Common Stock

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Common Stock

8. COMMON STOCK

The Company has authorized 200,000,000 shares of Common Stock, $0.00001 par value per share, of which 78,350,361, shares were issued and outstanding as of June 30, 2013 and 65,881,122 shares were issued and outstanding as of December 31, 2012.

During the six months ended June 30, 2013, the Company issued 493,497 shares of Common Stock upon the exercise of stock options and received cash proceeds of approximately $362,960.

During the six months ended June 30, 2013, the Company issued 11,942,870 shares of Common Stock upon the exercise of warrants, including warrants to purchase 235,726 shares of Common Stock exercised through cashless exercise provisions resulting in the issuance of 129,536 shares and 11,813,394 warrants to purchase shares of Common Stock exercised for cash, providing net cash proceeds of approximately $15,952,000.

During the six months ended June 30, 2013, the Company issued 32,872 shares of Common Stock with a fair value of $98,633 to the Company’s 401(k) plan as a matching contribution.