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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2013  
    Level 1     Level 2     Level 3     Balance  
Liabilities                                
Current portion of derivative instruments related to stock purchase warrants   $ -     $ -     $ 51,663     $ 51,663  
Non-current portion of derivative instruments related to stock purchase warrants     -       -       1,688,572       1,688,572  
Total derivative instruments related to stock purchase warrants   $ -     $ -     $ 1,740,235     $ 1,740,235  

  

    As of December 31, 2012  
    Level 1     Level 2     Level 3     Balance  
Liabilities                                
Non-current portion of derivative instruments related to stock purchase warrants   $ -     $ -     $ 1,295,613     $ 1,295,613  
Total derivative instruments related to stock purchase warrants   $ -     $ -     $ 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 twelve months ended December 31, 2013, 2012 and 2011:

  

    Balance as of     New     Unrealized     Balance as of  
    December 31,     Liabilities     Losses     December 31,  
Description   2012     2013     2013     2013  
Derivative liabilities related to stock purchase warrants   $ 1,295,613     $ -     $ 444,622     $ 1,740,235  

 

    Balance as of     New     Unrealized     Balance as of  
    December 31,     Liabilities     (Gains)     December 31,  
Description   2011     2012     2012     2012  
Derivative liabilities related to stock purchase warrants   $ 1,886,652     $ -     $ (591,039 )   $ 1,295,613  

 

    Balance as of     New     Unrealized     Balance as of  
    December 31,     Liabilities     (Gains)     December 31,  
Description   2010     2011     2011     2011  
Derivative liabilities related to stock purchase warrants   $ 8,362,995     $ 668,640     $ (7,144,983 )   $ 1,886,652  

  
Schedule of Quantitative Information about Level 3 Fair Value Measurements
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at 12/31/2013     Valuation Technique   Unobservable Inputs
$ 1,740,235      Black-Scholes option pricing model   Expected term
            Expected dividends
            Expect volatility