STOCK PURCHASE WARRANTS

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

STOCK PURCHASE WARRANTS

During the three months ended March 31, 2015, there were no stock purchase warrants issued.

The following represents additional information related to common stock warrants outstanding and exercisable at March 31, 2015:

Exercise Price		Number of Shares Under Warrants		Weighted Average Remaining Contract Life in Years		Weighted Average Exercise Price
$	0.50		2,109,724		3.51	$	0.50
$	0.53		6,566,684		3.50	$	0.53
Total warrants accounted for as derivative liability			8,676,408		3.51	$	0.52
$	0.83		2,379,046		3.17	$	0.83
$	0.84		20,000		1.34	$	0.84
$	0.85		281,912		2.32	$	0.85
$	0.95		20,000		1.51	$	0.95
$	1.00		165,417		3.88	$	1.00
$	1.33		3,311,252		0.26	$	1.33
Total warrants accounted for as equity			6,177,627		1.57	$	1.10
Total for all warrants outstanding			14,854,035		2.70	$	0.76

For warrants granted that are accounted for as a derivative liability, the Company used a Binomial Options Pricing model.  The primary assumptions used to determine the fair values of these warrants were: risk free interest rate of 1.37 %, volatility of 49.42%, and actual term and exercise price of the warrants granted.