Quarterly report pursuant to Section 13 or 15(d)

Warrants

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Warrants
6 Months Ended
Jun. 30, 2013
Text Block [Abstract]  
Warrants

5. Warrants

A summary of warrant activity for the year ended December 31, 2012 and the six months ended June 30, 2013 is as follows:

 

     Warrants     Weighted
Average Price
 

Balance—December 31, 2011

     306,388      $ 19.14   

Granted

     2,942,094        1.87   

Exercised

     —          —     

Expired

     (12,500     (6.00
  

 

 

   

 

 

 

Balance—December 31, 2012

     3,235,982        3.53   

Granted

     —          —     

Exercised

     (200,000     1.50   

Expired

     (288,888     (19.87
  

 

 

   

 

 

 

Balance—June 30, 2013

     2,747,094      $ 1.91   
  

 

 

   

 

 

 

On January 31, 2013 Griffin Securities Inc. exercised 200,000 of their previously issued warrants resulting in the issuance of 106,250 shares of our common stock.

The warrants outstanding as of June 30, 2013 are as follows:

 

Exercise Price

   Warrants
Outstanding
     Expiration
Dates
 

$1.50

     571,169         7/30/17   

$2.00

     2,170,925         3/23/15   

$10.00

     5,000         4/15/14   
  

 

 

    
     2,747,094