Note 3 - Fair Value Measurements

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Text Block]

3.      FAIR VALUE MEASUREMENTS

The following table summarizes, for each major category of financial assets measured on a recurring basis, the respective fair value at March 31, 2013 and December 31, 2012 and the classification by level of input within the fair value hierarchy defined above (in thousands):

			Fair Value Measurements
March 31, 2013	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	-	$	-	$	-	$	-
Liabilities:
Derivative warrant liability	$	2,646	$	-	$	-	$	2,646

			Fair Value Measurements
December 31, 2012	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	14	$	14	$	-	$	-
Liabilities:
Derivative warrant liability	$	4,483	$	-	$	-	$	4,483

The following table is a reconciliation of financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2013 (in thousands):

	Derivative Warrant Liability
Balance, December 31, 2012	$	4,483
Issuances at fair value		-
Changes in fair value		(1,837	)
Balance, March 31, 2013	$	2,646