Total Fair

Value on the

Balance

Sheet

Quoted Prices

In Active

Markets For

Identical Assets

/Liabilities

(Level 1)

Significant

Other

Observable

Inputs

(Level 2)

Significant

Unobservable

Inputs

(Level 3)

Assets:

As of June 30, 2013

Short-term investments available for sale Bonds – corporate issuances

$

42,706,769

$

42,706,769

$

-

$

-

As of December 31, 2012

Short-term investments available for sale Bonds – corporate issuances

$

8,037,620

$

8,037,620

$

-

$

-

Liabilities:

As of June 30, 2013

Common stock warrant liability

$

4,733,817

$

-

$

-

$

4,733,817

As of December 31, 2012

Common stock warrant liability

$

4,283,932

$

-

$

-

$

4,283,932