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14. Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2013

Shareholders Equity Tables

Stock Options- Assumptions

Estimated fair value of underlying common stock			$0.35 - $0.38
Remaining life			5.0
Risk-free interest rate			0.69% - 0.80%
Expected volatility			80% - 89%
Dividend yield			–

Stock Options - Activity

The following table sets forth the activity of our stock options to purchase common stock:

Options Outstanding

Options Exercisable

Options Outstanding

Range of Exercise Prices

Weighted Average Remaining Life in Years

Weighted Average Exercise Price

Options Exercisable

Weighted Average Remaining Life in Years

Weighted Average Exercise Price

As of December 31, 2011

12,169,852

$0.14 - $1.50

3.2

$0.49

8,757,684

3.2

$0.40

Cancelled

(7,276,329

)

–

–

–

(4,660,994

)

–

–

Exercised

–

–

–

–

–

–

–

Granted

3,050,000

$0.35 - $0.38

4.5

$0.36

1,634,333

4.5

$0.36

As of December 31, 2012

7,943,523

$0.35 -$0.54

3.3

$0.46

5,731,023

2.9

$0.48

Cancelled

–

–

–

–

–

–

–

Exercised

–

–

–

–

–

–

–

Granted

–

–

–

–

–

–

–

Vested

–

–

–

–

1,312,500

–

–

As of March 31, 2013

7,943,523

$0.35 -$0.54

3.1

$0.46

7,043,523

3.0

$0.46

Warrants -Assumptions

 The following assumptions were used for the Black Scholes calculation to determine this expense:

Estimated fair value of underlying common stock			$0.38 - $0.75
Remaining life			5.0
Risk-free interest rate			0.74% - 1.80%
Expected volatility			84% - 132%
Dividend yield			–

Calculations of the ratchet-down impact

Calculations of the ratchet-down impact as of April 4, 2012:

		Original												After Ratchet Down
		Shares  x				Strike  =				Aggregate Exercise Price				Shares  x				Strike  =				Aggregate Exercise Price
Series A warrants			21,750,000			$	0.65			$	14,137,500				47,125,000			$	0.30			$	14,137,500
Series B warrants			10,875,000			$	1.00			$	10,875,000				36,250,000			$	0.30			$	10,875,000
Placement agent warrant			3,600,000			$	0.65			$	2,340,000				7,800,000			$	0.30			$	2,340,000
Broker-dealer warrant			1,000,000			$	0.65			$	650,000				2,166,667			$	0.30			$	650,000
Advisory warrant			750,000			$	0.65			$	487,500				1,625,000			$	0.30			$	487,500
			37,975,000												94,966,667
Additional warrants from ratchet-down															56,991,667

Warrants - Summary

A summary of the warrants:

Warrants Outstanding

Warrants Exercisable

Warrants Outstanding

Range of Exercise Prices

Weighted Average Remaining Life in Years

Weighted Average Exercise Price

Warrants Exercisable

Weighted Average Remaining Life in Years

Weighted Average Exercise Price

As of December 31, 2011

59,530,245

$0.65 - $2.00

3.5

$2.00

59,530,245

3.5

$2.00

Exercised

–

–

–

–

–

–

–

Ratchet-down impact

56,991,667

$0.30

–

$0.30

56,991,667

–

$0.30

Granted

15,763,330

$0.30 - $0.75

4.6

$0.38

10,388,330

4.6

–

As of December 31, 2012

132,285,242

$0.30 - $2.00

3.5

$0.40

126,910,242

3.5

$0.38

Cancelled

–

–

–

–

–

–

–

Exercised

–

–

–

–

–

–

–

Granted

–

–

–

–

–

–

–

Vested

–

–

–

–

2,530,000

–

–

As of March 31, 2013

132,285,242

$0.30 - $2.00

3.3

$0.38

129,440,242

3.2

$0.38

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