PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2013

Prepaid Expense and Other Assets, Current [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at September 30, 2013 include $0.7 million deferred warrant liability recognized related to the warrant granted to H.C. Wainwright to purchase up to 2,125,000 shares of the Company’s common stock at an exercise price of $1.00 per share.  The estimated fair value of $1.1 million was recognized as a charge to equity with a corresponding deferred warrant liability for the portion of the value that remains unvested at September 30, 2013.  According to the terms of the warrant, the Company expects the remaining $0.7 million to be amortized to expense over the next two quarters. See Note 9 – Stockholders’ Deficit for further information.