The following table summarizes the Company’s warrant activity for the years ended April 30, 2013 and 2012:
| Warrants | Weighted Average Exercise Price | |||||||
| Outstanding at April 30, 2011 | 179,068 | $ | 78.00 | |||||
| Issued | 148,062 | 49.00 | ||||||
| Exercised | (22,688) | 32.40 | ||||||
| Cancelled | - | - | ||||||
| Forfeited | (82,819) | 73.60 | ||||||
| Other | 40,376 | (1) | 26.20 | |||||
| Outstanding at April 30, 2012 | 261,999 | $ | 41.60 | |||||
| Issued | 658,154 | 6.69 | ||||||
| Cancelled | (67,568) | (2) | 44.40 | |||||
| Forfeited | (93,175) | 38.40 | ||||||
| Outstanding at April 30, 2013 | 759,410 | $ | 11.00 | |||||
| (1) | The Company has warrants outstanding that contain anti-dilution clauses requiring a repricing in the event of subsequent equity sales. Subsequent to the closing of the Series A Preferred Stock Offering, the repricing of these warrants resulted in an increase of 40,376 potentially issuable shares and a $16.80 reduction in the weighted average exercise price of the Company’s outstanding warrants. |
| (2) | On February 21, 2013, the Company entered into Warrant Exchange Agreements (the “Warrant Exchange Agreements”) with the institutional investors party to that certain Securities Purchase Agreement by and among the Company and certain institutional investors, dated December 8, 2011 as subsequently amended (the “Prior SPA”). Under the Warrant Exchange Agreements, all warrants issued pursuant to the Prior SPA were exchanged for an aggregate of 20,000 shares of the Company’s common stock and $380,000 in cash pursuant to Section 3(a)(9) under the Securities Act. In addition, the Warrant Exchange Agreements provide that the investors party thereto may not sell, offer to sell or contract to sell the shares of common stock issued thereunder prior to and including May 21, 2013. |