A summary of the Company’s warrant activity during the year ended December 31, 2013 is presented below:
| Number of Warrants | Weighted Average Exercise Price |
Weighted Average Remaining Contractual Term |
||||||||||
| Balance outstanding, December 31, 2012 | 3,259,635 | $ | 0.25 | 4.38 | ||||||||
| Granted | 3,763,068 | 0.48 | 3.04 | |||||||||
| Exercised | - | - | - | |||||||||
| Forfeited | - | - | - | |||||||||
| Expired | - | - | - | |||||||||
| Balance outstanding, December 31, 2013 | 7,022,703 | $ | 0.65 | 4.80 | ||||||||
| Exercisable, December 31, 2013 | 4,887,081 | $ | 0.42 | 3.12 | ||||||||