XML 57 R26.htm IDEA: XBRL DOCUMENT

WARRANTS (Tables)

3 Months Ended

Mar. 31, 2013

Warrants Tables

Outstanding Warrants

At March 31, 2013, the Company had the following outstanding warrants:

		Number of Shares Exercisable				Exercise Price			Date of Expiration
Outstanding warrants accounted for as derivative warrant liability:
Granted to debt holder			4,000,000				2.00		8/31/2017
Granted to debt holder			1,000,000				2.13		9/20/2017
Granted to debt holder			500,000				2.27		10/17/2017
Granted to debt holder			1,500,000				2.11		11/6/2017
Total outstanding warrants accounted for as derivative warrant liability			7,000,000
Weighted average exercise price						$	2.06
Weighted average time to expiration in years									4.48 years

Outstanding warrants accounted for as equity:
Granted to investors in private placement of preferred stock			32,249			$	1.00		9/30/2013
Granted to investors in private placement of preferred stock			198,333				1.50		10/28/2013
Granted to investors in private placement of preferred stock			390,000				0.75		2/28/2014
Granted to vendor			60,000				0.60		3/15/2014
Granted to investors in private placement			400,000				1.59		6/30/2014
Granted to investors in private placement			768,000				2.00		11/13/2014
Granted to placement agent in private placement			256,906				1.50		11/13/2014
Granted to investors in private placement			63,000				2.00		12/3/2014
Granted to investors in private placement			341,325				2.25		2/9/2015
Granted to placement agents in private placement			28,500				2.25		2/9/2015
Granted to investor in private placement			6,375				2.25		3/18/2015
Granted to investors in private placement			959,582				3.00		12/7/2014
Total outstanding warrants accounted for as equity			3,504,270
Weighted average exercise price						$	2.02
Weighted average time to expiration in years									1.46 years

Totals for all warrants outstanding:
Total			10,504,270
Weighted average exercise price						$	2.05
Weighted average time to expiration in years									3.47 years

Warrant Activity

A summary of warrant activity for the three months ended March 31, 2013 is as follows:

Warrants		Shares				Weighted- Average Exercise Price
Outstanding at January 1, 2013			12,540,040			$	2.01
Granted			91,483				1.26
Exercised			—				—
Forfeited or expired			(2,127,253	)			1.77
Outstanding at March 31, 2013			10,504,270			$	2.05

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details