| | | Number of Shares | | Weighted Average | | ||
| | | under Warrants | | Exercise Price | | ||
| Wutstanding at December 31, 2011 | | | 9,629,106 | | $ | 5.55 | |
| Granted | | | 53,357 | | | 7.00 | |
| Expired | | | - | | | - | |
| Outstanding at December 31, 2012 | | | 9,682,463 | | $ | 5.56 | |
| Granted | | | 25,358 | | | 7.00 | |
| Expired | | | - | | | - | |
| Outstanding at December 31, 2013 | | | 9,707,821 | | $ | 5.57 | |