A summary of warrant activity for the years ended March 31, 2013 and 2012 is presented as follows.
| Weighted- | ||||||||||||
| Shares issuable | average | Expiration | ||||||||||
| under warrants | exercise price | date | ||||||||||
| Outstanding, March 31, 2012 and 2011 | 405,000 | $ | 0.07 | April 13, 2013 | ||||||||
| Repurchased | (16,800 | ) | $ | 0.07 | April 13, 2013 | |||||||
| Issued | 16,800 | $ | 0.07 | April 13, 2016 | ||||||||
| Amended (old expiration date) | (388,200 | ) | $ | 0.07 | April 13, 2013 | |||||||
| Amended (new expiration date) | 388,200 | $ | 0.07 | April 13, 2016 | ||||||||
| Outstanding, March 31, 2013 | 405,000 | $ | 0.07 | April 13, 2016 | ||||||||