Stock Warrants |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2011 | |||
| Stock Warrants |
During
the first nine months of 2011, certain outside investors exercised
1,578,948 Series CC warrants in exchange for issuance of 1,578,948
shares of our common stock, resulting in gross proceeds of
$3,331,580. Also during the first nine months of 2011,
certain outside investors exercised 1,578,948 Series DD warrants in
exchange for issuance of 1,578,948 shares of our common stock,
resulting in gross proceeds of $3,331,580. In addition,
another outside investor exercised 60,000 Series Z warrants on a
cashless basis in exchange for issuance of 46,902 shares of our
common stock during the first nine months of 2011. Also
during the first nine months of 2011, an investment banker
exercised 23,684 Series EE warrants on a cashless basis in exchange
for issuance of 11,754 shares of our common
stock. Finally, during the first nine months of 2011,
Mr. Bupp and certain members of his family exercised 810,000 Series
V warrants in exchange for issuance of 810,000 shares of our common
stock, resulting in gross proceeds of $255,600.
At
September 30, 2011, there are 17.2 million warrants outstanding to
purchase our common stock. The warrants are exercisable
at prices ranging from $0.31 to $2.375 per share with a weighted
average exercise price of $0.53 per share.
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