Note 7 — Warrants

 

During the six months ended June 30, 2014, one warrant holder exercised warrants to purchase 36,098 shares of the Company’s common stock on a cashless basis. The warrant holder received 36,092 shares of common stock and $3 in cash payment for a fractional share. Additionally, during the six months ended June 30, 2014, one warrant holder exercised warrants to purchase 1,438 shares of the Company’s common stock for $5,000 in cash.

 

A summary of the Company’s warrant activity and related information is as follows:

  

		Warrants			Weighted Average Exercise Price
Outstanding at December 31, 2013			1,659,922		$	4.3552
Granted			—			—
Exercised			(37,536)		$	0.1341
Forfeited/Expired			—			—
Outstanding at June 30, 2014			1,622,386		$	4.4529

 

The shares underlying the warrants have not been registered. Warrants to purchase 52,000 shares were unvested at June 30, 2014.