Quarterly report pursuant to sections 13 or 15(d)

11. Warrants

v2.4.0.6
11. Warrants
 3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Warrants

In connection with the sale of shares of its common stock in 2010 the Company issued warrants to purchase a total of 471,108 shares of its common stock at $0.40 per share exercisable for a three-year period.

 

 Warrants to purchase up to 5,380,952 shares of common stock were issued on June 27, 2012 to various holders as part of the debenture disclosed on the Form 8-K filed by the Company on July 3, 2012. These warrants have an exercise price of $0.33 and will expire on June 27, 2017.  All common stock underlying the warrants will be restricted when issued.

 

The following schedule summarizes the changes in the Company’s warrants during the three months ended March 31, 2013:

   

    Number of Warrants     Exercise Price per Share     Weighted Average Exercise Price per Share  
Balance at December 31, 2012     5,852,060     $ 0.33 - 0.40     $ 0.34  
Warrants Granted     –       –       –  
Warrants Exercised     –       –       –  
Warrants Expired     –       –       –  
Balance at March 31, 2013     5,852,060       0.33 - 0.40       0.34  
                         
Exercisable at March 31, 2013     5,852,060     $ 0.33 - 0.40     $ 0.34  

  

The following schedule summarizes the outstanding warrants at March 31, 2013:

 

Number of Warrants Outstanding at

March 31, 2013

  

Number of

Warrants Exercisable at

March 31, 2013

   Expiration Date   Exercise Price
               
471,108   471,108   2013   $ 0.40
5,380,952   5,380,952   2017   $   0.33