The following summary presents information regarding outstanding options as of December 31, 2013 and 2012 and changes during the years then ended with regard to all options:
| Number of Options | Weighted Average Exercise Price |
Weighted Average Remaining Contract Term | |||||||
| Outstanding at December 31, 2011 | 6,634,261 | $ | 0.75 | 6.86 years | |||||
| Granted in 2012 | 2,511,500 | 0.11 | |||||||
| Forfeitures in 2012 | (147,291 | ) | 0.11 | ||||||
| Expirations in 2012 | (134,209 | ) | 0.21 | ||||||
| Outstanding at December 31, 2012 | 8,864,261 | 0.58 | 6.93 years | ||||||
| Granted in 2013 | 9,043,610 | 0.08 | |||||||
| Forfeitures in 2013 | (152,625 | ) | 0.11 | ||||||
| Expirations in 2013 | (184,486 | ) | 1.10 | ||||||
| Outstanding at December 31, 2013 | 17,570,760 | $ | 0.33 | 7.81 years | |||||
| Exercisable at December 31, 2013 | 6,482,026 | $ | 0.73 | 5.12 years | |||||
The following table summarizes information about stock options outstanding as of December 31, 2013:
| Range of Exercise Prices | Options Outstanding | Weighted Average Life (Years) | Weighted Average Price | Options Exercisable | Weighted Average Price | ||||||||||||||||
| $0.06 - $0.10 | 10,500,985 | 9.30 | $ | 0.08 | 990,751 | $ | 0.09 | ||||||||||||||
| $0.11 - $0.17 | 4,450,375 | 7.30 | 0.11 | 2,872,375 | 0.11 | ||||||||||||||||
| $0.18 - $0.31 | 908,000 | 3.85 | 0.31 | 907,500 | 0.31 | ||||||||||||||||
| $0.39 - $0.69 | 642,000 | 3.25 | 0.69 | 642,000 | 0.69 | ||||||||||||||||
| $0.75 - $2.28 | 175,750 | 2.45 | 2.28 | 175,750 | 2.28 | ||||||||||||||||
| $2.46 - $4.38 | 841,150 | 1.33 | 3.41 | 841,150 | 3.41 | ||||||||||||||||
| $4.70 - $6.45 | 52,500 | 1.15 | 6.20 | 52,500 | 6.20 | ||||||||||||||||
| 17,570,760 | 7.81 | $ | 0.33 | 6,482,026 | $ | 0.73 | |||||||||||||||
The following summarizes the information relating to warrants issued and the activity during the years ended December 31, 2013 and 2012:
| Number of Warrants | Per Share Exercise Price | Weighted Average Exercise Price | ||||||||||
| Outstanding at December 31, 2011 | 47,615,186 | 0.08-1.67 | $ | 0.25 | ||||||||
| Granted in 2012 | 43,827,454 | 0.01-0.16 | 0.10 | |||||||||
| Exercised in 2012 | - | - | ||||||||||
| Expired in 2012 | (1,468,161 | ) | 0.48-0.64 | 0.61 | ||||||||
| Outstanding at December 31, 2012 | 89,974,479 | 0.08-1.67 | 0.18 | |||||||||
| Granted in 2013 | 117,691,970 | 0.01-0.17 | 0.10 | |||||||||
| Expired in 2013 | (6,875,289 | ) | 0.14-0.46 | 0.28 | ||||||||
| Exercised in 2013 | - | - | ||||||||||
| Outstanding at December 31, 2013 | 200,791,160 | 0.125 | ||||||||||