Number of Shares of Common Stock Subject to Exercise | Weighted – Average Exercise Price | |||||||
Balance as of December 31, 2011 | 612,594 | $ | 2.45 | |||||
Warrants issued | 1,428,571 | 0.35 | ||||||
Warrants exercised | - | - | ||||||
Warrants cancelled | - | - | ||||||
Balance as of December 31, 2012 | 2,041,165 | $ | 0.98 | |||||
Warrants issued | 4,445,714 | 0.56 | ||||||
Warrants exercised (1) | (1,571,428 | ) | 0.35 | |||||
Warrants cancelled | (250,000 | ) | 0.35 | |||||
Balance as of December 31, 2013 (1) | 4,665,451 | $ | 0.82 | |||||
| (1) | As part of the June 2012 Note, Inter-Mountain received a total of seven warrants to purchase, if they all vest, an aggregate of 3,142,857 shares of common stock, which number of shares could increase based upon the terms and conditions of the warrants. The warrants have an exercise price of $0.35 per share, subject to certain pricing adjustments, and are exercisable, subject to vesting provisions and ownership limitations, until June 27, 2017. Warrants for 785,714, 392,857, 392,857, and 392,857 shares of common stock vested on June 27, 2012, December 31, 2012, February 26, 2013, and July 15, 2013, respectively, and three warrants for 1,571,428 shares of common stock have been exercised. For the purposes of this Table, only such net vested shares of common stock from the fourth warrant (392,857 shares) have been included, based upon an exercise price of $0.35 per share of common stock. On January 22, 2014, we elected to offset and deduct the three remaining Investor Notes from the principle amount due to Inter-Mountain under the June 2012 Note and as a result of the offset and deduction the three remaining warrants terminated. |