Annual report pursuant to section 13 and 15(d)

JANUARY AND MARCH 2012 FINANCING (Tables)

v2.4.0.6
JANUARY AND MARCH 2012 FINANCING (Tables)
12 Months Ended
Dec. 31, 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