STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2012

STOCKHOLDERS' EQUITY

Schedule of warrants issued and outstanding

Issue date	Expiry date		Exercise price		Number of warrants
April 4, 2011		April 4, 2016	$	7.71		1,655,314
November 21, 2012		November 21, 2017	$	8.73		1,078,145

Schedule of changes to the number of stock options granted by the Company and their weighted average exercise price

	2012					2011
	Number of options			Weighted average exercise price		Number of options			Weighted average exercise price
Balance, beginning of year		177,364		$	26.50		43,036		$	130.00
Granted		532,304			11.00		157,333			17.50
Forfeited		(147,112	)		15.00		(20,251	)		145.00
Expired		(2,741	)		167.00		(2,754	)		181.50
Exercised		—			—		—			—
Balance, end of year		559,815			15.00		177,364			26.50
Options exercisable, end of year		159,017		$	22.50		59,454		$	47.50

Schedule of assumptions used to estimate the fair value of options granted at the date of grant using the Black-Scholes option pricing model

	YEAR ENDED DECEMBER 31,
Weighted average	2012			2011
Risk-free interest rate		1.18	%		2.04	%
Dividend yield		0	%		0	%
Volatility factor		116.43	%		116.79	%
Expected life in years		4.42			4.27

Schedule of options vested and unvested expected to vest

Vested and unvested expected to vest at December 31, 2012	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)
Outstanding at December 31, 2012		559,815	$	15.00		4.34
Exercisable at December 31, 2012		159,017		22.50		3.94