WARRANTS (Tables)

3 Months Ended

Mar. 31, 2014

Warrants Tables

Warrants assumptions utilized by the Company

The following assumptions were utilized by the Company:

	2014			2013
Risk-free interest rate		1.53% - 1.73	%		0.70% - 2.23	%
Expected dividend yield		—			—
Expected term (contractual term)	3.42 – 5 years			0.06 - 5 years
Forfeiture rate		—			—
Expected volatility		121% - 122	%		123% - 144	%

Outstanding Warrants

At March 31, 2014, the Company had the following outstanding warrants:

	Number of Shares Exercisable		Exercise Price		Date of Expiration
Outstanding warrants accounted for as derivative warrant liability:
Granted to debt holder		400,000	$	20.00	8/31/2017
Granted to debt holder		100,000		21.30	9/20/2017
Granted to debt holder		50,000		22.70	10/17/2017
Granted to debt holder		150,000		21.10	11/6/2017
Total outstanding warrants accounted for as derivative warrant liability		700,000
Weighted average exercise price			$	20.61
Weighted average time to expiration					3.48 years
Outstanding warrants accounted for as equity:
Granted to investors in private placement		40,000		15.90	6/30/2014
Granted to investors in private placement		76,800		20.00	11/13/2014
Granted to placement agent in private placement		25,695		15.00	11/13/2014
Granted to investors in private placement		6,300		20.00	12/3/2014
Granted to investors in private placement		34,147		22.50	2/9/2015
Granted to placement agents in private placement		2,853		22.50	2/9/2015
Granted to investor in private placement		638		22.50	3/18/2015
Granted to investors in private placement		95,960		30.00	12/7/2014
Granted to investors in private placement of common and preferred stock		181,818		2.75	12/10/2018
Granted to investors in private placement of common stock		18,182		2.75	2/20/2019
Total outstanding warrants accounted for as equity		482,393
Weighted average exercise price			$	14.43
Weighted average time to expiration					2.14 years
Totals for all warrants outstanding:
Total		1,182,393
Weighted average exercise price			$	18.09
Weighted average time to expiration					3.01 years

Warrant Activity

A summary of warrant activity for the three months ended March 31, 2014 is as follows:

Warrants	Shares			Weighted- Average Exercise Price
Outstanding warrants at January 1, 2014		1,209,211		$	17.92
Granted		18,182		$	2.75
Exercised		—		$	—
Forfeited or expired		(45,000	)	$	7.30
Outstanding warrants at March 31, 2014		1,182,393		$	18.09