A summary of warrant activity for the years ended December 31, 2013 and 2012 is presented below:
| Number of Warrants | Weighted- Average Exercise Price | Weighted- Average Contractual Term | Aggregate Intrinsic Value | |||||||||||||
| Outstanding at January 1, 2012 | - | $ | - | |||||||||||||
| Warrant granted | 10,677 | 1.08 | ||||||||||||||
| Warrants exercised | - | - | ||||||||||||||
| Warrants forfeited or expired | - | - | ||||||||||||||
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| Outstanding at December 31, 2012 | 10,677 | 1.08 | ||||||||||||||
| Warrants granted | 204,943 | 3.34 | ||||||||||||||
| Warrants exercised | - | - | ||||||||||||||
| Warrants forfeited or expired | - | - | ||||||||||||||
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| Outstanding at December 31, 2013 | 215,620 | $ | 3.23 | 5.0 | $ | 1,276,665 | ||||||||||
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| Exercisable at December 31, 2013 | 215,620 | $ | 3.23 | 5.0 | $ | 1,276,665 | ||||||||||
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