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Warrants

12 Months Ended

Dec. 31, 2013

NOTE I- WARRANTS

The following summarizes warrant activity during 2012 and 2013:

	Shares		Weighted Average Grant Date Fair Value
Outstanding, December 31, 2011		946,667	$	41.46

Granted		-		-
Forfeited		-		-
Expired		-		-
Exercised		-		-
Outstanding, December 31, 2012		946,667	$	41.46

Granted		-		-
Forfeited		-		-
Expired		-		-
Exercised		-		-
Outstanding, December 31, 2013		946,667	$	41.46

The weighted average remaining contractual life and exercise price of the warrants outstanding and exercisable at December 31, 2013 was 0.84 years and $4.95, respectively. The intrinsic value of the warrants outstanding and exercisable at December 31, 2013 was $0 as the exercise price exceeded the stock price

The weighted average remaining contractual life and exercise price of the warrants outstanding and exercisable at December 31, 2012 was 1.84 years and $4.95, respectively. The intrinsic value of the warrants outstanding and exercisable at December 31, 2012 was $0 as the exercise price exceeded the stock price.

- 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.

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