Annual report pursuant to section 13 and 15(d)

12. FAIR VALUE MEASUREMENTS (Tables)

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12. FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Significant assumptions

Significant assumptions used and related fair values for the warrants as of December 31, 2013 were as follows:

 

Original Issuance   Exercise Price     Volatility     Risk Free Interest Rate     Term (years)     Market Discount     Warrants Outstanding     Fair Value  
06/21/2013   $ 7.59       52.4%       0.13%       1.24       22.7%       1,051,000     $ 660,000  
03/28/2013   $ 7.59       52.4%       0.13%       1.20       22.7%       788,000       495,000  
01/11/2013   $ 6.32       63.3%       1.27%       4.03       43.8%       1,709,000       2,892,000  
09/26/2012   $ 8.85       58.5%       0.38%       1.74       42.3%       1,771,000       702,000  
07/3/2012   $ 6.09       61.2%       1.27%       3.51       40.2%       1,812,000       3,008,000  
07/3/2012   $ 5.47       52.8%       0.01%       0.01       42.3%       804,000       3,000  
12/13/2011   $ 8.43       60.4%       0.78%       2.95       37.9%       306,000       455,000  
                                                    $ 8,215,000  

 

Significant assumptions used and related fair values for the warrants as of December 31, 2012 were as follows:

 

Original Issuance   Exercise Price     Volatility     Risk Free Interest Rate     Term (years)     Market Discount     Warrants Outstanding     Fair Value  
09/26/2012   $ 8.85       70.2%       0.36%       2.74       53.9%       1,833,000     $ 1,112,000  
07/3/2012   $ 7.50       76.1%       0.72%       4.51       55.5%       1,867,000       2,756,000  
07/3/2012   $ 6.45       69.3%       0.16%       1.01       55.5%       930,000       509,000  
12/13/2011   $ 12.45       74.4%       0.54%       3.95       52.3%       330,000       480,000  
10/6/2010   $ 1.80       76.0%       0.72%       4.80       46.4%       17,000       35,000  
                                                    $ 4,892,000  

 
Schedule of fair value measurements

The following table summarizes fair value measurements by level at December 31, 2013 (in thousands):

 

    Level 1     Level 2     Level 3     Total  
Assets:                                
Commodity contracts(1)   $ 961     $ –     $ –     $ 961  
Total Assets   $ 961     $ –     $ –     $ 961  
                                 
Liabilities:                                
Warrants(2)   $ –     $ –     $ 8,215     $ 8,215  
Commodity contracts(3)     859       –       –       859  
Total Liabilities   $ 859     $ –     $ 8,215     $ 9,074  

__________

(1) Included in other current assets in the consolidated balance sheets.

(2) Included in warrant liabilities at fair value in the consolidated balance sheets.

(3) Included in accrued liabilities in the consolidated balance sheets.

 

The following table summarizes fair value measurements by level at December 31, 2012 (in thousands):

 

    Level 1     Level 2     Level 3     Total  
Assets:                                
Commodity contracts(1)   $ 189     $ –     $ –     $ 189  
Total Assets   $ 189     $ –     $ –     $ 189  
                                 
Liabilities:                                
Warrants   $ –     $ –     $ 4,892     $ 4,892  
Commodity contracts(2)     167       –       –       167  
Total Liabilities   $ 167     $ –     $ 4,892     $ 5,059  

__________

(1) Included in other current assets in the consolidated balance sheets.

(2) Included in other current liabilities in the consolidated balance sheets.

 
Level 3 fair value schedule
    Warrants     Conversion Features  
Balance, December 31, 2011   $ 1,921     $ –  
Issuance of warrants in July offering     3,380       –  
Issuance of warrants in September offering     1,658       –  
Exercises of warrants     (113 )     –  
Adjustments to fair value for the period     (1,954 )     –  
Balance, December 31, 2012   $ 4,892     $ –  
Issuance of warrants in January offering   $ 2,657     $ –  
Issuance of notes and warrants in March offering     1,572       1,401  
Issuance of notes in June offering     –       2,929  
Conversions of notes     –       (5,205 )
Exercises of warrants     (260 )     –  
Adjustments to fair value for the period     (646 )     875  
Balance, December 31, 2013   $ 8,215     $ –