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Convertible Notes and Warrants (Tables)

6 Months Ended

Jun. 30, 2013

2011 Warrants

Convertible Notes and Warrant Liabilities

	2011 Warrants		Exercise Price
Beginning balance — December 31, 2012	40,000,000		$	0.15
Less: Canceled	(40,000,000	)	0.15
Add: Issued	65,263,156		0.098
Less: Exercised	(29,085,523	)	0.098
Ending Balance — June 30, 2013	36,177,633		$	0.098

2012 Warrants - $0.15 Warrants

Convertible Notes and Warrant Liabilities

Summary of warrants outstanding

$0.15 Warrants	Warrants		Exercise Price
Beginning balance at December 31, 2012	10,000,000		$	0.15
Less: Canceled	(10,000,000	)	0.15
Add: Issued	16,315,790		0.098
Less: Exercised	—		—
Ending balance at June 30, 2013	16,315,790		$	0.098

2012 Warrants - $0.25 Warrants

Convertible Notes and Warrant Liabilities

Summary of warrants outstanding

$0.25 Warrants	Warrants		Exercise Price
Beginning balance at December 31, 2012	10,000,000		$	0.25
Less: Canceled	(10,000,000	)	0.25
Ending balance at June 30, 2013	—		$	—

Third Tranche Warrants

Convertible Notes and Warrant Liabilities

Summary of warrants outstanding

Third Tranche Warrants	Warrants		Exercise Price
Beginning balance at December 31, 2012	—		$	—
Add: Issued	2,500,000		$	0.15
Less: Canceled warrants	(2,500,000	)	0.15
Ending balance at June 30, 2013	—		$	—

- 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.

+ References+ Details