Annual report pursuant to Section 13 and 15(d)

Fair Value Hierarchy

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Fair Value Hierarchy
 12 Months Ended
Dec. 31, 2012
Fair Value Hierarchy [Abstract]  
Fair Value Hierarchy
3. Fair Value Hierarchy

 

There were no financial assets or liabilities measured at fair value on a recurring basis as of December 31, 2012. The following table sets forth, by level, financial liabilities measured at fair value on a recurring basis as of December 31, 2011:

 

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  

 

There were no Level 1 liabilities outstanding at any time during the years ended December 31, 2012 and 2011. A total of $484,419 and $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 years ended December 31, 2012 and 2011.

 

There were no Level 3 liabilities outstanding at any time during the years ended December 31, 2012 or 2011.