The following is a summary of the Company’s warrant activity:
| Warrants | Weighted Average Exercise Price |
Weighted Average Remaining Contractual Term in Years |
Aggregate Intrinsic Value | |||||||||||||
| Outstanding January 1, 2012 | 4,182,261 | $ | 0.45 | 4.77 | - | |||||||||||
| Exercisable January 1, 2012 | 4,182,261 | $ | 0.45 | 4.77 | - | |||||||||||
| Granted | 418,470 | $ | 0.45 | 5.00 | ||||||||||||
| Exercised | - | |||||||||||||||
| Forfeited/Cancelled | (906,760 | ) | $ | 0.45 | ||||||||||||
| Outstanding December 31, 2012 | 3,693,971 | $ | 0.45 | 4.81 | - | |||||||||||
| Exercisable December 31, 2012 | 3,693,971 | $ | 0.45 | 4.81 | - | |||||||||||
| Granted | - | |||||||||||||||
| Exercised | - | |||||||||||||||
| Forfeited/Cancelled | (298,138 | ) | $ | 0.45 | ||||||||||||
| Outstanding December 31, 2013 | 3,395,833 | $ | 0.45 | 5.28 | - | |||||||||||
| Exercisable December 31, 2013 | 3,395,833 | $ | 0.45 | 5.28 | - | |||||||||||