Quarterly report pursuant to Section 13 or 15(d)

Warrants

Warrants

3 Months Ended

Mar. 31, 2013

5. Warrants

A summary of warrant activity for the year ended December 31, 2012 and the three months ended March 31, 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		—

Balance - March 31, 2013		3,035,982		$	3.62

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 March 31, 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
$15.00		161,000		5/30/13
$26.00		127,888		5/30/13

		3,035,982