Annual report pursuant to Section 13 and 15(d)

Fair Value Hierarchy

v2.4.0.6
Fair Value Hierarchy
 12 Months Ended
Dec. 31, 2011
Fair Value Hierarchy
3. Fair Value Hierarchy

 

The following tables set forth, by level, financial liabilities measured at fair value on a recurring basis:

 

Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2011
 
    Quoted Prices
in Active
Markets for
Identical
Assets and
Liabilities		     Significant
Other
Observable
Inputs		     Significant
Unobservable
Inputs		     Balance as of
December 31,		  
Description   (Level 1)     (Level 2)     (Level 3)     2011  
Liabilities:                                
Derivative liabilities related to warrants, current   $ —     $ 568,930     $ —     $ 568,930  

 

Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2010
                         
    Quoted Prices
in Active
Markets for
Identical
Assets and
Liabilities		     Significant
Other
Observable
Inputs		     Significant
Unobservable
Inputs		     Balance as of
December 31,		  
Description   (Level 1)     (Level 2)     (Level 3)     2010  
Liabilities:                                
Derivative liabilities related to warrants, current   $ —     $ 405,524     $ —     $ 405,524  
Derivative liabilities related to warrants, long-term     —       2,077,799       —       2,077,799  
Total derivative liabilities   $ —     $ 2,483,323     $ —     $ 2,483,323  

 

There were no transfers in or out of our Level 1 and Level 2 fair value measurements during the years ended December 31, 2011 or 2010.

 

There were no Level 3 liabilities outstanding during the year ended December 31, 2011. The following table sets forth a summary of changes in the fair value of our Level 3 liabilities for the year ended December 31, 2010:

 

Year Ended December 31, 2010
Description   Balance at
December
31,
2009		     Unrealized
Losses		     Purchases,
Issuances
and
Settlements		     Transfers In
and/or (Out)		     Balance at
December
31,
2010		  
Liabilities:                                        
Derivative liabilities related to put options   $ 966,000     $ —     $ (966,000 )   $ —     $ —