Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

7. STOCKHOLDERS’ EQUITY

Preferred stock

The Company is authorized to issue 50 million shares of preferred stock, with a par value of $0.0001. There are no shares of preferred stock issued or outstanding as of June 30, 2012.

Stock Purchase Warrants

The Company adjusts the share-based payment liability to the fair value each reporting period. The warrants outstanding at December 31, 2011 expired in March and April 2012. The fair value adjustment for the stock purchase warrants did not materially affect net loss or loss per share in the condensed consolidated statement of operations for the six months ended June 30, 2012.

The following table and related information summarizes the Company’s stock purchase warrants at June 30, 2012 and the stock purchase warrant activity for the six months ended June 30, 2012:

	Number Outstanding			Weighted-Average Exercise Price per Share
Warrants outstanding at December 31, 2011		15,592,100		$	3.14
Expired		(15,592,100	)		3.14
Warrants outstanding at June 30, 2012		—		$	—

All outstanding warrants were fully amortized in 2009 thus the Company recorded no compensation expense relating to vesting of grants [2011—$0]. The Company did not record any gain or loss for the change in the fair value of the warrants with exercise prices denominated in Canadian dollars, for the six months ended June 30, 2012 compared to the $129 gain for the six months ended June 30, 2011.