|
Warrants (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Warrants [Abstract] |
|
| Summary Of Changes In Warrants Outstanding During The Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
2013
|
|
|
Number of warrants
|
Weighted average exercise price
|
Number of warrants
|
Weighted average exercise price
|
|
Balance, January 1
|
24,968,868
|
$
|
0.86
|
21,656,142
|
$
|
0.89
|
|
Issued during the period
|
4,761,905
|
$
|
1.28
|
-
|
$
|
-
|
|
Exercised during the period
|
(10,808,871)
|
$
|
0.52
|
-
|
$
|
-
|
|
Expired during the period
|
-
|
$
|
-
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
Balance, March 31
|
18,921,902
|
$
|
1.16
|
21,656,142
|
$
|
0.89
|
|
| Schedule Of Fair Value Of Warrants Issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of:
|
|
Warrant Issuance:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
Exercised and Expired Warrants
|
|
$
|
-
|
$
|
-
|
$
|
3,985,570
|
|
June 5, 2009 financing:
|
|
|
|
|
|
|
|
|
Series III warrants
|
|
|
80,889
|
|
11
|
|
1,306,200
|
|
Warrants to placement agent
|
|
|
8,484
|
|
1
|
|
122,257
|
|
October 23, 2009 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
316,159
|
|
19,689
|
|
1,012,934
|
|
June 30, 2010 financing
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
61,000
|
|
10
|
|
1,800,800
|
|
March 31, 2011 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
1,785,333
|
|
311,360
|
|
2,826,666
|
|
December 4, 2012 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
195,651
|
|
2,124,444
|
|
2,474,120
|
|
Warrants to placement agent
|
|
|
32,964
|
|
222,286
|
|
163,096
|
|
July 26, 2013 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
1,716,200
|
|
1,148,390
|
|
1,295,952
|
|
Warrants to placement agent
|
|
|
89,253
|
|
83,808
|
|
110,489
|
|
October 16, 2013 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
3,091,430
|
|
1,051,454
|
|
1,070,193
|
|
Warrants to placement agent
|
|
|
289,869
|
|
72,605
|
|
87,368
|
|
January 21, 2014 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
3,623,334
|
|
-
|
|
3,691,429
|
|
Total:
|
|
$
|
11,290,566
|
$
|
5,034,058
|
$
|
19,947,074
|
|
| Summary Of Shares Indexed To The Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares indexed as of:
|
|
Warrant Issuance
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
Exercised and Expired Warrants
|
|
-
|
-
|
5,950,304
|
|
June 5, 2009 financing:
|
|
|
|
|
|
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
|
|
778,333
|
1,228,333
|
2,125,334
|
|
June 30, 2010 financing
|
|
|
|
|
|
Warrants to institutional investors
|
|
2,000,000
|
2,000,000
|
2,000,000
|
|
March 31, 2011 financing:
|
|
|
|
|
|
Warrants to institutional investors
|
|
3,333,333
|
3,333,333
|
3,333,333
|
|
December 4, 2012 financing:
|
|
|
|
|
|
Warrants to institutional investors
|
|
221,600
|
7,418,503
|
12,100,000
|
|
Warrants to placement agent
|
|
40,000
|
880,000
|
880,000
|
|
July 26, 2013 financing:
|
|
|
|
|
|
Warrants to institutional investors
|
|
2,000,000
|
3,990,000
|
3,990,000
|
|
Warrants to placement agent
|
|
124,032
|
456,000
|
456,000
|
|
October 16, 2013 financing:
|
|
|
|
|
|
Warrants to institutional investors
|
|
3,567,309
|
3,567,309
|
3,567,308
|
|
Warrants to placement agent
|
|
407,692
|
407,692
|
407,692
|
|
January 21, 2014 financing:
|
|
|
|
|
|
Warrants to institutional investors
|
|
4,761,905
|
-
|
4,761,905
|
|
Total:
|
|
18,921,902
|
24,968,868
|
41,270,288
|
|
| Schedule Of Assumptions Used In Calculating Fair Value Of Warrants |
The assumptions used in calculating the fair values of the warrants are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercised and Expired Warrants
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
-
|
|
$
|
-
|
|
$
|
1.75-2.14
|
|
|
Estimated future volatility
|
|
|
-
|
|
|
-
|
|
|
142-143
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
-
|
|
|
-
|
|
|
1.95-3.27
|
%
|
|
Equivalent volatility
|
|
|
-
|
|
|
-
|
|
|
97-106
|
%
|
|
Equivalent risk-free rate
|
|
|
-
|
|
|
-
|
|
|
1.31-3.26
|
%
|
|
Estimated additional shares to be issued upon dilutive event
|
|
|
-
|
|
|
-
|
|
|
7,479-98,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 5, 2009 financing:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
1.08
|
|
$
|
0.51
|
|
$
|
1.14
|
|
|
Estimated future volatility
|
|
|
110
|
%
|
|
109
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.13
|
%
|
|
0.13
|
%
|
|
0.63-4.31
|
%
|
|
Equivalent volatility
|
|
|
89-90
|
%
|
|
43-45
|
%
|
|
103-117
|
%
|
|
Equivalent risk-free rate
|
|
|
0.02
|
%
|
|
0.05-0.06
|
%
|
|
0.20-1.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 23, 2009 financing:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
1.08
|
|
$
|
0.51
|
|
$
|
0.69
|
|
|
Estimated future volatility
|
|
|
110
|
%
|
|
109
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.13
|
%
|
|
0.13
|
%
|
|
2.63-3.80
|
%
|
|
Equivalent volatility
|
|
|
119
|
%
|
|
57
|
%
|
|
98-99
|
%
|
|
Equivalent risk-free rate
|
|
|
0.05
|
%
|
|
0.07
|
%
|
|
0.93-1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2010 financing:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
1.08
|
|
$
|
0.51
|
|
$
|
1.43
|
|
|
Estimated future volatility
|
|
|
110
|
%
|
|
109
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.13
|
%
|
|
0.13
|
%
|
|
1.78
|
%
|
|
Equivalent volatility
|
|
|
89
|
%
|
|
49
|
%
|
|
98
|
%
|
|
Equivalent risk-free rate
|
|
|
0.03
|
%
|
|
0.06
|
%
|
|
0.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011 financing:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
1.08
|
|
$
|
0.51
|
|
$
|
1.18
|
|
|
Estimated future volatility
|
|
|
110
|
%
|
|
109
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
1.82
|
%
|
|
1.58
|
%
|
|
1.32-3.64
|
%
|
|
Equivalent volatility
|
|
|
98
|
%
|
|
71
|
%
|
|
79-96
|
%
|
|
Equivalent risk-free rate
|
|
|
0.23
|
%
|
|
0.27
|
%
|
|
0.39-1.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 4, 2012 financing:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
1.08
|
|
$
|
0.51
|
|
$
|
0.30-0.33
|
|
|
Estimated future volatility
|
|
|
110
|
%
|
|
109
|
%
|
|
100
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
1.82-2.56
|
%
|
|
1.58-2.72
|
%
|
|
0.52-1.065
|
%
|
|
Equivalent volatility
|
|
|
100-106
|
%
|
|
69-73
|
%
|
|
88-90
|
%
|
|
Equivalent risk-free rate
|
|
|
0.20-0.43
|
%
|
|
0.22-0.40
|
%
|
|
0.22-0.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 26, 2013 financing:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
1.08
|
|
|
0.51
|
|
$
|
0.53
|
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Equivalent volatility
|
|
|
100-102
|
%
|
|
69-77
|
%
|
|
78-80
|
%
|
|
Equivalent risk-free rate
|
|
|
0.20-0.54
|
%
|
|
0.22-0.62
|
%
|
|
0.20-0.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 16, 2013 financing:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
1.08
|
|
|
0.51
|
|
$
|
0.49
|
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Equivalent volatility
|
|
|
100-101
|
%
|
|
69-76
|
%
|
|
81-83
|
%
|
|
Equivalent risk-free rate
|
|
|
0.20-0.58
|
%
|
|
0.20-0.52
|
%
|
|
0.21-0.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 21, 2014 financing:
|
|
March 31, 2014
|
December 31, 2013
|
Transaction Date
|
|
|
Trading market prices
|
|
$
|
1.08
|
|
|
-
|
|
$
|
1.09
|
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Equivalent volatility
|
|
|
99
|
%
|
|
-
|
|
|
98
|
%
|
|
Equivalent risk-free rate
|
|
|
0.63
|
%
|
|
-
|
|
|
0.62
|
%
|
|
| 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 (loss) gain on fair value of warrants” in the statement of operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014
|
Three Months Ended March 31, 2013
|
Cumulative from March 19, 2001 (Inception) to March 31, 2014
|
|
Exercised and Expired Warrants
|
|
$
|
-
|
$
|
144
|
$
|
(1,460,407)
|
|
June 5, 2009 financing:
|
|
|
|
|
|
|
|
|
Series III warrants
|
|
|
(80,878)
|
|
30,022
|
|
1,225,311
|
|
Warrants to placement agent
|
|
|
(8,483)
|
|
2,855
|
|
99,393
|
|
October 23, 2009 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(593,950)
|
|
41,395
|
|
(649,945)
|
|
June 30, 2010 financing
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(60,990)
|
|
8,800
|
|
1,739,800
|
|
March 31, 2011 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(1,473,973)
|
|
96,666
|
|
1,041,333
|
|
December 4, 2012 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(4,225,702)
|
|
166,980
|
|
(5,613,687)
|
|
Warrants to placement agent
|
|
|
(533,250)
|
|
22,040
|
|
(592,440)
|
|
July 26, 2013 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(2,200,617)
|
|
-
|
|
(2,053,055)
|
|
Warrants to placement agent
|
|
|
(293,538)
|
|
-
|
|
(266,857)
|
|
October 16, 2013 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
(2,039,976)
|
|
-
|
|
(2,021,237)
|
|
Warrants to placement agent
|
|
|
(217,262)
|
|
-
|
|
(202,501)
|
|
January 21, 2014 financing:
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
68,095
|
|
-
|
|
68,095
|
|
Total:
|
|
$
|
(11,660,524)
|
$
|
368,902
|
$
|
(8,686,197)
|
|