Note 7 — Warrants

 

During the three months ended March 31, 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.

 

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		(36,098)		$	0.0010
Forfeited/Expired		—			—
Outstanding at March 31, 2014		1,623,824		$	4.4520

 

The shares underlying the warrants have not been registered. Warrants to purchase 64,000 shares were unvested at March 31, 2014.