| Number of Warrants | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | ||||||||||
| Balance at December 31, 2012 | 199,162 | $ | 7.02 | 6.52 | ||||||||
| Granted | 582,175 | 6.50 | 2.46 | |||||||||
| Cancelled | - | - | - | |||||||||
| Forfeited | (73,077 | ) | 6.50 | 8.08 | ||||||||
| Exercised | - | - | - | |||||||||
| Balance at December 31, 2013 | 708,260 | $ | 6.66 | 2.74 | ||||||||
| Warrants exercisable at December 31, 2013 | 680,055 | $ | 6.66 | |||||||||
| Weighted average fair value of warrants granted during the period ended December 31, 2013 | $ | 6.50 | ||||||||||