Quarterly report pursuant to Section 13 or 15(d)

Warrants

Warrants

6 Months Ended

Jun. 30, 2014

5.	Warrants

A summary of warrant activity for the year ended December 31, 2013 and the six months ended June 30, 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		(5,000	)		10.00

Balance - June 30, 2014		2,532,094		$	1.93

On January 13, 2014, we issued 135,000 shares of our common stock pursuant to a 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. On April 15, 2014, warrants to acquire 5,000 shares of the Company’s common stock at a price of $10.00 per share expired.

The warrants outstanding as of June 30, 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

		2,532,094