| Summary of warrants outstanding and exercisable |
| | | | | | | | | Weighted | | | | | | | | | | | Weighted | | | Average | | | | | | | | | | | Average | | | Remaining | | | | | | | | Number of | | | Exercise | | | Life | | | Intrinsic | | | | | Warrants | | | Price | | | In Years | | | Value | | | Outstanding at January 1, 2013 | | | - | | | $ | - | | | | - | | | $ | - | | | Issued | | | 754,600 | | | | 2.34 | | | | - | | | | - | | | Exercised | | | (300,000 | ) | | | 1.00 | | | | - | | | | - | | | Cancelled | | | - | | | | - | | | | - | | | | - | | | Outstanding and Exercisable at December 31, 2013 | | | 454,600 | | | $ | 3.23 | | | | 4.97 | | | $ | 351,300 | | | Issued | | | 3,675,176 | | | | 2.79 | | | | 4.51 | | | | - | | | Exercised | | | (500,000 | ) | | | 3.00 | | | | - | | | | - | | | Cancelled | | | - | | | | - | | | | - | | | | - | | | Outstanding and Exercisable at December 31, 2014 | | | 3,629,776 | | | $ | 2.80 | | | | 4.51 | | | $ | 283,828 | |
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