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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2012

Stockholders' Equity [Abstract]

Summary of the warrants outstanding

At June 30, 2012, the Company has reserved 1,187,237 shares of common stock for issuance upon the exercise of its common stock warrants. A summary of the warrants outstanding at June 30, 2012 is presented below:


		Number Of Warrants Outstanding				Number of Common Shares Issuable Upon Conversion of Warrants Outstanding

Warrants issued with IPO units			1,666,668				833,334
Warrants issued to the Company’s placement agents net of forfeitures and repurchases			71,667				71,667
Warrants issued in 2011*			1,000,000				500,000

Warrants outstanding at December 31, 2011			2,738,335				1,405,001
Exercise of warrants issued with IPO units			(302,194	)			(151,097	)
Exercise of placement agent warrants			(66,667	)			(66,667	)

Warrants outstanding at June 30, 2012			2,369,474				1,187,237

*	In connection with the HomeWise assumption transaction in November 2011, the Company issued 1,000,000 warrants, which may be exercised to purchase 500,000 shares of the Company’s common stock at a per share exercise price of $9.10.

Estimated assumptions of fair value warrants issued

The fair value of warrants issued in 2011 was estimated on the date of issuance using the following assumptions and the Black-Scholes option pricing model:


Expected volatility			52	%
Risk-free interest rate			.23	%
Expected dividend yield			5.00	%
Expected life (in years)			1.75
Per share grant date fair value of warrants issued		$	0.754

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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