Quarterly report pursuant to Section 13 or 15(d)

Warrants

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Warrants
3 Months Ended
Mar. 31, 2013
Warrants [Abstract]  
Warrants

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