A summary of the Company's warrant activity during the four months ended April 30, 2013 is presented below:
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| Weighted |
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| Weighted |
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| Average |
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| Average |
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| Remaining |
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| Aggregate |
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| Number of |
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| Exercise |
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| Contractual |
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| Intrinsic |
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| Warrants |
| Shares |
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| Price |
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| Term |
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| Value |
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| Balance Outstanding, December 31, 2012 |
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| 7,256,522 |
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| $ | 0.45 |
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| Granted |
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| 1,833,770 |
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| 0.50 |
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| Exercised |
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| - |
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| - |
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| Forfeited |
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| - |
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| - |
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| Expired |
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| - |
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| - |
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| Balance Outstanding, April 30, 2013 |
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| 9,090,292 |
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| $ | 0.46 |
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| 4.4 |
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| $ | 32,349 |
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| Exercisable, April 30, 2013 |
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| 9,090,292 |
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| $ | 0.46 |
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| 4.4 |
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| $ | 32,349 |
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