COMMON STOCK	6 Months Ended
Jun. 30, 2014
COMMON STOCK
COMMON STOCK	7. COMMON STOCK *Common stock issued, net of issuance costs* Registered Direct Offering On February 12, 2014, the Company completed a registered direct offering with the issuance of 3,960,000 shares of common stock at a price of $2.60 per share for net proceeds of $9,307,245. At-the-market Sales On October 31, 2011, the Company entered into an ATM Sales Agreement with BTIG LLC (the “ATM Sales Agreement”), a major global securities trading firm that acts as our sales agent. Under the ATM Sales Agreement, the Company may sell from time to time, in “at-the-market” offerings, shares of its common stock registered under its currently effective registration statement on Form S-3. On October 31, 2011, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the offering, relating to shares of its common stock having an aggregate offering price of up to $15.0 million. The Company pays BTIG a commission equal to 3.0% of the gross proceeds from the sale of any shares pursuant to the ATM Sales Agreement. During the six months ended June 30, 2014 the Company sold 523,350 shares of common stock for net proceeds of $1,875,826 under the ATM Sales Agreement. Subsequent to June 30, 2014, the Company sold 69,301 shares of its common stock for net proceeds of $180,977. As of August 8, 2014, approximately $6.9 million of the aggregate $15.0 million remained available for future sales under the ATM Sales Agreement. *Common stock issued for loan interest and fees* As discussed in Note 3 above, unless RCF elects to receive cash, RCF receives common shares of the Company for the payment of interest owing on the Loan Agreement. For the six-months ended June 30, 2014, the Company issued 184,143 common shares for the payment of $501,250 in interest and fees. *Common stock issued for settlement of litigation* On April 15, 2014, the Company and a former executive of the Company, entered into a Settlement Agreement and General Release, under the terms of which it was agreed by the Company’s former executive to dismiss with prejudice claims he brought in a lawsuit against the Company. As a result of this Settlement Agreement, the Company issued common shares to the Company’s former executive with a value of $333,847. The issuance of 119,231 shares of common stock was based upon a common share price of $2.80.

COMMON STOCK

6 Months Ended

Jun. 30, 2014

7. COMMON STOCK

Common stock issued, net of issuance costs

Registered Direct Offering

On February 12, 2014, the Company completed a registered direct offering with the issuance of 3,960,000 shares of common stock at a price of $2.60 per share for net proceeds of $9,307,245.

At-the-market Sales

On October 31, 2011, the Company entered into an ATM Sales Agreement with BTIG LLC (the “ATM Sales Agreement”), a major global securities trading firm that acts as our sales agent. Under the ATM Sales Agreement, the Company may sell from time to time, in “at-the-market” offerings, shares of its common stock registered under its currently effective registration statement on Form S-3. On October 31, 2011, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the offering, relating to shares of its common stock having an aggregate offering price of up to $15.0 million. The Company pays BTIG a commission equal to 3.0% of the gross proceeds from the sale of any shares pursuant to the ATM Sales Agreement.

During the six months ended June 30, 2014 the Company sold 523,350 shares of common stock for net proceeds of $1,875,826 under the ATM Sales Agreement. Subsequent to June 30, 2014, the Company sold 69,301 shares of its common stock for net proceeds of $180,977. As of August 8, 2014, approximately $6.9 million of the aggregate $15.0 million remained available for future sales under the ATM Sales Agreement.

Common stock issued for loan interest and fees

As discussed in Note 3 above, unless RCF elects to receive cash, RCF receives common shares of the Company for the payment of interest owing on the Loan Agreement. For the six-months ended June 30, 2014, the Company issued 184,143 common shares for the payment of $501,250 in interest and fees.

Common stock issued for settlement of litigation

On April 15, 2014, the Company and a former executive of the Company, entered into a Settlement Agreement and General Release, under the terms of which it was agreed by the Company’s former executive to dismiss with prejudice claims he brought in a lawsuit against the Company. As a result of this Settlement Agreement, the Company issued common shares to the Company’s former executive with a value of $333,847. The issuance of 119,231 shares of common stock was based upon a common share price of $2.80.