CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2012

Summary of capital stock share issuances

	2012		2011		2010

Shares outstanding as of December 31,		21,494,696		18,710,002		17,513,608
Summary of Share Issuances:
Shares Issuances related to Equity Compensation:
Shares issued upon exercise of stock options by employees		216,477		397,054		78,166
Proceeds realized from stock option exercises	$	132,026	$	719,484	$	90,448
Average exercise price of options exercised	$	0.61	$	1.81	$	1.16
Restricted Stock Grants		235,000		—		235,000
Share issuances related to Warrant Exercises
Shares issued upon the exercise of warrants		288,217		799,340
Proceeds realized from warrant exercises	$	1,978,729	$	3,877,276
Share issuances related to Equity Offerings
Shares issued pursuant to equity offerings		1,845,000
Proceeds realized from equity offerings	$	16,120,669
Share issuances in Exchange for Services
Share issuances in Exchange for Services		200,000
Value of Shares issued in Exchange for Services	$	1,854,000

Schedule of outstanding warrants by exercise price

Exercise Price	Expiration Date

$9.55	10/5/2014	883,071	883,071	1,079,200
$7.18	1/28/2013	1,059,169	1,079,169	1,079,169
$1.99	11/5/2011	—	—	300,000
$4.54	5/4/2012	—	—	200,000
$7.00	5/4/2012	—	200,000	200,000
$10.25	3/31/2014	100,000	100,000	—
$8.00	5/28/2013	104,000	105,000	105,000
$7.00	10/3/2011	—	—	90,000
$9.55	10/5/2012	—	85,200	85,200
$10.00	11/28/2013	80,000	80,000	80,000
$7.50	10/3/2011	—	—	45,000
$6.14	3/8/2013	7,000	15,000	15,000
$6.50	9/30/2012	—	60,000	60,000

Total		2,233,240	2,607,440	3,338,569

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details