Warrants (Tables)
|
9 Months Ended |
Sep. 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, September 30
|
8,676,142
|
$
|
1.53
|
8,676,142
|
$
|
1.53
|
|
Schedule Of Fair Value Of Warrants Issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of:
|
Warrant Issuance:
|
|
September 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
|
|
|
191,022
|
|
89,756
|
|
1,306,200
|
Warrants to placement agent
|
|
|
18,011
|
|
8,893
|
|
122,257
|
October 23, 2009 financing:
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
218,643
|
|
129,221
|
|
1,012,934
|
Warrants to placement agent
|
|
|
1,730
|
|
714
|
|
101,693
|
June 30, 2010 financing
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
202,400
|
|
89,800
|
|
1,800,800
|
Warrants to placement agent
|
|
|
7,380
|
|
2,320
|
|
180,080
|
March 31, 2011 financing:
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
873,667
|
|
544,000
|
|
2,826,666
|
Warrants to placement agent
|
|
|
11,417
|
|
4,021
|
|
97,667
|
Total:
|
|
$
|
1,524,270
|
$
|
868,725
|
$
|
11,054,427
|
|
Summary Of Shares Indexed To The Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares indexed as of:
|
Warrant Issuance
|
|
September 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 |
|
|
|
|
|
|
|
|
|
|
|
December 18, 2007 financing:
|
|
September 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:
|
|
September 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
|
|
13. Warrants (cont’d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 5, 2009 financing:
|
|
September 30, 2012
|
December 31, 2011
|
Transaction Date
|
|
Trading market prices
|
|
$
|
0.51
|
|
$
|
0.38
|
|
$
|
1.14
|
|
Estimated future volatility
|
|
|
100
|
%
|
|
98-100
|
%
|
|
100
|
%
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Estimated future risk-free rate
|
|
|
0.29
|
%
|
|
0.38
|
%
|
|
0.63-4.31
|
%
|
Equivalent volatility
|
|
|
103-104
|
%
|
|
80-81
|
%
|
|
103-117
|
%
|
Equivalent risk-free rate
|
|
|
0.14
|
%
|
|
0.14
|
%
|
|
0.20-1.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 23, 2009 financing:
|
|
September 30, 2012
|
December 31, 2011
|
Transaction Date
|
|
Trading market prices
|
|
$
|
0.51
|
|
$
|
0.38
|
|
$
|
0.69
|
|
Estimated future volatility
|
|
|
100
|
%
|
|
98-100
|
%
|
|
100
|
%
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Estimated future risk-free rate
|
|
|
0.17
|
%
|
|
0.38-0.58
|
%
|
|
2.63-3.80
|
%
|
Equivalent volatility
|
|
|
96-106
|
%
|
|
72-81
|
%
|
|
98-99
|
%
|
Equivalent risk-free rate
|
|
|
0.11-0.16
|
%
|
|
0.08-0.16
|
%
|
|
0.93-1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2010 financing:
|
|
September 30, 2012
|
December 31, 2011
|
Transaction Date
|
|
Trading market prices
|
|
$
|
0.51
|
|
$
|
0.38
|
|
$
|
1.43
|
|
Estimated future volatility
|
|
|
100
|
%
|
|
86-100
|
%
|
|
100
|
%
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Estimated future risk-free rate
|
|
|
0.17-0.29
|
%
|
|
0.38-0.58
|
%
|
|
1.78
|
%
|
Equivalent volatility
|
|
|
102-106
|
%
|
|
72-79
|
%
|
|
98
|
%
|
Equivalent risk-free rate
|
|
|
0.11-0.14
|
%
|
|
0.08-0.14
|
%
|
|
0.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011 financing:
|
|
September 30, 2012
|
December 31, 2011
|
Transaction Date
|
|
Trading market prices
|
|
$
|
0.51
|
|
$
|
0.38
|
|
$
|
1.18
|
|
Estimated future volatility
|
|
|
71-100
|
%
|
|
87-100
|
%
|
|
100
|
%
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Estimated future risk-free rate
|
|
|
0.17-0.47
|
%
|
|
0.38-1.54
|
%
|
|
1.32-3.64
|
%
|
Equivalent volatility
|
|
|
102-106
|
%
|
|
72-90
|
%
|
|
79-96
|
%
|
Equivalent risk-free rate
|
|
|
0.11-0.22
|
%
|
|
0.08-0.28
|
%
|
|
0.39-1.09
|
%
|
|
Schedule Of Unrealized Gains Losses On Fair Value Of Warrants |
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2012
|
Three Months Ended September 30, 2011
|
December 18, 2007 financing
|
|
$
|
-
|
$
|
-
|
March 20, 2008 financing
|
|
|
-
|
|
-
|
June 5, 2009 financing:
|
|
|
|
|
|
Series I warrants
|
|
|
-
|
|
-
|
Series II warrants
|
|
|
-
|
|
-
|
Series III warrants
|
|
|
(172,355)
|
|
314,066
|
Warrants to placement agent
|
|
|
(16,121)
|
|
26,799
|
October 23, 2009 financing:
|
|
|
-
|
|
|
Warrants to institutional investors
|
|
|
(176,511)
|
|
292,712
|
Warrants to placement agent
|
|
|
(1,586)
|
|
3,528
|
June 30, 2010 financing
|
|
|
-
|
|
|
Warrants to institutional investors
|
|
|
(187,200)
|
|
356,200
|
Warrants to placement agent
|
|
|
(7,200)
|
|
25,340
|
March 31, 2011 financing:
|
|
|
-
|
|
|
Warrants to institutional investors
|
|
|
(624,000)
|
|
816,000
|
Warrants to placement agent
|
|
|
(10,959)
|
|
31,604
|
Total:
|
|
$
|
(1,195,932)
|
$
|
1,866,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2012
|
Nine Months Ended September 30, 2011
|
Cumulative from March 19, 2001 (Inception) to September 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
|
|
|
(101,266)
|
|
265,222
|
|
1,115,178
|
Warrants to placement agent
|
|
|
(9,118)
|
|
23,020
|
|
89,866
|
Derivative loss at inception
|
|
|
-
|
|
-
|
|
(328,937)
|
October 23, 2009 financing:
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(89,422)
|
|
114,727
|
|
(254,949)
|
Warrants to placement agent
|
|
|
(1,016)
|
|
(107,659)
|
|
(137,668)
|
June 30, 2010 financing
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(112,600)
|
|
590,400
|
|
1,598,400
|
Warrants to placement agent
|
|
|
(5,060)
|
|
82,640
|
|
172,700
|
March 31, 2011 financing:
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(329,667)
|
|
876,666
|
|
1,952,999
|
Warrants to placement agent
|
|
|
(7,396)
|
|
55,749
|
|
86,250
|
Total:
|
|
$
|
(655,545)
|
$
|
1,993,469
|
$
|
3,020,560
|
|