The following summarizes the warrant activity for the year ended December 31, 2013:
| Number of Units | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Intrinsic value | |||||||||||||
| Outstanding at December 31, 2012 | 342,000 | $ | 0.01 | |||||||||||||
| Grants | 13,422,472 | 0.68 | ||||||||||||||
| Outstanding at December 31, 2013 | 13,764,472 | $ | 0.66 | 2.3 | $ | 99,360 | ||||||||||
| Exercisable at December 31, 2013 | 13,764,472 | $ | 0.66 | 2.3 | $ | 99,360 | ||||||||||