18.  Subsequent Events

Since December 31, 2013, warrant holders exercised their warrants to purchase shares of the Company’s common stock for cash of $4,971,038 and the Company issued an aggregate of 10,106,252 shares. 

On January 21, 2014 the Company closed on a registered direct public offering to issue and sell 19,047,620 shares of common stock and warrants to purchase up to 4,761,905 shares of common stock.  The common stock and warrants were sold in units, consisting of common stock and a warrant to purchase 0.25 shares of common stock, at a price of $1.05 per share, and the warrants have an exercise price of $1.28 per share.  The total gross proceeds of the offering were $20,000,000.  The warrants issued are exercisable beginning six months and one day after the closing date until the five-year anniversary of the closing date and will be recorded as liabilities at fair value.  The Company is in the process of determining the fair value of the warrants and total closing costs for this transaction.