The below table summarizes the warrant liability activity for the years ended December 31, 2013, 2011 and 2010. The loss included in earnings is reflective of several factors including the increase in the Company’s stock during the years ended December 31, 2013, 2011 and 2010.
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|||
Beginning Balance, January 1 |
|
$ |
2,852,880 |
|
|
$ |
2,157,408 |
|
|
$ |
2,581,871 |
|
Issuance of warrants and effect of repricing |
|
|
— |
|
|
|
397,294 |
|
|
|
— |
|
Exercise of warrants |
|
|
(1,145,659 |
) |
|
|
(1,981,745 |
) |
|
|
2,476,790 |
|
(Gain) or loss included in earnings |
|
|
(642,411 |
) |
|
|
2,279,923 |
|
|
|
(2,901,253 |
) |
Transfers in and/or out of Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Ending Balance, December 31 |
|
$ |
1,064,810 |
|
|
$ |
2,852,880 |
|
|
$ |
2,157,408 |
|