Warrants (Tables)

12 Months Ended

Dec. 31, 2013

			Weighted- average exercise price			Aggregate intrinsic value

Outstanding as of December 31, 2012	726,858		$	2.29	1.26	$	1,236,845


Warrants granted	—			—
Warrants exercised	(247,950	)		0.38
Warrants cancelled	(257,008	)		3.94
Warrants forfeited	—			—


Outstanding as of December 31, 2013	221,900			2.50	0.34		224,707




Warrants exercisable as of December 31, 2013	221,900			2.50	0.34		224,707




Vested and expected to vest as of December 31, 2013	221,900			2.50	0.34		224,707

Schedule of additional information related to warrants

	Year ended December 31,

	2013		2012		2011
Weighted-average grant date fair value for warrants granted during the period	$	—	$	—	$	2.83
Total fair value of warrants vested during the period		—		—		11,254
Total intrinsic value of warrants exercised during the period		594,002		2,376,589		26,975

- 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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