2.4.0.8115 - Disclosure - Stockholders' Equitytruefalsefalse1false falsefalseP01_01_2013To06_30_2013http://www.sec.gov/CIK0001133818duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_StockholdersEquityNoteAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Stockholders' Equity Note [Abstract]2false 2us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00 <table border="0" style="clear:both;width:100%; table-layout:fixed;"> <tr> <td></td> </tr> </table> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div><strong>8.</strong></div> </td> <td style="TEXT-ALIGN: justify"> <div><strong>Stockholders’ Equity</strong></div> </td> </tr> </table> </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em> </em></strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Issuance of Common Stock</em></strong>  In May and June of 2007, the Company issued <font style=" FONT-SIZE: 10pt"><font style=" FONT-SIZE: 10pt"> 6,505,994</font></font> shares of common stock for $<font style=" FONT-SIZE: 10pt">6,506</font> in cash to founders of the Company. In August of 2007, the Company issued <font style=" FONT-SIZE: 10pt">3,975,000</font> shares of common stock for $<font style=" FONT-SIZE: 10pt">993,750</font> in cash to investors in the Company pursuant to a private placement memorandum. In August of 2007 the Company issued an additional <font style=" FONT-SIZE: 10pt">1,333,334</font> shares of common stock for $<font style=" FONT-SIZE: 10pt">1,000,000</font> in cash to investors in the Company pursuant to a second round of financing. The Company issued <font style=" FONT-SIZE: 10pt">530,833</font> in common stock to the Placement Agent as commission for the shares of common stock sold to investors. In November of 2007, the Company issued <font style=" FONT-SIZE: 10pt">3,138,889</font> shares in common stock to MD Anderson as partial consideration for its two technology licenses from MD Anderson.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February of 2008, the Company completed a reverse merger with Ogden Golf Co. Corporation and issued <font style=" FONT-SIZE: 10pt">38,023,578</font> shares of common stock of the public company Bio-Path Holdings (formerly Ogden Golf Co. Corporation) in exchange for pre-merger common stock of Bio-Path, Inc. In addition, shareholders of Ogden Golf Co. Corporation retained <font style=" FONT-SIZE: 10pt">3,600,000</font> shares of common stock of Bio-Path Holdings. In February of 2008 Bio-Path issued <font style=" FONT-SIZE: 10pt">80,000</font> shares of common stock to strategic consultants pursuant to executed agreements and the fair value was expensed upfront as common stock for services. In April of 2008, the Company issued <font style=" FONT-SIZE: 10pt">200,000</font> shares of common stock to a firm in connection with introducing Bio-Path, Inc. to its merger partner Ogden Golf Co. Corporation. The fair value of this stock issuance was expensed upfront as common stock for services valued at $<font style=" FONT-SIZE: 10pt">180,000</font>. In April of 2008, the Company recorded an additional <font style=" FONT-SIZE: 10pt"> 24</font> shares for rounding in accordance with FINRA rules. In December of 2008, the Company issued <font style=" FONT-SIZE: 10pt">100,000</font> shares of common stock to an investor relations firm for services. The fair value of this stock issuance was expensed upfront as common stock for services valued at $<font style=" FONT-SIZE: 10pt">40,000</font>. There were no issuances of shares during the first quarter of 2009. In June of 2009, the Company issued <font style=" FONT-SIZE: 10pt"> 660,000</font> shares of common stock and warrants to purchase an additional <font style=" FONT-SIZE: 10pt">660,000</font> shares of common stock for $<font style=" FONT-SIZE: 10pt">165,000</font> in cash to investors in the Company pursuant to a private placement memorandum. The warrants must be exercised within two years from the date of issuance. The exercise price of the warrants is $<font style=" FONT-SIZE: 10pt">1.50</font> a share. In connection with this private placement, the Company issued <font style=" FONT-SIZE: 10pt">66,000</font> shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors. There were no issuances of shares during the fourth quarter of 2009.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In November and December of 2009, the Company sold shares of common stock and warrants to purchase shares of common stock for $<font style=" FONT-SIZE: 10pt"><font style=" FONT-SIZE: 10pt">675,000</font></font> in cash to investors pursuant to a private placement memorandum. These shares were not issued by the December 31, 2009 year end. In January 2010, the Company issued these investors <font style=" FONT-SIZE: 10pt"> 2,700,000</font> shares of common stock and warrants to purchase an additional <font style=" FONT-SIZE: 10pt">2,700,000</font> shares of common stock. The warrants must be exercised within two years from the date of issuance. The exercise price of the warrants is $<font style=" FONT-SIZE: 10pt">1.50</font> a share. In January 2010, the Company also sold an additional <font style=" FONT-SIZE: 10pt">900,000</font> shares of common stock and warrants to purchase an additional <font style=" FONT-SIZE: 10pt"> 900,000</font> shares of common stock for $<font style=" FONT-SIZE: 10pt">225,000</font> in cash to investors in the Company pursuant to a private placement memorandum. The warrants must be exercised within two years from the date of issuance and the exercise price is $<font style=" FONT-SIZE: 10pt">1.50</font> a share. In connection with these private placement sales of equity, the Company issued <font style=" FONT-SIZE: 10pt">360,000</font> shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In May of 2010, the Company issued <font style=" FONT-SIZE: 10pt"> 780,000</font> shares of common stock and warrants to purchase an additional <font style=" FONT-SIZE: 10pt">780,000</font> shares of common stock for $<font style=" FONT-SIZE: 10pt">273,000</font> in cash to investors in the Company pursuant to a private placement memorandum. The warrants must be exercised within two years from the date of issuance. The exercise price of the warrants is $<font style=" FONT-SIZE: 10pt">1.50</font> a share. In connection with this private placement, the Company issued <font style=" FONT-SIZE: 10pt">78,000</font> shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June of 2010, the Company signed an equity purchase agreement for up to $7 million with Lincoln Park Capital Fund, LLC (“LPC” or “Lincoln”), a Chicago-based institutional investor. Under the terms of the equity purchase agreement, the Company has the right to sell shares of its common stock to LPC from time to time over a <font style=" FONT-SIZE: 10pt">24</font>-month period in amounts between $<font style=" FONT-SIZE: 10pt">50,000</font> and $<font style=" FONT-SIZE: 10pt">1,000,000</font> up to an aggregate amount of $7 million depending upon certain conditions set forth in the purchase agreement including that a registration statement related to the transaction has been declared effective by the U.S. Securities and Exchange Commission (“SEC”). As a result, a registration statement was filed and later declared effective by the SEC on July 12, 2010. Upon signing the agreement, the Company received $<font style=" FONT-SIZE: 10pt">200,000</font> from LPC as an initial purchase in exchange for <font style=" FONT-SIZE: 10pt"> 571,429</font> shares (“Initial Purchase Shares”) of the Company’s common stock and warrants to purchase <font style=" FONT-SIZE: 10pt">571,429</font> shares of the Company’s common stock at an exercise price of $<font style=" FONT-SIZE: 10pt">1.50</font> per share. Subsequent purchases of the Company’s common stock by Lincoln Park under the agreement do not include warrants. In connection with the signing of the LPC financing agreement, the Company issued LPC <font style=" FONT-SIZE: 10pt">12,000</font> shares of the Company’s common stock for its due diligence efforts and <font style=" FONT-SIZE: 10pt">566,801</font> shares of the Company’s common stock as a commitment fee for the balance of the $7 million equity purchase commitment.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July of 2010, the Company received $<font style=" FONT-SIZE: 10pt"><font style=" FONT-SIZE: 10pt">150,000</font></font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">375,000</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">6,251</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the <font style=" FONT-SIZE: 10pt">375,000</font> shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September of 2010, the Company received $<font style=" FONT-SIZE: 10pt">50,000</font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">125,000</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">2,084</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 125,000 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In October of 2010, the Company received $<font style=" FONT-SIZE: 10pt">50,000</font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">135,135</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">2,084</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 135,135 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In November of 2010, the Company received $<font style=" FONT-SIZE: 10pt">50,000</font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">135,135</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">2,084</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 135,135 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> From November 2010 through April of 2011 the Company sold shares of common stock for $<font style=" FONT-SIZE: 10pt">1,794,205</font> in cash to investors pursuant to a private placement memorandum. In June of 2011, the Company issued <font style=" FONT-SIZE: 10pt"> 5,980,685</font> shares of common stock to these investors. In connection with this private placement, in June of 2011 the Company issued <font style=" FONT-SIZE: 10pt">598,069</font> shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors. No warrants to purchase additional shares of common stock of the Company were issued to these investors in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June of 2011, the Company received $<font style=" FONT-SIZE: 10pt">50,000</font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">164,853</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">2,084</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 164,853 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In October of 2011, the Company issued <font style=" FONT-SIZE: 10pt">1,920,000</font> shares of common stock for $<font style=" FONT-SIZE: 10pt">576,000</font> to investors who exercised warrants from September to October 2011.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In November of 2011, the Company received $<font style=" FONT-SIZE: 10pt">25,000</font> from LPC in exchange for 83,333 shares of the Company’s common stock. LPC was also issued 1,042 shares of the Company’s common stock as a commitment fee in connection with the purchase of the 83,333 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In December of 2011, the Company received $<font style=" FONT-SIZE: 10pt">50,000</font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">172,414</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">2,084</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 172,414 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In March of 2012, the Company received $<font style=" FONT-SIZE: 10pt">50,000</font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">166,667</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">2,084</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 166,667 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In April of 2012, LPC made three separate purchases of the Company’s common stock. The Company received $<font style=" FONT-SIZE: 10pt">25,000</font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">89,286</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">1,042</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 89,286 shares of common stock. The Company received another $<font style=" FONT-SIZE: 10pt">25,000</font> from LPC in exchange for <font style=" FONT-SIZE: 10pt">96,154</font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt">1,042</font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 96,154 shares of common stock. Finally, the Company received $<font style=" FONT-SIZE: 10pt"><font style=" FONT-SIZE: 10pt">50,000</font></font> from LPC in exchange for <font style=" FONT-SIZE: 10pt"><font style=" FONT-SIZE: 10pt"> 185,185</font></font> shares of the Company’s common stock. LPC was also issued <font style=" FONT-SIZE: 10pt"><font style=" FONT-SIZE: 10pt">2,084</font></font> shares of the Company’s common stock as a commitment fee in connection with the purchase of the 185,185 shares of common stock. No warrants to purchase additional shares of common stock of the Company were issued to Lincoln in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June of 2012, the Company sold $<font style=" FONT-SIZE: 10pt">150,000</font> in shares of its common stock pursuant to a private placement, with shares to be issued, and $<font style=" FONT-SIZE: 10pt">18,500</font> in shares of its common stock for services with shares to be issued.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In August of 2012, the Company issued <font style=" FONT-SIZE: 10pt">50,000</font> shares of its common stock for the $<font style=" FONT-SIZE: 10pt">18,500</font> shares for services previously recognized in June 2012.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July through September of 2012, the Company sold $<font style=" FONT-SIZE: 10pt">795,001</font> in shares of its common stock pursuant to a private placement, with shares to be issued.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In October through December of 2012, the Company sold $<font style=" FONT-SIZE: 10pt">708,600</font> in shares of its common stock pursuant to a private placement, with shares to be issued.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012 the Company issued <font style=" FONT-SIZE: 10pt">3,300,337</font> shares of its common stock to investors who purchased shares of common stock from the period June through September of 2012.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February and March of 2013, the Company sold $<font style=" FONT-SIZE: 10pt">346,201</font> in shares of its common stock pursuant to a private placement, with shares to be issued.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In April and May of 2013, the Company sold $<font style=" FONT-SIZE: 10pt">2,000,198</font> in shares of its common stock pursuant to a private placement, with shares to be issued, and $<font style=" FONT-SIZE: 10pt">489,501</font> in shares of its common stock pursuant in a direct offering, with shares to be issued.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June of 2013, the Company issued <font style=" FONT-SIZE: 10pt"> 11,664,665</font> shares of common stock to investors in connection with the private placement and direct offering. In June of 2013 the Company issued <font style=" FONT-SIZE: 10pt">1,496,499</font> shares of common stock to the Placement Agent as commission for the shares of common stock sold to investors. No warrants to purchase additional shares of common stock of the Company were issued to these investors or to the Placement Agent in connection with the sale of the common stock.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of June 30, 2013, there were <font style=" FONT-SIZE: 10pt"> <font style=" FONT-SIZE: 10pt">75,380,214</font></font> shares of common stock issued and outstanding. There are no preferred shares outstanding as of June 30, 2013.</div> </div> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. 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