Annual report pursuant to section 13 and 15(d)

7. Derivative liability (Tables)

v2.4.0.6
7. Derivative liability (Tables)
12 Months Ended
Dec. 31, 2012
Derivative Liability  
The derivative liabilities were valued using a probability weighted average series of Black-Scholes-Merton models
          Fair Value of Warrants  
   

No. of

Warrants

   

December 31,

2011

   

2012

Issuance

 

December 31,

2012

 
Risk-free interest rate         0.12%       0.02%  
Expected volatility         92%       165%  
Expected life (in years)         0.75 – 1.00       0.04  
Expected dividend yield         0%       0%  
Fair Value:                            
2009 Summer Warrants         $ 332,998         $  
2009 Wellfleet Warrants           17,807            
2009 Fall Warrants     4,412,500       1,292,334     $     3,221,138  
Total Fair Value     4,412,500     $ 1,643,139     $   $ 3,221,138