Annual report pursuant to Section 13 and 15(d)

Stock Warrants

v2.4.0.8
Stock Warrants
12 Months Ended
Dec. 31, 2013
Stockholders' Equity Note [Abstract]  
Stock Warrants
Note 23 — Stock Warrants
 
The following table shows the various changes in warrants for the years December 31, 2013 and 2012. A total of 6,551,654 warrants were issued during in 2013, with an aggregate fair value of $9,067,283, see Note 17 for further details. A total of 206,420 warrants were re-priced to $2.25 from $4.72 and 38,168 warrants were re-priced to $2.25 from $5.24 upon the closing of the public offering on August 5, 2013.
 
 
 
December 31,
2013
 
December 31,
2012
 
 
 
 
 
 
 
 
 
Warrants Outstanding, Beginning of Year
 
 
656,641
 
 
867,628
 
Exercised During the Year
 
 
(59,300)
 
 
 
Issued During the Year
 
 
6,551,654
 
 
 
Forfeited During the Year
 
 
(1,220)
 
 
(210,987)
 
 
 
 
 
 
 
 
 
Warrants Outstanding, End of Year
 
 
7,147,775
 
 
656,641
 
 
The outstanding warrants as of December 31, 2013 expire from December 31, 2014 to August 5, 2018. The weighted average remaining term of the warrants is 4.2 years. The weighted average exercise price is $2.75 per share.