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 September 30, 2013

Short-term investments available for sale Bonds – corporate issuances

$

32,038,638

$

32,038,638

$

─

$

─

As of December 31, 2012

Short-term investments available for sale Bonds – corporate issuances

$

8,037,620

$

8,037,620

$

─

$

─

Liabilities:

As of September 30, 2013

Common stock warrant liability

$

5,252,660

$

─

$

─

$

5,252,660

As of December 31, 2012

Common stock warrant liability

$

4,283,932

$

─

$

─

$

4,283,932