|
Warrants (Tables)
|
6 Months Ended |
|
Jun. 30, 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
|
(12,058,871)
|
$
|
0.52
|
(56,650)
|
$
|
0.47
|
|
Expired during the period
|
(3,687,698)
|
$
|
1.71
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
Balance, June 30
|
13,984,204
|
$
|
1.06
|
21,599,492
|
$
|
0.89
|
|
| Schedule Of Fair Value Of Warrants Issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of:
|
|
Warrant Issuance:
|
|
June 30, 2014
|
December 31, 2013
|
|
June 5, 2009 financing:
|
|
|
|
|
|
|
Series III warrants
|
|
$
|
-
|
$
|
11
|
|
Warrants to placement agent
|
|
|
-
|
|
1
|
|
October 23, 2009 financing:
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
32,112
|
|
19,689
|
|
June 30, 2010 financing
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
-
|
|
10
|
|
March 31, 2011 financing:
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
1,059,450
|
|
311,360
|
|
December 4, 2012 financing:
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
139,968
|
|
2,124,444
|
|
Warrants to placement agent
|
|
|
23,605
|
|
222,286
|
|
July 26, 2013 financing:
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
1,214,938
|
|
1,148,390
|
|
Warrants to placement agent
|
|
|
60,294
|
|
83,808
|
|
October 16, 2013 financing:
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
1,444,796
|
|
1,051,454
|
|
Warrants to placement agent
|
|
|
194,673
|
|
72,605
|
|
January 21, 2014 financing:
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
|
2,413,567
|
|
-
|
|
Total:
|
|
$
|
6,583,403
|
$
|
5,034,058
|
|
| Summary Of Shares Indexed To The Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares indexed as of:
|
|
Warrant Issuance
|
|
June 30, 2014
|
December 31, 2013
|
|
June 5, 2009 financing:
|
|
|
|
|
Series III warrants
|
|
-
|
1,555,555
|
|
Warrants to placement agent
|
|
-
|
132,143
|
|
October 23, 2009 financing:
|
|
|
|
|
Warrants to institutional investors
|
|
778,333
|
1,228,333
|
|
June 30, 2010 financing
|
|
|
|
|
Warrants to institutional investors
|
|
-
|
2,000,000
|
|
March 31, 2011 financing:
|
|
|
|
|
Warrants to institutional investors
|
|
3,333,333
|
3,333,333
|
|
December 4, 2012 financing:
|
|
|
|
|
Warrants to institutional investors
|
|
221,600
|
7,418,503
|
|
Warrants to placement agent
|
|
40,000
|
880,000
|
|
July 26, 2013 financing:
|
|
|
|
|
Warrants to institutional investors
|
|
2,000,000
|
3,990,000
|
|
Warrants to placement agent
|
|
124,032
|
456,000
|
|
October 16, 2013 financing:
|
|
|
|
|
Warrants to institutional investors
|
|
2,317,309
|
3,567,309
|
|
Warrants to placement agent
|
|
407,692
|
407,692
|
|
January 21, 2014 financing:
|
|
|
|
|
Warrants to institutional investors
|
|
4,761,905
|
-
|
|
Total:
|
|
13,984,204
|
24,968,868
|
|
| Schedule Of Assumptions Used In Calculating Fair Value Of Warrants |
The assumptions used in calculating the fair values of the warrants are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 5, 2009 financing:
|
|
June 30, 2014
|
December 31, 2013
|
|
Trading market prices
|
|
$
|
-
|
|
$
|
0.51
|
|
|
Estimated future volatility
|
|
|
-
|
|
|
109
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
-
|
|
|
0.13
|
%
|
|
Equivalent volatility
|
|
|
-
|
|
|
43-45
|
%
|
|
Equivalent risk-free rate
|
|
|
-
|
|
|
0.05-0.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 23, 2009 financing:
|
|
June 30, 2014
|
December 31, 2013
|
|
Trading market prices
|
|
$
|
0.87
|
|
$
|
0.51
|
|
|
Estimated future volatility
|
|
|
109
|
%
|
|
109
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.06
|
%
|
|
0.13
|
%
|
|
Equivalent volatility
|
|
|
43
|
%
|
|
57
|
%
|
|
Equivalent risk-free rate
|
|
|
0.03
|
%
|
|
0.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2010 financing:
|
|
June 30, 2014
|
December 31, 2013
|
|
Trading market prices
|
|
$
|
-
|
|
$
|
0.51
|
|
|
Estimated future volatility
|
|
|
-
|
|
|
109
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
-
|
|
|
0.13
|
%
|
|
Equivalent volatility
|
|
|
-
|
|
|
49
|
%
|
|
Equivalent risk-free rate
|
|
|
-
|
|
|
0.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011 financing:
|
|
June 30, 2014
|
December 31, 2013
|
|
Trading market prices
|
|
$
|
0.87
|
|
$
|
0.51
|
|
|
Estimated future volatility
|
|
|
109
|
%
|
|
109
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
1.05
|
%
|
|
1.58
|
%
|
|
Equivalent volatility
|
|
|
89
|
%
|
|
71
|
%
|
|
Equivalent risk-free rate
|
|
|
0.20
|
%
|
|
0.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 4, 2012 financing:
|
|
June 30, 2014
|
December 31, 2013
|
|
Trading market prices
|
|
$
|
0.87
|
|
$
|
0.51
|
|
|
Estimated future volatility
|
|
|
109
|
%
|
|
109
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
0.85-1.98
|
%
|
|
1.58-2.72
|
%
|
|
Equivalent volatility
|
|
|
89-90
|
%
|
|
69-73
|
%
|
|
Equivalent risk-free rate
|
|
|
0.16-0.38
|
%
|
|
0.22-0.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 26, 2013 financing:
|
|
June 30, 2014
|
December 31, 2013
|
|
Trading market prices
|
|
$
|
0.87
|
|
|
0.51
|
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Equivalent volatility
|
|
|
88-89
|
%
|
|
69-77
|
%
|
|
Equivalent risk-free rate
|
|
|
0.16-0.49
|
%
|
|
0.22-0.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 16, 2013 financing:
|
|
June 30, 2014
|
December 31, 2013
|
|
Trading market prices
|
|
$
|
0.87
|
|
|
0.51
|
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Equivalent volatility
|
|
|
89
|
%
|
|
69-76
|
%
|
|
Equivalent risk-free rate
|
|
|
0.16-0.53
|
%
|
|
0.20-0.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 21, 2014 financing:
|
|
June 30, 2014
|
December 31, 2013
|
|
Trading market prices
|
|
$
|
0.87
|
|
|
-
|
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Equivalent volatility
|
|
|
87
|
%
|
|
-
|
|
|
Equivalent risk-free rate
|
|
|
0.57
|
%
|
|
-
|
|
|
| Schedule Of Unrealized Gain/(Loss) 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 June 30, 2014
|
Three Months Ended June 30, 2013
|
Six Months Ended June 30, 2014
|
Six Months Ended June 30, 2013
|
|
Exercised and Expired Warrants
|
$
|
|
$
|
|
$
|
|
$
|
144
|
|
June 5, 2009 financing:
|
|
|
|
|
|
|
|
|
|
Series III warrants
|
|
80,889
|
|
47
|
|
11
|
|
30,069
|
|
Warrants to placement agent
|
|
8,484
|
|
(53)
|
|
1
|
|
2,802
|
|
October 23, 2009 financing:
|
|
-
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
284,047
|
|
(15,355)
|
|
(309,903)
|
|
26,040
|
|
June 30, 2010 financing
|
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
61,000
|
|
200
|
|
10
|
|
9,000
|
|
March 31, 2011 financing:
|
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
725,883
|
|
(116,666)
|
|
(748,090)
|
|
(20,000)
|
|
December 4, 2012 financing:
|
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
55,683
|
|
(1,004,301)
|
|
(4,170,019)
|
|
(837,321)
|
|
Warrants to placement agent
|
|
9,359
|
|
(70,528)
|
|
(523,891)
|
|
(48,488)
|
|
July 26, 2013 financing:
|
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
501,262
|
|
-
|
|
(1,699,355)
|
|
-
|
|
Warrants to placement agent
|
|
28,959
|
|
-
|
|
(264,579)
|
|
-
|
|
October 16, 2013 financing:
|
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
604,836
|
|
-
|
|
(1,435,140)
|
|
-
|
|
Warrants to placement agent
|
|
95,196
|
|
-
|
|
(122,066)
|
|
-
|
|
January 21, 2014 financing:
|
|
|
|
|
|
|
|
|
|
Warrants to institutional investors
|
|
1,209,767
|
|
-
|
|
1,277,862
|
|
-
|
|
Total:
|
$
|
3,665,365
|
$
|
(1,206,656)
|
$
|
(7,995,159)
|
$
|
(837,754)
|
|