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Stock Warrants
 3 Months Ended
Mar. 31, 2013
Stockholders' Equity Note [Abstract]  
Stock Warrants

Note 15 — Stock Warrants

   

A summary of the various changes in warrants during the three-month period ended March 31, 2013 is as follows.

 

    Number of
Shares		  
       
Warrants Outstanding at December 31, 2012     656,641  
Exercised During the Period     —  
Issued During the Period     206,480  
Expired During the Period     —  
         
Warrants Outstanding, March 31, 2013     863,121  
         

 

The outstanding warrants as of March 31, 2013 expire from May 31, 2013 to March 21, 2018. The weighted average remaining term of the warrants is 2.5 years. The weighted average exercise price is $6.84 per share. A total of 186,420 warrants to purchase 186,420 shares of common stock exercisable at $4.72 issued during the first quarter are subject to downward exercise price adjustments in the event the Company issues securities at a lower price during the first 6 months. A holder of warrants to purchase common stock has agreed subject to the closing of the Company’s proposed public stock offering, to exchange the Warrants into the greater of (a) 200,000 shares of the Company’s common stock, or (B) the Black Scholes value of the warrants (calculated using the Bloomberg OV function) as of the date of the pricing of the Company’s proposed public stock offering based upon the per share offering price of the common stock in the Company’s proposed public stock offering. Additional information regarding the exchange agreement may be found in the Form 8-K filed by the Company on April 2, 2013.