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v2.4.0.6
Derivative Warrant Liability (Tables)
12 Months Ended
Jun. 30, 2012
Summary of the fair value of the derivative warrant liability

The table below provides a summary of the fair value of the derivative warrant liability and the changes in the fair value of the derivative warrants, including net transfers in and/or out, of derivative warrants measured at fair value on a recurring basis using significant unobservable inputs (level 3) at June 30, 2012 and for the interim period then ended:

 

    Fair Value Measurement Using Level 3 Inputs  
    Derivative warrants Assets (Liability)     Total  
             
Balance, December 31, 2008, the date when Section 815-40-15 became effective   $ (52,887 )   $ (52,887 )
                 
Total gains or losses (realized/unrealized) included in:                
                 
Net income (loss)     (759 )     (759 )
                 
Other comprehensive income (loss)     -       -  
                 
Purchases, issuances and settlements     -       -  
                 
Transfers in and/or out of Level 3     -       -  
                 
Balance, June 30, 2009     (53,646 )     (53,646 )
                 
Total gains or losses (realized/unrealized) included in:                
                 
Net income (loss)     9,504       9,504  
                 
Other comprehensive income (loss)     -       -  
                 
Purchases, issuances and settlements     -       -  
                 
Transfers in and/or out of Level 3     -       -  
                 
Balance, June 30, 2010     (44,142 )     (44,142 )
                 
Total gains or losses (realized/unrealized) included in:                
                 
Net income (loss)     12,946       12,946  
                 
Other comprehensive income (loss)     -       -  
                 
Purchases, issuances and settlements     -       -  
                 
Transfers in and/or out of Level 3     -       -  
                 
Balance, June 30, 2011     (31,196 )     (31,196 )
                 
Total gains or losses (realized/unrealized) included in:                
                 
Net income (loss)     31,196       31,196  
                 
Other comprehensive income (loss)     -       -  
                 
Purchases, issuances and settlements     -       -  
                 
Transfers in and/or out of Level 3     -       -  
                 
Balance, June 30, 2012   $ -     $ -  
Summary of derivative warrant activity

The table below summarizes the Company’s derivative warrant activity through June 30, 2012:

 

    2007 Warrant Activities    

APIC

Reclassification of Derivative Liability

   

(Gain) Loss

Change in Fair Value of Derivative Liability

 
    Derivative Shares    

Non-derivative

 Shares

    Total Warrant Shares     Fair Value of Derivative Warrants          
                                     
Derivative warrants at December 31, 2008     583,111       -       583,111     $ (52,887 )   $ -     $ -  
                                                 
Exercise of warrants     (-     -       (-     -       (-     -  
                                                 
Exercise of warrants – Cashless     (-     -       (-     -       (-     -  
                                                 
Total warrant exercised     (-     -       (-     -       (-     -  
                                                 
Extinguishment of warrant liability resulting from waiver of anti-dilution     (-     -       (-     -       (-     -  
                                                 
Derivative warrants remaining     583,111       -       583,111       (52,887     -       -  
                                                 
Mark to market     -       -               (759 )     -       759  
                                                 
Derivative warrants at June 30, 2009     583,111       -       583,111       (53,646     -       759  
                                                 
Exercise of warrants     (-     -       (-     -       (-     -  
                                                 
Exercise of warrants – Cashless     (-     -       (-     -       (-     -  
                                                 
Total warrant exercised     (-     -       (-     -       (-     -  
                                                 
Extinguishment of warrant liability resulting from waiver of anti-dilution     (-     -       (-     -       (-     -  
                                                 
Derivative warrants remaining     583,111       -       583,111       (53,646     -       -  
                                                 
Mark to market     -       -               9,504       -       (9,504
                                                 
Derivative warrants at June 30, 2010     583,111       -       583,111       (44,142     -       -  
                                                 
Mark to market     -       -               12,946       -       (12,946
                                                 
Derivative warrants at June 30, 2011     583,111       -       583,111       (31,196     -       -  
                                                 
Mark to market (warrants expired)     (583,111 )     -       (583,111     31,196       -       31,196  
                                                 
Derivative warrants at June 30, 2012     -       -       -     $ -     $ -     $ -  

December 31, 2008 [Member]
 
Fair Value assumptions

The fair value of the 2007 derivative warrants was computed using the Cox, Ross & Rubenstein Binomial Lattice Model with the following assumptions at December 31, 2008, the date when Section 815-40-15 became effective:

 

   

December 31,

2008

 
         
Expected life (year)     3.38  
         
Expected volatility     91.00 %
         
Expected annual rate of quarterly dividends     0.00 %
         
Risk-free interest rate     1.55 %
June 30, 2011 [Member]
 
Fair Value assumptions

The fair value of the 2007 derivative warrants was computed using the Cox, Ross & Rubenstein Binomial Lattice Model with the following assumptions:

 

   

June 30,

2011

 
         
Expected life (year)     0.88  
         
Expected volatility     87.43 %
         
Expected annual rate of quarterly dividends     0.00 %
         
Risk-free interest rate     0.88 %