Quarterly report pursuant to Section 13 or 15(d)

Warrants

v2.4.0.6
Warrants
6 Months Ended
Jun. 30, 2012
Warrants [Abstract]  
Warrants

6. Warrants

 

A summary of warrant activities for the six month period ending June 30, 2012, and for the year ended December 31, 2011, is as follows:

 

                 
    Warrants     Weighted
Average
Price
 

Balance—December 31, 2010

    306,388     $ 19.14  

Granted

    —         —    

Exercised

    —         —    

Expired

    —         —    
   

 

 

   

 

 

 

Balance—December 31, 2011

    306,388       19.14  

Granted

    2,170,925       2.00  

Exercised

    —         —    

Expired

    —         —    
   

 

 

   

 

 

 

Balance—June 30, 2012

    2,477,313     $ 4.12  
   

 

 

   

 

 

 

On March 23, 2012, pursuant to the terms of a Debt Exchange Agreement and a Loan Agreement with the Koski Family Limited Partnership, or KFLP, we issued warrants to acquire 1,571,405 and 599,520 shares of common stock, respectively, to the KFLP. The warrants are exercisable immediately at a price per share of $2.00 and expire three years from the date of issuance. See Note 9 — Convertible Revolving Notes Payable to Shareholder.

 

 

The warrants outstanding as of June 30, 2012 are as follows:

 

                 

Exercise Price

  Warrants
Outstanding
    Expiration
Dates
 

$2.00

    2,170,925       3/23/15  

$6.00

    12,500       9/14/12  

$10.00

    5,000       4/15/14  

$15.00

    161,000       5/30/13  

$26.00

    127,888       5/30/13  
   

 

 

         
      2,477,313