NF Energy Saving Corp | 2013 | FY | 3

Transactions involving warrants during the year ended December 31, 2013 are summarized as follows (warrants were not issued to employees):
 
 
 
Warrants outstanding
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
Weighted
 
average
 
 
 
 
 
Exercise price
 
average
 
grant-date fair
 
 
 
Number of
 
range per
 
exercise price
 
value per
 
 
 
warrants
 
share
 
per share
 
share
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2013 and 2012
 
23,334
 
4.50
 
$
4.50
 
$
7.93
 

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