|
EQUITY TRANSACTIONS (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Equity Transactions Tables |
|
| Schedule of Outstanding Convertible Preferred Stock |
The
table below summarizes the Company’s outstanding convertible preferred stock as of December 31, 2013 and 2012:
| |
December
31, 2013 |
|
December
31, 2012 |
|
| Convertible Preferred
Stock |
|
Number
of Preferred Shares |
|
Number
of Common Shares if Converted |
|
Weighted
Average Conversion Price |
|
Number
of Preferred Shares |
|
Number
of Common Shares if Converted |
|
Weighted
Average Conversion Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series A Preferred |
|
|
1,466 |
|
|
1,629,006 |
|
$ |
0.90 |
|
|
1,406 |
|
|
1,292,492 |
|
$ |
1.09 |
|
| Series B Preferred |
|
|
5,124 |
|
|
5,693,344 |
|
$ |
0.90 |
|
|
5,384 |
|
|
2,993,504 |
|
$ |
1.80 |
|
| Series C Preferred |
|
|
813 |
|
|
902,778 |
|
$ |
0.90 |
|
|
813 |
|
|
451,750 |
|
$ |
1.80 |
|
| Total |
|
|
7,403 |
|
|
8,225,128 |
|
$ |
0.90 |
|
|
7,603 |
|
|
4,737,746 |
|
$ |
1.60 |
|
|
| Schedule of Make-whole adjustments |
Company’s
consolidated net revenues that are derived during our 2013 fiscal year (the “Make-Whole Adjustments”). Such
Make-Whole Adjustments are as follows:
| Share
Price |
Warrant
Exercise Price |
Adjusted
Shares per Unit |
Adjusted
Warrants per Unit |
Consolidated
2013 Revenues |
| $0.65 |
$0.90 |
None |
None |
$21,850,000
or above |
| $0.60 |
$0.85 |
41,667 |
41,667 |
From
$20,700,000 to $21,849,999 |
| $0.55 |
$0.80 |
45,455 |
45,455 |
From
$19,550,000 to $20,699,999 |
| $0.50 |
$0.75 |
50,000 |
50,000 |
From
$18,400,000 to $19,549,999 |
| $0.45 |
$0.70 |
55,556 |
55,556 |
From
$17,250,000 to $18,399,999 |
| $0.40 |
$0.65 |
62,500 |
62,500 |
Less
than $17,250,000 |
|
| Schedule of Stock Warrant Activity |
A
summary of the warrants issued in connection with financing transactions is presented in the table below:
| |
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
| |
|
|
|
|
|
|
| Outstanding and Exercisable at December 31,
2011 |
|
|
3,227,401 |
|
|
$ |
1.03 |
|
| |
|
|
|
|
|
|
|
|
| Granted |
|
|
1,538,844 |
|
|
$ |
1.51 |
|
| Exercised |
|
|
- |
|
|
$ |
- |
|
| Cancelled, forfeited or expired |
|
|
(1,205,129 |
) |
|
$ |
1.51 |
|
| |
|
|
|
|
|
|
|
|
| Outstanding and Exercisable at December
31, 2012 |
|
|
3,561,116 |
|
|
$ |
1.08 |
|
| |
|
|
|
|
|
|
|
|
| Granted |
|
|
6,537,351 |
|
|
$ |
0.60 |
|
| Exercised |
|
|
- |
|
|
$ |
- |
|
| Cancelled, forfeited or expired |
|
|
- |
|
|
$ |
- |
|
| Anti-dilution adjustments: |
|
|
|
|
|
|
|
|
| Initial grant |
|
|
(3,901,799 |
) |
|
$ |
1.28 |
|
| Initial grant repricing |
|
|
3,901,799 |
|
|
$ |
0.77 |
|
| Additional
warrants granted |
|
|
4,296,447 |
|
|
$ |
0.60 |
|
| |
|
|
|
|
|
|
|
|
| Outstanding and Exercisable at December
31, 2013 |
|
|
14,394,914 |
|
|
$ |
0.58 |
|
|
| Schedule of Warrants Outstanding and Exercisable |
The following
table summarizes information about warrants outstanding and exercisable as of December 31, 2013:
| |
|
|
Outstanding |
|
Exercisable |
|
| Exercise
Price |
|
Number
of Shares |
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Life
(Years) |
|
Number
of Shares |
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Life
(Years) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
0.09 |
|
|
|
1,083,334 |
|
$ |
0.09 |
|
|
5.49 |
|
|
1,083,334 |
|
$ |
0.09 |
|
|
5.49 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
0.50 |
|
|
|
8,963,337 |
|
$ |
0.50 |
|
|
3.68 |
|
|
8,963,337 |
|
$ |
0.50 |
|
|
3.68 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
0.60 |
|
|
|
2,620,235 |
|
$ |
0.60 |
|
|
5.67 |
|
|
2,620,235 |
|
$ |
0.60 |
|
|
5.67 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
0.90 |
|
|
|
1,728,008 |
|
$ |
0.90 |
|
|
2.79 |
|
|
1,728,008 |
|
$ |
0.90 |
|
|
2.79 |
|
|