|
Warrants (Tables)
|
3 Months Ended |
|
Mar. 31, 2013
|
| Warrants [Abstract] |
|
| Summary Of Changes In Warrants Outstanding During The Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
2012
|
|
|
Number of warrants
|
Weighted average exercise price
|
Number of warrants
|
Weighted average exercise price
|
|
Balance, January 1
|
21,656,142
|
$
|
0.89
|
8,676,142
|
$
|
1.53
|
|
Issued during the period
|
-
|
|
-
|
-
|
$
|
-
|
|
Exercised during the period
|
-
|
|
-
|
-
|
$
|
-
|
|
Expired during the period
|
-
|
|
-
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
Balance, March 31
|
21,656,142
|
$
|
0.89
|
8,676,142
|
$
|
1.53
|
|
| Schedule Of Fair Value Of Warrants Issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of:
|
|
Warrant Issuance:
|
|
March 31, 2013
|
December 31, 2012
|
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
|
|
|
5,289
|
|
35,311
|
|
1,306,200
|
|
Warrants to placement agent
|
|
|
634
|
|
3,489
|
|
122,257
|
|
October 23, 2009 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
32,059
|
|
73,454
|
|
1,012,934
|
|
Warrants to placement agent
|
|
|
-
|
|
41
|
|
101,693
|
|
June 30, 2010 financing
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
3,400
|
|
12,200
|
|
1,800,800
|
|
Warrants to placement agent
|
|
|
-
|
|
20
|
|
180,080
|
|
March 31, 2011 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
209,667
|
|
306,333
|
|
2,826,666
|
|
Warrants to placement agent
|
|
|
-
|
|
83
|
|
97,667
|
|
December 4, 2012 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
2,096,930
|
|
2,263,910
|
|
2,474,120
|
|
Warrants to placement agent
|
|
|
125,184
|
|
147,224
|
|
163,096
|
|
Total:
|
|
$
|
2,473,163
|
$
|
2,842,065
|
$
|
13,691,643
|
|
| Summary Of Shares Indexed To The Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares indexed as of:
|
|
Warrant Issuance
|
|
March 31, 2013
|
December 31, 2012
|
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
|
|
December 4, 2012 financing:
|
|
|
|
|
|
Warrants to institutional investors
|
|
12,100,000
|
12,100,000
|
12,100,000
|
|
Warrants to placement agent
|
|
880,000
|
880,000
|
880,000
|
|
Total:
|
|
21,656,142
|
21,656,142
|
28,087,383
|
|
| Schedule Of Assumptions Used In Calculating Fair Value Of Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares indexed as of:
|
|
Warrant Issuance
|
|
March 31, 2013
|
December 31, 2012
|
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
|
|
December 4, 2012 financing:
|
|
|
|
|
|
Warrants to institutional investors
|
|
12,100,000
|
12,100,000
|
12,100,000
|
|
Warrants to placement agent
|
|
880,000
|
880,000
|
880,000
|
|
Total:
|
|
21,656,142
|
21,656,142
|
28,087,383
|
The assumptions used in calculating the fair values of the warrants are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 18, 2007 financing:
|
|
March 31, 2013
|
December 31, 2012
|
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:
|
|
March 31, 2013
|
December 31, 2012
|
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:
|
|
March 31, 2013
|
December 31, 2012
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
0.31
|
|
$
|
0.31
|
|
$
|
1.14
|
|
|
Estimated future volatility
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.14
|
%
|
|
0.16
|
%
|
|
0.63-4.31
|
%
|
|
Equivalent volatility
|
|
|
70
|
%
|
|
92
|
%
|
|
103-117
|
%
|
|
Equivalent risk-free rate
|
|
|
0.10
|
%
|
|
0.11
|
%
|
|
0.20-1.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 23, 2009 financing:
|
|
March 31, 2013
|
December 31, 2012
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
0.31
|
|
$
|
0.31
|
|
$
|
0.69
|
|
|
Estimated future volatility
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.14-0.36
|
%
|
|
0.16-0.34
|
%
|
|
2.63-3.80
|
%
|
|
Equivalent volatility
|
|
|
44-76
|
%
|
|
74-93
|
%
|
|
98-99
|
%
|
|
Equivalent risk-free rate
|
|
|
0.06-0.11
|
%
|
|
0.06-0.13
|
%
|
|
0.93-1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2010 financing:
|
|
March 31, 2013
|
December 31, 2012
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
0.31
|
|
$
|
0.31
|
|
$
|
1.43
|
|
|
Estimated future volatility
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.14
|
%
|
|
0.16-0.34
|
%
|
|
1.78
|
%
|
|
Equivalent volatility
|
|
|
44-69
|
%
|
|
74-75
|
%
|
|
98
|
%
|
|
Equivalent risk-free rate
|
|
|
0.06-0.10
|
%
|
|
0.06
|
%
|
|
0.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011 financing:
|
|
March 31, 2013
|
December 31, 2012
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
0.31
|
|
$
|
0.31
|
|
$
|
1.18
|
|
|
Estimated future volatility
|
|
|
87-100
|
%
|
|
93-100
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.14-0.58
|
%
|
|
0.16-0.58
|
%
|
|
1.32-3.64
|
%
|
|
Equivalent volatility
|
|
|
44-79
|
%
|
|
74-89
|
%
|
|
79-96
|
%
|
|
Equivalent risk-free rate
|
|
|
0.06-0.21
|
%
|
|
0.06-0.23
|
%
|
|
0.39-1.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 4, 2012 financing:
|
|
March 31, 2013
|
December 31, 2012
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
0.31
|
|
$
|
0.31
|
|
$
|
0.30-0.33
|
|
|
Estimated future volatility
|
|
|
88-100
|
%
|
|
85-100
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.58-1.39
|
%
|
|
0.58-1.26
|
%
|
|
0.52-1.065
|
%
|
|
Equivalent volatility
|
|
|
79-84
|
%
|
|
88
|
%
|
|
88-90
|
%
|
|
Equivalent risk-free rate
|
|
|
0.20-0.29
|
%
|
|
0.21-0.32
|
%
|
|
0.22-0.31
|
%
|
|
| 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 (loss) on fair value of warrants” in the statement of operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2013
|
Three Months Ended March 31, 2012
|
Cumulative from March 19, 2001 (Inception) to March 31, 2013
|
|
December 18, 2007 financing
|
|
$
|
-
|
$
|
-
|
$
|
50,722
|
|
March 20, 2008 financing
|
|
|
-
|
|
-
|
|
160,063
|
|
June 5, 2009 financing:
|
|
|
|
|
|
|
|
|
Series I warrants
|
|
|
-
|
|
-
|
|
707,111
|
|
Series II warrants
|
|
|
-
|
|
-
|
|
(2,191,175)
|
|
Series III warrants
|
|
|
30,022
|
|
(14,622)
|
|
1,300,911
|
|
Warrants to placement agent
|
|
|
2,855
|
|
(1,665)
|
|
107,243
|
|
Derivative loss at inception
|
|
|
-
|
|
-
|
|
(328,937)
|
|
October 23, 2009 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
41,395
|
|
(42,131)
|
|
(68,365)
|
|
Warrants to placement agent
|
|
|
41
|
|
(728)
|
|
(135,938)
|
|
June 30, 2010 financing
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
8,800
|
|
(17,800)
|
|
1,797,400
|
|
Warrants to placement agent
|
|
|
20
|
|
(20)
|
|
180,080
|
|
March 31, 2011 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
96,666
|
|
(184,333)
|
|
2,616,999
|
|
Warrants to placement agent
|
|
|
83
|
|
(562)
|
|
97,667
|
|
December 4, 2012 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
166,980
|
|
-
|
|
377,190
|
|
Warrants to placement agent
|
|
|
22,040
|
|
-
|
|
37,912
|
|
Total:
|
|
$
|
368,902
|
$
|
(261,861)
|
$
|
4,708,883
|
|