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WARRANTS
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
WARRANTS

NOTE 8. WARRANTS

 

A summary of the status of the warrants for the year ended December 31, 2011 is as follows:

   Number of Shares Subject to Warrants Outstanding  Weighted Avg. Exercise Price
           
Warrants outstanding - January 1, 2011   768,980   $4.10 
Granted   —        
Exercised   —        
Expired   (5,000)   2.00 
Warrants outstanding and exercisable - December 31, 2011   763,980   $4.15 
Weighted average remaining contractual life of the outstanding warrants in years - December 31, 2011   0.91      

 

The expiration of the outstanding warrants at December 31, 2011 occurs through May 2013 at various dates.

 

On April 24, 2008, the Company entered into a one-year consulting agreement with a firm to provide the Company with financial advisory services. As compensation for the services, the Company issued a three-year warrant to purchase 5,000 shares of the Company’s common stock at a cash and cashless price of $2.00 per share. The fair value of the warrant, determined based on the Black-Scholes pricing model, this warrant expired during the year ended December 31, 2011.