Quarterly report pursuant to Section 13 or 15(d)

Fair Value Hierarchy

 v2.3.0.11
Fair Value Hierarchy
 6 Months Ended
Jun. 30, 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 June 30, 2011
  
                         
   
Quoted Prices
in Active
Markets for
Identical
Liabilities
    
Significant
Other
Observable
Inputs
    
Significant
Unobservable
Inputs
    
Balance as of
June 30,
  
Description
  
(Level 1)
    
(Level 2)
    
(Level 3)
    
2011
  
Liabilities:
                        
Derivative liabilities related to warrants
   $ 0     $ 60,218     $ 0     $ 60,218  

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 portion
   $ 0     $ 405,524     $ 0     $ 405,524  
Derivative liabilities related to warrants, long-term portion
     0       2,077,799       0       2,077,799  
Total derivative liabilities
   $ 0     $ 2,483,323     $ 0     $ 2,483,323  

There were no Level 1 liabilities outstanding at any time during the three-month and six-month periods ended June 30, 2011 and 2010.  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 six-month period ended June 30, 2011.  (See Note 11.)  There were no transfers in or out of our Level 2 liabilities during the three-month or six-month periods ended June 30, 2010.