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Warrants for Stock (Tables)

12 Months Ended

Dec. 31, 2012

Warrants For Stock Tables

At December 31, 2012 and 2011 warrants outstanding for common stock of the Company were as follows:

		Number of Shares Underlying Warrants				Weighted Average Exercise Price
Balance at January 1, 2012			603,145			$	3.26
Granted			2,044,591				0.52
Exercised			(20,300)				0.25
Cancelled			(3,150)				0.50
Balance at December 31, 2012			2,624,286			$	1.15

		Number of Shares Underlying Warrants				Weighted Average Exercise Price
Balance at January 1, 2011 (Restated for 1:50 stock split)			336,745			$	5.40
Granted			266,400				0.55
Exercised			-				-
Cancelled			-				-
Balance at December 31, 2011			603,145			$	3.26

Information about stock warrants

The following table summarizes information about underlying outstanding warrants for common stock of the Company outstanding and exercisable as of December 31, 2012:

				Warrants Outstanding										Warrants Exercisable
Range of Exercise Prices				Number of Shares Underlying Warrants				Weighted Average Exercise Price			Weighted Average Remaining Contractual Life (in years)			Number of Shares Underlying Warrants				Weighted Average Exercise Price
$	12.50 – $17.50				125,245			$	13.03			8.6			125,245			$	13.03
$	0.25 - $2.50				2,499,041			$	0.56			4.2			2,499,041			$	0.56
					2,624,286										2,624,286

The following table summarizes information about underlying outstanding warrants for common stock of the Company outstanding and exercisable as of December 31, 2011:

				Warrants Outstanding												Warrants Exercisable
Range of Exercise Prices				Number of Shares Underlying Warrants				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Number of Shares Underlying Warrants				Weighted Average Exercise Price
$	12.50 – $17.50				125,245			$	13.03				9.6				125,245			$	13.03
$	0.25 - $2.50				477,900			$	0.69				3.8				477,900			$	0.69
					603,145												603,145

Fair value of each warrant

		2012				2011
Risk free interest rates			.62% - 1.04	%			.81% - 2.40	%
Expected life		5 years				5 years
Estimated volatility			514.9% - 577.0	%			673.3% - 693.6	%
Dividend yield			0	%			0	%

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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