Quarterly report pursuant to sections 13 or 15(d)

6. COMMON STOCK AND WARRANTS

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6. COMMON STOCK AND WARRANTS
3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
6. COMMON STOCK AND WARRANTS

Warrant exercises – During the three months ended March 31, 2014 and 2013, certain holders exercised warrants and received an aggregate of 1,888,000 and 279,000 shares of the Company’s common stock upon payment of an aggregate of $12,130,000 and $2,064,000 in cash, respectively. During the three months ended March 31, 2013, the Company paid $785,800 in cash to the warrant holders as an inducement for such exercises and recorded an expense of approximately $785,800. Also, in March 2013, a holder exercised warrants on a cashless basis and received 11,356 shares of the Company’s common stock. There were no cashless exercises for the three months ended March 31, 2014.

 

Equity offering – In April 2014, the Company issued 1,750,000 shares of its common stock in a public offering for net proceeds of $26,000,000.