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Warrants (Tables)

3 Months Ended

Mar. 31, 2014

Warrant activity for the three months ended March 31, 2014, was as follows:


	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2013		766,268	$	2.03
Issued		—		—
Exercised		—		—
Outstanding at March 31, 2014		766,268	$	2.03

Exercisable at March 31, 2014		766,268	$	2.03

Summary of Information Regarding Warrants Outstanding and Exercisable

The following table summarizes information regarding warrants outstanding and exercisable at March 31, 2014:


	Warrants Outstanding and Exercisable
Range of Exercise Price	Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$ 2.01		746,268		4.0 years	$	2.01
$ 2.87		20,000		0.6 years		2.87

		766,268		4.2 years		2.03

- 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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