Quarterly report pursuant to Section 13 or 15(d)

WARRANTS (Tables)

v2.4.0.8
WARRANTS (Tables)
 3 Months Ended
Mar. 31, 2014
Warrants Tables  
Warrants outstanding

The Company has the following shares of common stock reserved for the warrants outstanding as of March 31, 2014:

    March 31, 2014  
          Weighted  
          Average  
          Exercise  
    Shares     Price  
Warrants outstanding – beginning of year     19,550,817     $ 0.17  
Warrants exercised     (2,838,777 )     0.06  
Warrants granted     2,807,018       0.30  
Warrants expired     -       -  
                 
Warrants outstanding – end of period     19,519,058     $ 0.21  
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 March 31, 2014, are as follows: 

    March 31, 2014  
  Weighted Average Exercise Price   Weighted Average Fair Value
             
Weighted average of warrants granted during the three months whose exercise price exceeded fair market value at the date of grant   $ 0.30     $ 0.45  
                 
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   $ -     $ -  
Summarizes information about fixed-price warrants outstanding

The following table summarizes information about fixed-price warrants outstanding:

      Number   Average      
Range of     Outstanding at   Remaining   Weighted  
Exercise     March 31,   Contractual   Average  
Prices     2014   Life   Exercise Price  
$ 0.33       5,540,400   6 Months   $ 0.33  
$ 0.46       600,000   17 Months   $ 0.46  
$ 0.46       150,000   22 Months   $ 0.46  
$ 0.85       40,000   13 Months   $ 0.85  
$ 0.40       333,333   17 Months   $ 0.40  
$ 0.33       439,637   45 Months   $ 0.33  
$ 0.16       875,000   48 Months   $ 0.16  
$ 0.06       8,733,670   54 Months   $ 0.06  
$ 0.30       1,403,509   46 Months   $ 0.30  
$ 0.30       1,403,509   47 Months   $ 0.30  
          19,519,058