Investments

6 Months Ended

Jun. 30, 2013

Notes to Financial Statements

Note 4. Investments

	Warrants Held		Recognized Gain/(Loss)
Balance as of December 31, 2012		373,917	115,752
Warrants issued in connection with notes payable during the six months ended June 30, 2013		64,000	27,753
Balance as of June 30, 2013		309,917	143,505

In May 2011, FluoroPharma, Inc. ("FPI") entered into a reverse merger with FPMI. In connection with this transaction, the Company's warrants in FPI were exchanged for warrants in FPMI. During 2012, the Company recognized a gain in the amount of $115,752 as a result of the issuance of certain of these warrants to holders of promissory notes of the Company that matured during the period. During the six months ended June 30, 2013, the Company recognized a gain of $27,753 as a result of the issuance of additional warrants issued as consideration for the issuance of additional promissory notes during the period. As of June 30, 2013, the Company retained control over 309,917 warrants, the value of which has been deemed by the Company to be fully impaired.