WARRANTS (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of information about warrants to purchase common stock issued and outstanding

The following table presents information about warrants to purchase common stock issued and outstanding at March 31, 2015:

Year Issued	Classification	Number of Warrants	Exercise Price		Date of Expiration
2010	Equity	373,674	$	5.60	10/26/2017 — 12/3/2017
2010	Equity	326,916	$	4.00	9/26/2015 — 12/3/2015
2011	Equity	4,018	$	5.60	6/17/2018
2011	Equity	85,785	$	12.24	12/21/2016
2012	Equity	9,037	$	6.64	10/5/2019
2014	Liability	1,259,967	$	5.75	5/9/2019
Total		2,059,397

Weighted average exercise price			$	5.31

Weighted average life in years					3.44

- 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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