 

 

 

 

     Series I warrants

 

-

-

707,111

     Series II warrants

 

-

-

1,315,626

     Series III warrants

 

18,667

89,756

1,306,200

     Warrants to placement agent

 

1,890

8,893

122,257

October 23, 2009 financing:

 

 

 

 

     Warrants to institutional investors

 

42,132

129,221

1,012,934

     Warrants to placement agent

 

144

714

101,693

June 30, 2010 financing

 

 

 

 

     Warrants to institutional investors

 

15,200

89,800

1,800,800

     Warrants to placement agent

 

180

2,320

180,080

March 31, 2011 financing:

 

 

 

 

     Warrants to institutional investors

 

249,667

544,000

2,826,666

     Warrants to placement agent

 

458

4,021

97,667

Total:

 

$   328,338

$    868,725

$  11,054,427
Summary Of Shares Indexed To The Warrants
         

 

 

Number of Shares indexed as of:

Warrant Issuance

 

June 30,  2012

December 31, 2011

Transaction Date

December 18, 2007 financing

 

           -     

           -     

     1,078,579

March 20, 2008 financing

 

           -     

           -     

       128,572

June 5, 2009 financing:

 

 

 

 

     Series I warrants

 

-

-

2,222,222

     Series II warrants

 

-

-

1,866,666

     Series III warrants

 

1,555,555

1,555,555

1,555,555

     Warrants to placement agent

 

132,143

132,143

142,857

October 23, 2009 financing:

 

 

 

 

     Warrants to institutional investors

 

1,228,333

1,228,333

2,125,334

     Warrants to placement agent

 

18,445

18,445

245,932

June 30, 2010 financing

 

 

 

 

     Warrants to institutional investors

 

2,000,000

2,000,000

2,000,000

     Warrants to placement agent

 

200,000

200,000

200,000

March 31, 2011 financing:

 

 

 

 

     Warrants to institutional investors

 

3,333,333

3,333,333

3,333,333

     Warrants to placement agent

 

208,333

208,333

208,333

Total:

 

     8,676,142

     8,676,142

    15,107,383
Schedule Of Assumptions Used In Calculating Fair Value Of Warrants

The assumptions used in calculating the fair values of the warrants are as follows:

 

December 18, 2007 financing:

 

June 30,  2012

December 31, 2011

Transaction Date

Trading market prices

 

$           -

$          -

$       1.75

Estimated future volatility

 

-

-

143%

Dividend

 

-

-

-

Estimated future risk-free rate

 

-

-

3.27%

Equivalent volatility

 

-

-

106%

Equivalent risk-free rate

 

-

-

3.26%

Estimated additional shares to be                    issued upon dilutive event

 

-

-

98,838

 

March 20, 2008 financing:

 

June 30,  2012

December 31, 2011

Transaction Date

Trading market prices

 

$           -

$          -

$       2.14

Estimated future volatility

 

-

-

142%

Dividend

 

-

-

-

Estimated future risk-free rate

 

-

-

1.95%

Equivalent volatility

 

-

-

97%

Equivalent risk-free rate

 

-

-

1.31%

Estimated additional shares to be                                 issued upon dilutive event

 

-

-

7,479

 

 

June 5, 2009 financing:

 

June 30,  2012

December 31, 2011

Transaction Date

Trading market prices

 

$       0.32

$       0.38

       $ 1.14

Estimated future volatility

 

100%

98-100%

100%

Dividend

 

-

-

-

Estimated future risk-free rate

 

0.45%

0.38%

0.63-4.31%

Equivalent volatility

 

67%

80-81%

103-117%

Equivalent risk-free rate

 

0.18%

0.14%

0.20-1.44%

 

October 23, 2009 financing:

 

June 30,  2012

December 31, 2011

Transaction Date

Trading market prices

 

$       0.32

$       0.38

       $ 0.69

Estimated future volatility

 

100%

98-100%

100%

Dividend

 

-

-

-

Estimated future risk-free rate

 

0.21-0.45%

0.38%

2.63-3.80%

Equivalent volatility

 

66%

72-81%

98-99%

Equivalent risk-free rate

 

0.13-0.22%

0.08-0.16%

0.93-1.16%

 

June 30, 2010 financing:

 

June 30,  2012

December 31, 2011

Transaction Date

Trading market prices

 

$       0.32

$       0.38

       $ 1.43

Estimated future volatility

 

100%

86-100%

100%

Dividend

 

-

-

-

Estimated future risk-free rate

 

0.21-0.45%

0.38-0.58%

1.78%

Equivalent volatility

 

66%

72-79%

98%

Equivalent risk-free rate

 

0.13-0.19%

0.08-0.14%

0.59%

 

March 31, 2011 financing:

 

June 30,  2012

December 31, 2011

Transaction Date

Trading market prices

 

$       0.32

$       0.38

       $ 1.18

Estimated future volatility

 

100%

87-100%

100%

Dividend

 

-

-

-

Estimated future risk-free rate

 

0.21-1.19%

0.38-1.54%

1.32-3.64%

Equivalent volatility

 

66-75%

72-90%

79-96%

Equivalent risk-free rate

 

0.13-0.28%

0.08-0.28%

0.39-1.09%

 
Schedule Of Unrealized Gains Losses On Fair Value Of Warrants

Changes in the fair value of the warrant liabilities, carried at fair value, as reported as "unrealized gain on fair value of warrants" in the statement of operations:

 

 

 

Three Months Ended       June 30, 2012

Three Months Ended        June 30, 2011

December 18, 2007 financing

 

 

$          -

$          -

March 20, 2008 financing

 

 

-

-

June 5, 2009 financing:

 

 

 

 

     Series I warrants

 

 

-

-

     Series II warrants

 

 

-

-

     Series III warrants

 

 

85,711

142,800

     Warrants to placement agent

 

 

8,668

11,733

October 23, 2009 financing:

 

 

 

 

     Warrants to institutional investors

 

 

129,220

64,733

     Warrants to placement agent

 

 

1,298

1,467

June 30, 2010 financing

 

 

 

 

     Warrants to institutional investors

 

 

92,400

232,200

     Warrants to placement agent

 

 

2,160

57,100

March 31, 2011 financing:

 

 

 

 

     Warrants to institutional investors

 

 

478,666

60,666

     Warrants to placement agent

 

 

4,125

24,146

Total:

 

 

$   802,248

$   594,845

 

 

 

Six Months Ended       June 30, 2012

 

 

Six Months Ended       June 30, 2011

Cumulative from       March 19, 2001 (Inception) to June 30, 2012

December 18, 2007 financing

 

$           -

$          -

$     50,722

March 20, 2008 financing

 

-

    92,704

     160,063

June 5, 2009 financing:

 

 

 

 

     Series I warrants

 

-

-

707,111

     Series II warrants

 

-

-

(2,191,175)

     Series III warrants

 

71,089

(48,844)

1,287,533

     Warrants to placement agent

 

7,003

(3,780)

105,987

     Derivative loss at inception

 

-

-

(328,937)

October 23, 2009 financing:

 

 

 

 

     Warrants to institutional investors

 

87,089

(177,985)

(78,438)

     Warrants to placement agent

 

570

(111,187)

(136,082)

June 30, 2010 financing

 

 

 

 

     Warrants to institutional investors

 

74,600

234,200

1,785,600

     Warrants to placement agent

 

2,140

57,300

179,900

March 31, 2011 financing:

 

 

 

 

     Warrants to institutional investors

 

294,333

60,666

2,576,999

     Warrants to placement agent

 

3,563

24,146

97,209

Total:

 

$   540,387

$    127,220

$   4,216,492