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14. Shareholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2014
Shareholders' equity |
Common stock outstanding |
|  | Number of |
|  | Common Shares |
Balance at December 31, 2012 |  |  | 890,837 |
Conversion of Series E Preferred to common stock |  |  | 1,575,000 |
Shares issued for acquisition of Canterbury and Hygeia |  |  | 1,150,116 |
Conversion of warrants to common stock |  |  | 1,023,264 |
Conversion of debt to common stock |  |  | 576,331 |
Issuance of shares for advisory agreements |  |  | 243,250 |
Issuance of shares to third party for assumption of liabilities |  |  | 200,000 |
Issuance of common stock for cash |  |  | 142,501 |
Other |  |  | 12,486 |
Balance at December 31, 2013 |  |  | 5,813,785 |
Issuance of shares to third party for assumption of liabilities |  |  | 150,000 |
Shares issued for acquisition of Paloma |  |  | 2,500,000 |
Shares issued for acquisition of VasculoMedics |  |  | 220,000 |
Balance at March 31, 2014 (unaudited) |  |  | 8,683,785 |
Stock Options- Assumptions | The assumptions used to value the options granted during the first three months of 2014 was:
Estimated fair value of underlying common stock |  |  | $2.50 - $3.00 |
Remaining life |  |  | 5.0 |
Risk-free interest rate |  |  | 1.50% - 1.72% |
Expected volatility |  |  | 153% - 155% |
Dividend yield |  |  | – |
Stock Options - Activity | The following table sets forth the activity of our stock options to purchase common stock:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  | Average |  |  | Weighted |  |  |  |  |  | Average |  |  | Weighted |
|  |  |  |  | Range of |  |  | Remaining |  |  | Average |  |  |  |  |  | Remaining |  |  | Average |
|  | Options |  |  | Exercise |  |  | Life in |  |  | Exercise |  |  | Options |  |  | Life in |  |  | Exercise |
|  | Outstanding |  |  | Prices |  |  | Years |  |  | Price |  |  | Exercisable |  |  | Years |  |  | Price |
As of December 31, 2012 |  |  | 79,436 |  |  |  | $35.00 -$54.00 |  |  |  | 3.0 |  |  | $ | 46.00 |  |  |  | 57,310 |  |  |  | 2.6 |  |  | $ | 48.00 |
Canceled |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Granted |  |  | 310,000 |  |  |  | $3.00 |  |  |  | 4.2 |  |  | $ | 3.00 |  |  |  | 310,000 |  |  |  | 4.2 |  |  | $ | 3.00 |
As of December 31, 2013 |  |  | 389,436 |  |  |  | $3.00 -$54.00 |  |  |  | 3.9 |  |  | $ | 11.77 |  |  |  | 367,310 |  |  |  | 3.9 |  |  | $ | 11.10 |
Canceled |  |  | 3,585 |  |  |  | – |  |  |  | – |  |  |  | 43.27 |  |  |  | 3,585 |  |  |  | – |  |  |  | 43.27 |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Granted |  |  | 600,586 |  |  |  | $2.50 - $3.00 |  |  |  | 4.9 |  |  | $ | 3.00 |  |  |  | 91,128 |  |  |  | 4.9 |  |  | $ | 3.00 |
As of March 31, 2014 |  |  | 986,437 |  |  |  | $3.00 -$54.00 |  |  |  | 4.4 |  |  | $ | 6.74 |  |  |  | 454,853 |  |  |  | 3.8 |  |  | $ | 11.11 |
Warrants -Assumptions |
Estimated fair value of underlying common stock |  |  | $3.00 |
Remaining life |  |  | 5.0 |
Risk-free interest rate |  |  | 0.35% |
Expected volatility |  |  | 141% |
Dividend yield |  |  | – |
Warrants - Summary | A summary of the warrants:
|  | Warrants Outstanding |  |  | Warrants Exercisable |
|  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  | Average |  |  | Weighted |  |  |  |  |  | Average |  |  | Weighted |
|  |  |  |  | Range of |  |  | Remaining |  |  | Average |  |  |  |  |  | Remaining |  |  | Average |
|  | Warrants |  |  | Exercise |  |  | Life in |  |  | Exercise |  |  | Warrants |  |  | Life in |  |  | Exercise |
|  | Outstanding |  |  | Prices |  |  | Years |  |  | Price |  |  | Exercisable |  |  | Years |  |  | Price |
As of December 31, 2012 |  |  | 1,322,852 |  |  |  | $30.00 - $200.00 |  |  |  | 3.2 |  |  | $ | 40.00 |  |  |  | 1,269,102 |  |  |  | 3.2 |  |  | $ | 38.00 |
Canceled |  |  | (978,700 | ) |  |  | $30.00 |  |  |  | – |  |  | $ | 30.00 |  |  |  | (939,950 | ) |  |  | – |  |  | $ | 30.00 |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Granted |  |  | 173,917 |  |  |  | $3.00 |  |  |  | 4.2 |  |  | $ | 3.00 |  |  |  | 173,917 |  |  |  | 4.2 |  |  | $ | 3.00 |
As of December 31, 2013 |  |  | 518,069 |  |  |  | $3.00 - $200.00 |  |  |  | 3.3 |  |  | $ | 44.07 |  |  |  | 503,069 |  |  |  | 3.3 |  |  | $ | 44.07 |
Canceled |  |  | 198 |  |  |  | – |  |  |  | – |  |  | $ | 200.00 |  |  |  | 198 |  |  |  | – |  |  | $ | 200.00 |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Granted |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
As of March 31, 2014 |  |  | 517,871 |  |  |  | $3.00 - $200.00 |  |  |  | 3.0 |  |  | $ | 44.01 |  |  |  | 502,871 |  |  |  | 3.0 |  |  | $ | 44.01 |

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