Shareholders' Equity

9 Months Ended

Sep. 30, 2013

Shareholders' Equity

Shareholders' Equity

6.  Shareholders’ Equity

On August 16, 2013, the Company completed the sale of 30,000,000 shares of common stock and warrants to purchase up to an aggregate of 30,000,000 shares of common stock (including 1,000,000 shares of common stock and warrants sold to the underwriter pursuant to the exercise of its over-allotment option).  Each share of common stock and its associated warrant was sold at a public offering price of $0.30 per share.  The Company received approximately $8,169,000 in net proceeds from the sale of the shares of common stock and warrants (including the partial exercise of the over-allotment option), after underwriting discounts, commissions and other offering expenses.  The total fair market value of the warrants at the date of issuance was approximately $5,874,000.  The sales proceeds were first allocated to the warrants based on the total fair market value and the residual amount of the sales proceeds were allocated to common stock.