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Warrants - Note 10 | 12 Months Ended
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Dec. 31, 2012
Notes to Financial Statements |
Warrants - Note 10 | 10. Warrants In June 2012, we raised $10.5 million before issuance costs of approximately $823,000 through an underwritten public offering of 4.2 million shares of our common stock and warrants to purchase 2.1 million shares of our common stock. The warrants have an exercise price of $2.65 per share, a five year term, and are exercisable beginning one year from the date of issuance. In May 2012, we raised approximately $5.0 million before issuance costs of approximately $71,000 from the sale of 3.3 million shares of common stock and warrants to purchase 1.0 million shares of our common stock to private investors. The warrants have an exercise price of $2.125 per share, a three year term, and are exercisable 60 days from the date of issuance. In November 2011, we raised approximately $10.5 million, before issuance costs of approximately $925,000, through an underwritten public offering of 2.2 million shares of common stock and warrants to purchase 1.3 million shares of our common stock. The warrants have an exercise price of $6.24 per share, a five year term, and are exercisable on the date of issuance. The following summarizes activity with respect to MicroVision common stock warrants during the two years ended December 31, 2012:
|  |  |  |  |  | Warrants to |  |  | Weighted
|  |  |  |  |  | purchase |  |  | average
|  |  |  |  |  | common |  |  | excercise
|  |  |  |  |  | shares |  |  | price
Outstanding at December 31, 2010 |  |  |  |  |  | 1,042,000 |  | $ | 25.84
Granted: |  |  |  |  |  |  |  |  |
Exercise price greater than intrinsic value |  |  |  |  |  | 1,278,000 |  |  | 6.24
Exercised |  |  |  |  |  | - |  |  | -
Canceled/expired |  |  |  |  |  | (33,000) |  |  | 22.08
Outstanding at December 31, 2011 |  |  |  |  |  | 2,287,000 |  |  | 14.96
Granted: |  |  |  |  |  |  |  |  |
Exercise price greater than intrinsic value |  |  |  |  |  | 3,100,000 |  |  | 2.48
Exercised |  |  |  |  |  | - |  |  | -
Canceled/expired |  |  |  |  |  | (256,000) |  |  | 17.60
Outstanding at December 31, 2012 |  |  |  |  |  | 5,131,000 |  | $ | 7.28
Exercisable at December 31, 2012 |  |  |  |  |  | 3,031,000 |  | $ | 10.49
The following table summarizes information about the weighted-average fair value of MicroVision common stock warrants granted for the periods shown:
|  |  | Year Ended December 31,
|  |  | 2012 |  |  | 2011
Exercise price greater than fair value |  | $ | 0.97 |  | $ | 2.06
We estimated the fair value of our common stock warrants on the respective grant dates using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants in 2012 and 2011, respectively: dividend yield of zero percent for both years; expected volatility of 100% and 83%; risk-free interest rates of 0.52% and 1.0% and expected lives of 4 and 5 years, respectively. The following table summarizes information about our common stock warrants outstanding and exercisable at December 31, 2012:
|  |  | Warrants outstanding |  |  | Warrants exercisable
|  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |
|  |  | Number |  |  | average |  |  | Weighted |  |  | Number |  |  | Weighted
|  |  | outstanding at |  |  | remaining |  |  | average |  |  | excercisable at |  |  | average
|  |  | December 31, |  |  | contractual |  |  | excercise |  |  | December 31, |  |  | excercise
Range of exercise prices |  |  | 2012 |  |  | life (years) |  |  | price |  |  | 2012 |  |  | price
$2.13 |  |  | 1,000,000 |  |  | 2.39 |  | $ | 2.13 |  |  | 1,000,000 |  | $ | 2.13
$2.65 |  |  | 2,100,000 |  |  | 4.47 |  |  | 2.65 |  |  | - |  |  | -
$6.24 |  |  | 1,278,000 |  |  | 3.88 |  |  | 6.24 |  |  | 1,278,000 |  |  | 6.24
$28.80 |  |  | 753,000 |  |  | 0.56 |  |  | 28.80 |  |  | 753,000 |  |  | 28.80
$2.13-$28.80 |  |  | 5,131,000 |  |  |  |  |  |  |  |  | 3,031,000 |  |  |

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