A summary of the status of the warrants outstanding is as follows:
| Shares | Weighted-average exercise price |
|||||||
| Outstanding – December 31, 2011 | 3,892,274 | $ | 0.49 | |||||
| Granted | - | - | ||||||
| Forfeited | - | - | ||||||
| Exercised | - | - | ||||||
| Outstanding – December 31, 2012 | 3,892,274 | $ | 0.49 | |||||
| Forfeited | - | - | ||||||
| Exercised | - | - | ||||||
| Outstanding – December 31, 2013 | 3,892,274 | $ | 0.49 | |||||
| Exercisable – December 31, 2013 | 3,892,274 | $ | 0.49 | |||||