XML 48 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock Warrants
3 Months Ended
Mar. 31, 2013
Common Stock Warrants
4. Common Stock Warrants

The following table summarizes the common stock warrant activity from December 31, 2012 through March 31, 2013:

 

    

 

          Shares          

       Weighted Average  
Exercise Price
 

Outstanding, December 31, 2012

     7,424,241         $ 3.71       

Granted

     5,000          2.65       

Exercised

     -         -       

Forfeited/cancelled

     -         -       
  

 

 

    

Outstanding, March 31, 2013

     7,429,241         $                 3.71       
  

 

 

    

Consultant Warrants

In January 2013, the Company entered into an agreement with a consultant that provided for the grant of warrants for the purchase of 5,000 shares of common stock at an exercise price of $2.65 per share. The following assumptions were used to value the warrants: an expected life of 3 years, volatility of 87%, risk free interest rate of 0.42% and zero dividends. The Company recognized an expense of $7,000 related to these warrants during the three months ended March 31, 2013.