The warrants activity is summarized as follows for the years ended June 30, 2013 and 2012:
| 2013 | 2012 | |||||||||||||||
| Warrants | Price (a) | Warrants | Price (a) | |||||||||||||
| Beginning balance outstanding | 1,959,799 | $ | 1.38 | 3,819,185 | $ | 3.69 | ||||||||||
| Cancelled/expired | - | - | (2,092,324 | ) | 5.89 | |||||||||||
| Warrants exercised | (2,766 | ) | 0.66 | (1,669,402 | ) | 0.50 | ||||||||||
| Granted | - | - | 1,902,340 | 1.36 | ||||||||||||
| Ending balance outstanding | 1,957,033 | $ | 1.38 | 1,959,799 | $ | 1.38 | ||||||||||
| (a) | Weighted average exercise price per share. |