2013

2012

Derivative Warrant Liability as of January 1

$

5,585,141

$

1,035,337

Warrants issued under Montaur credit facility

—

6,000,000

Total unrealized losses included in net loss (1)

1,061,682

500,000

Total realized losses included in net loss(1)

—

1,438

Total unrealized gains included in net loss (1)

(5,515,000

)

(595,038

)

Total realized gains included in net loss (1)

(152,668

)

(107,681

)

Reclassification of derivative warrant liability to additional paid-in capital for derivative warrants exercised

—

(61,520

)

Derivative Warrant Liability as of September 30

$

979,155

$

6,772,536

__________________

(1) Included in Gain (Loss) on Revaluation of Derivative Warrant Liability in the Consolidated Statement of Operations.