Quarterly report pursuant to Section 13 or 15(d)

Fair Value Hierarchy

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Fair Value Hierarchy
 3 Months Ended
Mar. 31, 2012
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 March 31, 2012

 

    Quoted Prices
 in Active
Markets for
Identical
Liabilities		     Significant
Other
Observable
Inputs		     Significant
Unobservable
Inputs		     Balance as of
March 31,		  
Description   (Level 1)     (Level 2)     (Level 3)     2012  
Liabilities:                                
Derivative liabilities related to warrants, current   $ —     $ 753,014     $ —     $ 753,014  

 

Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2011

 

    Quoted Prices
in Active
Markets for
Identical
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  

 

There were no Level 1 liabilities outstanding at any time during the three-month periods ended March 31, 2012 and 2011. There were no transfers in or out of our Level 2 liabilities during the three-month period ended March 31, 2012. A total of $1,978,818 of our Level 2 liabilities were reclassified to equity related to modifying certain outstanding warrants to remove the language that had previously required them to be classified as derivative liabilities during the three-month period ended March 31, 2011. See Note 9.