Neogenix Oncology Inc - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - April 23, 2012

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EX-32.1 - EXHIBIT 32.1 - Neogenix Oncology Incv310078_ex32-1.htm
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10-Q - FORM 10-Q - Neogenix Oncology Incv310078_10q.htm
v2.4.0.6
Fair Value
 9 Months Ended
Sep. 30, 2011
Fair Value

Note 3 – Fair Value

 

The Company follows a three-tier fair value hierarchy which prioritizes the inputs used in measuring the fair value of its assets and liabilities. These tiers include (i) Level 1, defined as observable inputs such as quoted prices in active markets for identical assets, (ii) Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and (iii) Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

All cash and cash equivalents, short-term investments, and short-term restricted cash and investments are recorded at fair market value at September 30, 2011 and December 31, 2010. The inputs used in measuring the fair value of these instruments are considered to be Level 1 in accordance with the three-tier fair value hierarchy. The fair market values are based on period-end statements supplied by the various banks and brokers that held the majority of the Company’s funds deposited in institutional money market mutual funds with the remainder held in regular interest bearing and non-interest bearing depository accounts with commercial banks.

 

Total long-term investments and restricted investments consist of certificates of deposit with original maturities greater than three months, and had an estimated fair value at September 30, 2011 and December 31, 2010 of $2,270,000 and $7,540,000, respectively. Long-term investments and restricted investments are classified as Level 1 within the fair value hierarchy.

 

 

The fair value of derivative liabilities related to stock purchase warrants was $805,659 as of September 30, 2011 and the derivative liabilities are considered Level 3 liabilities; the Company had no Level 3 derivative liabilities as of December 31, 2010. The derivative liabilities were measured at fair value using the Black-Scholes option pricing model (see Note 5). The following table reflects the change in the Company’s Level 3 assets and liabilities for the nine months ended September 30, 2011:

 

    Balance as                 Balance as  
    of                 of  
    December     New     Unrealized     September  
    31, 2010     Liabilities     Gains     30, 2011  
Derivative liabilities   $ -     $ 822,690     $ (17,031 )   $ 805,659  

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