Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Measurements [Abstract]

Schedule of Liabilities Measured at Fair Value

The following table represents the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:

	As of June 30, 2013
	Level 1		Level 2		Level 3		Balance
Liabilities
Derivative instruments	$	-	$	-	$	1,848,566	$	1,848,566

	As of December 31, 2012
	Level 1		Level 2		Level 3		Balance
Liabilities
Derivative instruments	$	-	$	-	$	1,295,613	$	1,295,613

Summary of Changes in Fair Value of Level 3 Liabilities

The following table sets forth a summary of changes in the fair value of the Company's Level 3 liabilities for the six months ended June 30, 2013:

Description	Balance as of  December 31,  2012		Unrealized Losses		Balance as of  June 30,   2013
Derivative liabilities related to stock purchase warrants	$	1,295,613	$	552,953	$	1,848,566

The following table sets forth a summary of changes in the fair value of the Company's Level 3 liabilities for the six months ended June 30, 2012: 

Description	Balance as of  December 31,  2011		Unrealized Losses		Balance as of  June 30,   2012
Derivative liabilities related to stock purchase warrants	$	1,886,652	$	167,853	$	2,054,505

Schedule of Quantitative Information about Level 3 Fair Value Measurements

Use of the Black-Scholes option pricing model requires the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. 

Quantitative Information about Level 3 Fair Value Measurements
Fair Value at 6/30/2013		Valuation Technique	Unobservable Inputs
$	1,848,566	Black-Scholes option pricing model	Expected term
			Expected dividends
			Anticipated volatility