Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of fair value on recurring basis

	Fair Value as of December 31, 2012
	Level 1		Level 2		Level 3

Assets
Cash Equivalents	$	1, 630,532	$	—	$	—

	Fair Value as of March 31, 2013
	Level 1		Level 2		Level 3
	(Unaudited)
Assets
Cash Equivalents	$	13,036,027	$	—	$	—

	Fair Value as of March 31, 2013
	Level 1		Level 2		Level 3
	(Unaudited)
Liabilities
Secured Convertible Notes	—		$	17,600,000	—
Warrants		—		—		4,394,500
Total liabilities		—	$	17,600,000	$	4,394,500

Summary of changes in the fair value of the Company's Level 3 liabilities

	Warrant Liability
Level 3 Liabilities
As of December 31, 2012	$	—
Issuance of warrants	4,394,500
As of March 31, 2013	$	4,394,500

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

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