The following is a summary with respect to warrants outstanding and exercisable at December 31, 2013 and 2012 and activity during the years then ended:
| 2013 | 2012 | |||||||||||||||
| Weighted | Weighted | |||||||||||||||
| Average | Average | |||||||||||||||
| Exercise | Exercise | |||||||||||||||
| Warrants | Price | Warrants | Price | |||||||||||||
| Outstanding January 1 | 2,255,692 | $ | 4.34 | 1,533,892 | $ | 5.19 | ||||||||||
| Granted during the year | 8,342,064 | 2.82 | 1,091,934 | 4.00 | ||||||||||||
| Exercised | (3,472,170 | ) | 0.04 | (215,734 | ) | 2.82 | ||||||||||
| Lapsed/terminated | (250,000 | ) | 5.10 | (154,400 | ) | 12.53 | ||||||||||
| Outstanding at December 31 | 6,875,586 | $ | 4.64 | 2,255,692 | $ | 4.34 | ||||||||||
| Exercisable at December 31 | 6,742,253 | $ | 4.64 | 2,055,692 | $ | 4.32 | ||||||||||
| Weighted average months remaining | 49.8 | 46.5 | ||||||||||||||