Quarterly report pursuant to sections 13 or 15(d)

JANUARY AND MARCH 2012 FINANCING (Tables)

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JANUARY AND MARCH 2012 FINANCING (Tables)
9 Months Ended
Sep. 30, 2012
Quarterly Financial Information Disclosure [Abstract]  
Schedule Of Share-Based Payment Award, Warrants, Valuation Assumptions [Table Text Block]

The following assumptions were used in the Binomial Lattice model to determine fair value of the Class A Warrants and the Agent Warrants:

 

    Issuance date
January 20 and
March 1, 2012
    Expiration date
June 6, 2012
 
Price of the Company’s common stock   $ 0.62     $ 0.85  
Dividend yield     0 %     0 %
Expected terms     5 – 7 years       4.6 - 6.7 years  
Risk free interest rate     0.89 - 1.47%       0.73 - 1.11%  
Expected volatility     96.68 - 96.69%       95.73 %
Expected price at which holders are likely to exercise their warrants   $ 1.25     $ 1.25