FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2014

Assets and liabilities measured at fair value

Assets and liabilities measured at fair value as of March 31, 2014 and December 31, 2013 are summarized as follows:


Recurring fair value measurements	March 31, 2014
Recurring fair value measurements	Total		Level 1		Level 2		Level 3
Liabilities:
Warrant liability	$	94,859,540	$	—	$	—	$	94,859,540
Derivatives		21,709,350		—		—		21,709,350

Total liabilities	$	116,568,890	$	—	$	—	$	116,568,890


Recurring fair value measurements	December 31, 2013
Recurring fair value measurements	Total		Level 1		Level 2		Level 3
Liabilities:
Warrant liability	$	16,600,500	$	—	$	—	$	16,600,500

Reconciliation of assets measured at fair value on a recurring basis

The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).


			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Total		Warrant Liability		Derivatives
Balance, January 1, 2014	$	16,600,500	$	16,600,500	$	—
Transfers into Level 3		—		—		—
Transfers out of Level 3		—		—		—
Total net (gains) losses included in:
Net loss		43,377,890		47,271,140		(3,893,250	)
Other comprehensive loss		—		—		—
Purchases, sales, issues, and settlements
Purchases		—		—		—
Issues		56,590,500		30,987,900		25,602,600
Sales		—		—
Settlements		—		—

Balance, March 31, 2014	$	116,568,890	$	94,859,540	$	21,709,350

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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