Warrants (Tables)
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6 Months Ended |
Jun. 30, 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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(12,058,871)
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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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(3,687,698)
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$
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1.71
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Balance, June 30
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13,205,871
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$
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1.07
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13,984,204
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$
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1.06
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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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June 30, 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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14,237
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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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60,381
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90,052
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Warrants to placement agent
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9,018
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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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523,954
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788,314
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Warrants to placement agent
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11,040
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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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643,818
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949,756
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Warrants to placement agent
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32,466
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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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799,262
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1,479,200
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Total:
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$
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2,094,176
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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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June 30, 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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June 30, 2015
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December 31, 2014
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Trading market prices
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$
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0.61
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$
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0.70
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Estimated future volatility
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106
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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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0.46-1.32
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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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39-65
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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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0.11-0.52
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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 June 30, 2015
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Three Months Ended June 30, 2014
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Six Months Ended June 30, 2015
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Six Months Ended June 30, 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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434,420
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$
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-
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$
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(309,881)
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March 31, 2011 financing:
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Warrants to institutional investors
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202,963
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725,883
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305,040
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(748,090)
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December 4, 2012 financing:
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Warrants to institutional investors
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32,568
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55,683
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29,671
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(4,170,019)
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Warrants to placement agent
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5,434
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9,359
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5,577
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(523,891)
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July 26, 2013 financing:
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Warrants to institutional investors
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289,146
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501,262
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264,360
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(1,699,355)
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Warrants to placement agent
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15,209
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28,959
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19,554
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(264,579)
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October 16, 2013 financing:
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Warrants to institutional investors
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323,698
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604,836
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305,938
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(1,435,140)
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Warrants to placement agent
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48,918
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95,196
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64,097
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(122,066)
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January 21, 2014 financing:
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Warrants to institutional investors
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640,824
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1,209,767
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679,938
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1,277,862
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Total:
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$
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1,558,760
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$
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3,665,365
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$
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1,674,175
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$
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(7,995,159)
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