Quarterly report pursuant to Section 13 or 15(d)

Warrants

Warrants

3 Months Ended

Mar. 31, 2014

5. Warrants

A summary of warrant activity for the year ended December 31, 2013 and the three months ended March 31, 2014 is as follows:


	Warrants			Weighted Average Price
Balance – December 31, 2012		3,235,982		$	3.53
Granted		—			—
Exercised		(200,000	)		1.50
Expired		(288,888	)		19.87

Balance – December 31, 2013		2,747,094			1.91
Granted		—			—
Exercised		(210,000	)		1.50
Expired		—			—

Balance – March 31, 2014		2,537,094		$	1.94

On January 13, 2014, we issued 135,000 shares to Adrian Stecyk pursuant to his partial cashless exercise of 210,000 warrant shares relating to the warrants we issued to Griffin Securities, Inc. and its designees in connection with its service as placement agent in our July 2012 Private Financing.

The warrants outstanding as of March 31, 2014 are as follows:


Exercise Price	Warrants Outstanding		Expiration Dates
$1.50		361,169		7/31/17
$2.00		2,170,925		3/23/15
$10.00		5,000		4/15/14

		2,537,094