Warrants (Tables)

12 Months Ended

Dec. 31, 2013

The following table summarizes information about the Company's warrants at December 31, 2013:


					Weighted
					Average
			Weighted		Remaining
			Average		Contractual
	Number		Exercise		Term		Intrinsic
	of Units		Price		(in years)		Value

Outstanding at December 31, 2012		90,973	$	4.90

Granted		30,000		5.00

Outstanding at December 31, 2013		120,973	$	4.92		3.5		-

Exercisable at December 31, 2013		120,973	$	4.92		3.5		-

Summary of Assumptions Used to Value Warrants

The warrants were valued using the Black-Scholes pricing model with the following assumptions:


	Year Ended December 31,
	2013			2012
Volatility		56	%		57% - 68	%
Risk-free interest rate		0.35	%		0.31% - 2.07	%
Expected term	1.5 years			2.5 - 5 years

- Definition

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.

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