Common stock warrants
In 2007, we issued 1,304,353 warrants in connection with a private placement of the Company’s stock. These warrants enabled the holder to purchase shares of the Company’s common stock at a price of $2.50 per share through the earlier of April 2013, or the date that the shares acquired in the private placement were sold by the shareholder. None of the warrants issued were ever exercised and all expired. In January 2013, we issued 1,692,307 warrants in connection with the issuance of a convertible note payable. These warrants enabled the holder to purchase shares of the Company’s common stock at a price of $0.13 per share through January 2018. These warrants were exercised in a cashless transaction in January 2013 whereby 470,085 shares of restricted common stock were issued in full satisfaction of the warrants.