Warrants (Tables)
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12 Months Ended |
Dec. 31, 2012
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Warrants [Abstract] |
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Summary Of Changes In Warrants Outstanding During The Period |
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2012
|
2011
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Number of warrants
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Weighted average exercise price
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Number of warrants
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Weighted average exercise price
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Balance, January 1
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8,676,142
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$
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1.53
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5,624,583
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$
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1.48
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Issued during the period
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12,980,000
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0.47
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3,541,666
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$
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1.50
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Exercised during the period
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-
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-
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(333,959)
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$
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0.95
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Expired during the period
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-
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-
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(156,148)
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$
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0.82
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Balance, December 31
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21,656,142
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$
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0.89
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8,676,142
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$
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1.53
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Schedule Of Fair Value Of Warrants Issued |
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Fair Value as of:
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Warrant Issuance:
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December 31, 2012
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December 31, 2011
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Transaction Date
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December 18, 2007 financing
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$
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-
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$
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-
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$
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1,392,476
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March 20, 2008 financing
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-
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-
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190,917
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June 5, 2009 financing:
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Series I warrants
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-
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-
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707,111
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Series II warrants
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-
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-
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1,315,626
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Series III warrants
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35,311
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89,756
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1,306,200
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Warrants to placement agent
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3,489
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8,893
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122,257
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October 23, 2009 financing:
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Warrants to institutional investors
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73,454
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129,221
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1,012,934
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Warrants to placement agent
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41
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714
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101,693
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June 30, 2010 financing
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Warrants to institutional investors
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12,200
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89,800
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1,800,800
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Warrants to placement agent
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20
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2,320
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180,080
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March 31, 2011 financing:
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Warrants to institutional investors
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306,333
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544,000
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2,826,666
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Warrants to placement agent
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83
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4,021
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97,667
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December 4, 2012 financing:
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Warrants to institutional investors
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2,263,910
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-
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2,474,120
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Warrants to placement agent
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147,224
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-
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163,096
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Total:
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$
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2,842,065
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$
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868,725
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$
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13,691,643
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Summary Of Shares Indexed To The Warrants |
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Number of Shares indexed as of:
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Warrant Issuance
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December 31, 2012
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December 31, 2011
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Transaction Date
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December 18, 2007 financing
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-
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-
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1,078,579
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March 20, 2008 financing
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-
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-
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128,572
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June 5, 2009 financing:
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Series I warrants
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-
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-
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2,222,222
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Series II warrants
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-
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-
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1,866,666
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Series III warrants
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1,555,555
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1,555,555
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1,555,555
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Warrants to placement agent
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132,143
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132,143
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142,857
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October 23, 2009 financing:
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Warrants to institutional investors
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1,228,333
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1,228,333
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2,125,334
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Warrants to placement agent
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18,445
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18,445
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245,932
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June 30, 2010 financing
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Warrants to institutional investors
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2,000,000
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2,000,000
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2,000,000
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Warrants to placement agent
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200,000
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200,000
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200,000
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March 31, 2011 financing:
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Warrants to institutional investors
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3,333,333
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3,333,333
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3,333,333
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Warrants to placement agent
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208,333
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208,333
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208,333
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December 4, 2012 financing:
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Warrants to institutional investors
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12,100,000
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-
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12,100,000
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Warrants to placement agent
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880,000
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-
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880,000
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Total:
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21,656,142
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8,676,142
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28,087,383
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Schedule Of Assumptions Used In Calculating Fair Value Of Warrants |
The assumptions used in calculating the fair values of the warrants are as follows:
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December 18, 2007 financing:
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December 31, 2012
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December 31, 2011
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Transaction Date
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Trading market prices
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$
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-
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$
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-
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$
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1.75
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Estimated future volatility
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-
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-
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143
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%
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Dividend
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-
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-
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-
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Estimated future risk-free rate
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-
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-
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3.27
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%
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Equivalent volatility
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-
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-
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106
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%
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Equivalent risk-free rate
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-
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-
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3.26
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%
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Estimated additional shares to be issued upon dilutive event
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-
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-
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98,838
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March 20, 2008 financing:
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December 31, 2012
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December 31, 2011
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Transaction Date
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Trading market prices
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$
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-
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$
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-
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$
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2.14
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Estimated future volatility
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-
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-
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142
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%
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Dividend
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-
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-
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-
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Estimated future risk-free rate
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-
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-
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1.95
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%
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Equivalent volatility
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-
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-
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97
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%
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Equivalent risk-free rate
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-
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-
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1.31
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%
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Estimated additional shares to be issued upon dilutive event
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-
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-
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7,479
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June 5, 2009 financing:
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December 31, 2012
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December 31, 2011
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Transaction Date
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Trading market prices
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$
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0.31
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$
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0.38
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$
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1.14
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Estimated future volatility
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100
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%
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98-100
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%
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100
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%
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Dividend
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-
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-
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-
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Estimated future risk-free rate
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0.16
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%
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0.38
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%
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0.63-4.31
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%
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Equivalent volatility
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92
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%
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80-81
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%
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103-117
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%
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Equivalent risk-free rate
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0.11
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%
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0.14
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%
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0.20-1.44
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%
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October 23, 2009 financing:
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December 31, 2012
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December 31, 2011
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Transaction Date
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Trading market prices
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$
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0.31
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$
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0.38
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$
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0.69
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Estimated future volatility
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100
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%
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98-100
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%
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100
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%
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Dividend
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-
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-
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-
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Estimated future risk-free rate
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0.16-0.34
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%
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0.38-0.58
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%
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2.63-3.80
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%
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Equivalent volatility
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74-93
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%
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72-81
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%
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98-99
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%
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Equivalent risk-free rate
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0.06-0.13
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%
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0.08-0.16
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%
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0.93-1.16
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%
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June 30, 2010 financing:
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December 31, 2012
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December 31, 2011
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Transaction Date
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Trading market prices
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$
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0.31
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$
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0.38
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$
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1.43
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Estimated future volatility
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100
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%
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86-100
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%
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100
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%
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Dividend
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|
-
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-
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-
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Estimated future risk-free rate
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0.16-0.34
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%
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0.38-0.58
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%
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1.78
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%
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Equivalent volatility
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74-75
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%
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72-79
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%
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98
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%
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Equivalent risk-free rate
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0.06
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%
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0.08-0.14
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%
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0.59
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%
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|
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|
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|
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|
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March 31, 2011 financing:
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December 31, 2012
|
December 31, 2011
|
Transaction Date
|
|
Trading market prices
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$
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0.31
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$
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0.38
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$
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1.18
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Estimated future volatility
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93-100
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%
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87-100
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%
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100
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%
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Dividend
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|
|
-
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|
|
-
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|
|
-
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Estimated future risk-free rate
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0.16-0.58
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%
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0.38-1.54
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%
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1.32-3.64
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%
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Equivalent volatility
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|
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74-89
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%
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72-90
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%
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|
79-96
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%
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Equivalent risk-free rate
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0.06-0.23
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%
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0.08-0.28
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%
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0.39-1.09
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%
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December 4, 2012 financing:
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December 31, 2012
|
December 31, 2011
|
Transaction Date
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|
Trading market prices
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$
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0.31
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$
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-
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$
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0.30-0.33
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Estimated future volatility
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85-100
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%
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|
-
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|
100
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%
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Dividend
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|
-
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|
|
-
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|
|
-
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Estimated future risk-free rate
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0.58-1.26
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%
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|
-
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0.52-1.065
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%
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Equivalent volatility
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|
88
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%
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|
-
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88-90
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%
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Equivalent risk-free rate
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|
0.21-0.32
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%
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|
-
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0.22-0.31
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%
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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:
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Year Ended December 31, 2012
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Year Ended December 31, 2011
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Cumulative from March 19, 2001 (Inception) to December 31, 2012
|
December 18, 2007 financing
|
|
$
|
-
|
$
|
-
|
$
|
50,722
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March 20, 2008 financing
|
|
|
-
|
|
92,704
|
|
160,063
|
June 5, 2009 financing:
|
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|
|
|
|
|
|
Series I warrants
|
|
|
-
|
|
-
|
|
707,111
|
Series II warrants
|
|
|
-
|
|
-
|
|
(2,191,175)
|
Series III warrants
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|
54,445
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|
661,266
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|
1,270,889
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Warrants to placement agent
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|
5,404
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|
60,139
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|
104,388
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Derivative loss at inception
|
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|
-
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|
-
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(328,937)
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October 23, 2009 financing:
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Warrants to institutional investors
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55,767
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565,156
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(109,760)
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Warrants to placement agent
|
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|
673
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(102,487)
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(135,979)
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June 30, 2010 financing
|
|
|
|
|
|
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|
Warrants to institutional investors
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|
77,600
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|
1,017,000
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|
1,788,600
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Warrants to placement agent
|
|
|
2,300
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|
108,360
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|
180,060
|
March 31, 2011 financing:
|
|
|
|
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|
Warrants to institutional investors
|
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|
237,667
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|
2,282,666
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|
2,520,333
|
Warrants to placement agent
|
|
|
3,938
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|
93,646
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|
97,584
|
December 4, 2012 financing:
|
|
|
|
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|
|
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Warrants to institutional investors
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|
210,210
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|
|
|
210,210
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Warrants to placement agent
|
|
|
15,872
|
|
|
|
15,872
|
Total:
|
|
$
|
663,876
|
$
|
4,778,450
|
$
|
4,339,981
|
|