|
WARRANTS (Tables)
|
9 Months Ended |
12 Months Ended |
|
Sep. 30, 2013
|
Dec. 31, 2012
|
| Warrants Tables |
|
|
| Warrants outstanding |
The Company has the following shares of common stock reserved for
the warrants outstanding as of September 30, 2013:
| |
|
September 30, 2013 |
|
| |
|
Shares |
|
|
Weighted
Average
Exercise
Price
|
|
| Warrants outstanding beginning of year |
|
|
6,711,733 |
|
|
$ |
0.35 |
|
| Warrants exercised |
|
|
- |
|
|
|
- |
|
| Warrants granted |
|
|
2,028,137 |
|
|
|
0.19 |
|
| Warrants expired |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Warrants outstanding end of period |
|
|
8,739,870 |
|
|
$ |
0.32 |
|
|
The Company has the following shares of common stock reserved for
the warrants outstanding as of December 31, 2012:
| |
December 31, 2012 |
|
| |
|
Shares |
|
|
Weighted
Average
Exercise
Price
|
|
| Warrants outstanding beginning of year |
|
|
6,188,400 |
|
|
$ |
0.35 |
|
| Warrants exercised |
|
|
- |
|
|
|
- |
|
| Warrants granted |
|
|
523,333 |
|
|
|
0.45 |
|
| Warrants expired |
|
|
- |
|
|
|
- |
|
| Warrants outstanding end of period |
|
|
6,711,733 |
|
|
$ |
0.35 |
|
|
| Weighted exercise price and weighted fair value of the warrants granted |
The weighted exercise price and weighted fair value of the warrants
granted by the Company as of September 30, 2013, are as follows:
| |
|
September 30, 2013 |
|
| |
|
Weighted Average Exercise Price |
|
|
Weighted Average Fair Value |
|
| |
|
|
|
|
|
|
|
|
| Weighted average of warrants granted during the nine months whose exercise price exceeded fair market value at the date of grant |
|
$ |
0.32 |
|
|
$ |
0.46 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average of warrants granted during the nine months whose exercise price was equal or lower than fair market value at the date of grant |
|
$ |
- |
|
|
$ |
- |
|
|
The weighted exercise price and weighted fair value of the warrants
granted by the Company as of December 31, 2012, are as follows:
| |
|
December 31, 2012 |
|
| |
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Fair Value
|
|
| |
|
|
|
|
|
|
| Weighted average of warrants granted during the twelve months whose exercise price exceeded fair market value at the date of grant |
|
$ |
0.45 |
|
|
$ |
0.26 |
|
| |
|
|
|
|
|
| Weighted average of warrants granted during the twelve months whose exercise price was equal or lower than fair market value at the date of grant |
|
$ |
- |
|
|
$ |
- |
|
|
| Summarizes information about fixed-price warrants outstanding |
The following table summarizes information about fixed-price warrants
outstanding:
|
|
|
Number |
|
Average |
|
Weighted |
|
| Range of |
|
|
Outstanding at |
|
Remaining |
|
Average |
|
|
Exercise
Prices
|
|
|
September 30,
2013
|
|
Contractual
Life
|
|
Exercise
Price
|
|
| |
|
|
|
|
|
|
|
|
| $ |
0.33 |
|
|
|
5,588,400 |
|
15 Months |
|
$ |
0.33 |
|
| $ |
0.46 |
|
|
|
600,000 |
|
26 Months |
|
$ |
0.46 |
|
| $ |
0.46 |
|
|
|
150,000 |
|
31 Months |
|
$ |
0.46 |
|
| $ |
0.85 |
|
|
|
40,000 |
|
29 Months |
|
$ |
0.85 |
|
| $ |
0.40 |
|
|
|
333,333 |
|
29 Months |
|
$ |
0.40 |
|
| $ |
0.33 |
|
|
|
515,637 |
|
55 Months |
|
$ |
0.33 |
|
| $ |
0.16 |
|
|
|
875,000 |
|
57 Months |
|
$ |
0.16 |
|
| $ |
0.11 |
|
|
|
637,500 |
|
58 Months |
|
$ |
0.11 |
|
| |
|
|
|
|
8,739,870 |
|
|
|
|
|
|
|
The following table summarizes information about fixed-price warrants
outstanding:
| |
|
|
Number |
|
|
Average |
|
|
|
|
| Range of |
|
|
Outstanding at |
|
|
Remaining |
|
|
Weighted |
|
| Exercise |
|
|
September 30, |
|
|
Contractual |
|
|
Average |
|
| Prices |
|
|
2012 |
|
|
Life |
|
|
Exercise Price |
|
| $0.33 |
|
|
|
5,588,400 |
|
|
21 Months |
|
|
$0.33 |
|
| $0.46 |
|
|
|
600,000 |
|
|
32 Months |
|
|
$0.46 |
|
| $0.46 |
|
|
|
150,000 |
|
|
37 Months |
|
|
$0.46 |
|
| $0.85 |
|
|
|
40,000 |
|
|
28 Months |
|
|
$0.85 |
|
| $0.40 |
|
|
|
333,333 |
|
|
32 Months |
|
|
$0.40 |
|
| |
|
|
|
6,711,733 |
|
|
|
|
|
|
|
|