Activity in warrants during the year ended December 31, 2013 and related balances outstanding as of that date are reflected below:
| Number of Shares Outstanding | Weighted Average Exercise Price | Weighted Average Contract Term | ||||||||||
| (in dollars) | (in years) | |||||||||||
| Balance at December 31, 2012 | 1,925,000 | $ | 1.00 | 2.96 | ||||||||
| Forfeited and canceled | 220,000 | $ | – | |||||||||
| Balance at December 31, 2013 | 1,705,000 | $ | 1.00 | 2.96 | ||||||||
| Exercisable at December 31, 2013 | 1,705,000 | $ | 1.00 | 2.96 | ||||||||
Activity in warrants during the year ended December 31, 2012 and related balances outstanding as of that date are reflected below:
| Number of Shares Outstanding | Weighted Average Exercise Price | Weighted Average Contract Term | ||||||||||
| (in dollars) | (in years) | |||||||||||
| Balance at December 31, 2011 | 1,600,000 | $ | 1.00 | 3.96 | ||||||||
| Granted | 325,000 | $ | 1.00 | 1.74 | ||||||||
| Balance at December 31, 2012 | 1,925,000 | $ | 1.00 | 3.59 | ||||||||
| Exercisable at December 31, 2012 | 1,925,000 | $ | 1.00 | 3.59 | ||||||||