Quarterly report pursuant to sections 13 or 15(d)

9. Equity Transactions

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9. Equity Transactions
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
9. Equity Transactions

9.     Equity Transactions

On March 28, 2013, the Company entered into subscription agreements with 13 accredited investors, under which the Company issued an aggregate of 11,024,351 shares of common stock and five-year warrants to purchase 5,512,176 shares of the Company’s common stock for aggregate consideration of $0.9 million. On May 31, 2013, the Company entered into subscription agreements with 17 accredited investors, under which the Company issued an aggregate of 10,017,134 shares of common stock and five-year warrants to purchase 5,008,567 shares of the Company’s common stock for aggregate consideration of $0.9 million. Also on May 31, 2013, an executive officer of the Company converted $2,500 due to him into 28,539 shares of common stock and warrants to purchase 14,270 shares of the Company’s common stock. The warrants are exercisable at 125% of the volume weighted-average price of the Company’s common stock for the ten trading days prior to the date of conversion.