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Warrants (Tables)
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3 Months Ended |
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Mar. 31, 2015
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| Warrants [Abstract] |
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| Summary Of Changes In Warrants Outstanding During The Period |
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2015
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2014
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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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13,205,871
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$
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1.07
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24,968,868
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$
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0.86
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Issued during the period
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-
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$
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-
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4,761,905
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$
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1.28
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Exercised during the period
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-
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$
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-
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(10,808,871)
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$
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0.52
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Expired during the period
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-
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$
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-
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-
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$
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-
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Balance, March 31
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13,205,871
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$
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1.07
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18,921,902
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$
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1.16
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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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March 31, 2015
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December 31, 2014
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March 31, 2011 financing:
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Warrants to institutional investors
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$
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217,200
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$
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319,277
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December 4, 2012 financing:
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Warrants to institutional investors
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92,949
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90,052
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Warrants to placement agent
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14,452
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14,595
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July 26, 2013 financing:
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Warrants to institutional investors
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813,100
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788,314
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Warrants to placement agent
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26,249
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30,594
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October 16, 2013 financing:
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Warrants to institutional investors
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967,516
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949,756
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Warrants to placement agent
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81,384
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96,563
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January 21, 2014 financing:
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Warrants to institutional investors
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1,440,086
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1,479,200
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Total:
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$
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3,652,936
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$
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3,768,351
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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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March 31, 2015
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December 31, 2014
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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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December 4, 2012 financing:
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Warrants to institutional investors
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221,600
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221,600
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Warrants to placement agent
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40,000
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40,000
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July 26, 2013 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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Warrants to placement agent
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124,032
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124,032
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October 16, 2013 financing:
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Warrants to institutional investors
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2,317,309
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2,317,309
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Warrants to placement agent
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407,692
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407,692
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January 21, 2014 financing:
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Warrants to institutional investors
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4,761,905
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4,761,905
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Total:
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13,205,871
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13,205,871
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| Schedule Of Assumptions Used In Calculating Fair Value Of Warrants |
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March 31, 2015
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December 31, 2014
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Trading market prices
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$
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0.73
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$
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0.70
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Estimated future volatility
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107
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%
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108
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%
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Dividend
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-
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-
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Estimated future risk-free rate
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0.56-1.68
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%
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0.74-1.90
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%
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Equivalent volatility
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51-76
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%
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65-78
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%
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Equivalent risk-free rate
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0.16-0.50
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%
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0.18-0.63
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%
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| Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants |
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Three Months Ended March 31, 2015
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Three Months Ended March 31, 2014
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Exercised and Expired Warrants
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$
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-
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$
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(744,301)
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March 31, 2011 financing:
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Warrants to institutional investors
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102,077
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(1,473,973)
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December 4, 2012 financing:
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Warrants to institutional investors
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(2,897)
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(4,225,702)
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Warrants to placement agent
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143
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(533,250)
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July 26, 2013 financing:
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Warrants to institutional investors
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(24,786)
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(2,200,617)
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Warrants to placement agent
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4,345
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(293,538)
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October 16, 2013 financing:
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Warrants to institutional investors
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(17,760)
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(2,039,976)
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Warrants to placement agent
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15,179
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(217,262)
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January 21, 2014 financing:
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Warrants to institutional investors
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39,114
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68,095
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Total:
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$
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115,415
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$
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(11,660,524)
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