The following table summarizes warrant activity for fiscal years ended February 2013, 2012 and 2011:
| Number of Shares |
Exercise Price Range |
Total
Exercise Price |
Weighted Average Exercise Price |
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|
Balance at February 28, 2010 |
274,695 | $ | 2.25-5.00 | $ | 1,082,123 | $ | 3.93 | |||||||||
|
Warrants granted |
4,912,401 | 3.00-5.25 | 23,953,126 | 4.88 | ||||||||||||
|
Warrants granted—Series A conversion |
4,022 | 4.86 | 19,547 | 4.86 | ||||||||||||
|
Warrants exercised for common shares |
(326,108 | ) | 1.85-4.87 | (980,163 | ) | 3.01 | ||||||||||
|
Warrants exercised for common shares—cashless |
(330,864 | ) | 3.08-4.87 | (1,228,166 | ) | 3.71 | ||||||||||
|
Warrant exchange rate differences |
— | — | (56,187 | ) | — | |||||||||||
|
Warrant expired or forfeited |
(144,542 | ) | 5.00 | (722,147 | ) | 5.00 | ||||||||||
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Balance at February 28, 2011 |
4,389,604 | 3.00-5.25 | $ | 22,068,133 | 5.03 | |||||||||||
|
Warrants granted |
— | — | — | — | ||||||||||||
|
Warrants exercised for common shares |
(52,000 | ) | 4.03-5.00 | (233,810 | ) | 4.50 | ||||||||||
|
Warrants exercised for common shares—cashless |
(785,083 | ) | 4.87-5.25 | (3,956,659 | ) | 5.03 | ||||||||||
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Balance at February 29, 2012 |
3,552,521 | 3.00-5.25 | 17,877,664 | 5.03 | ||||||||||||
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Warrants granted |
— | — | — | — | ||||||||||||
|
Warrants exercised for common shares |
(20,000 | ) | 4.87 | (97,400 | ) | 4.87 | ||||||||||
|
Warrants exercised for common shares—cashless |
(75,000 | ) | 5.25 | (393,750 | ) | 5.25 | ||||||||||
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Balance at February 28, 2013 |
3,457,521 | 3.00-5.25 | $ | 17,386,514 | 5.03 | |||||||||||
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