Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

Warrants (Tables)

9 Months Ended

Sep. 30, 2013

A summary of warrant activity for the year ended December 31, 2012 and the nine months ended September 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 – September 30, 2013		2,747,094		$	1.91

Summary of Warrants Outstanding

The warrants outstanding as of September 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

- 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.

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