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8. Outstanding Warrants | 12 Months Ended
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Dec. 31, 2013
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8. Outstanding Warrants | For the twelve months ended December 31, 2013, the Company granted 5,818,439 common stock warrants, which had the potential to enhance returns for accredited investors who entered into additional Notes, Warrant Purchase Agreements, and equity offering agreements as well as provide incentives to certain employees and board members. The accredited investors received 2 to 10 year warrants exercisable between $0.001 and $0.50 per share in the equity offering agreements as part of debt or fees payment agreements. Employee and board members were offered common stock warrants with an exercise price of $0.40 per share during the twelve months ended December 31, 2013. For the twelve months ended December 31, 2013, Note investors exercised 2,638,636 warrant shares at an exercise price of $0.001 to $0.12 per share. For the twelve months ended December 31, 2013, 33,334 Series A Preferred stock warrants and 255,668 common stock warrants expired, both classes of warrant shares having a weighted average exercise price of $1.50 and $0.12 per share respectively. A summary of historical warrant activity for the years ended December 31, 2013 and 2012 follows:
|  | Warrants Outstanding & Exercisable |  |  | Weighted - Average Exercise Price |  |  | Average Remaining Term in Years |
Outstanding December 31, 2011 |  |  | 1,428,590 |  |  |  | 0.35 |  |  |  | 4.08 |
Granted |  |  | 1,816,000 |  |  |  | 0.001 |  |  |  | - |
Exercised |  |  | (1,432,667 | ) |  |  | 0.001 |  |  |  | - |
Expired |  |  | (5,000 | ) |  |  | 3.00 |  |  |  | - |
Outstanding December 31, 2012 |  |  | 1,806,923 |  |  | $ | 0.27 |  |  |  | 2.67 |
Granted |  |  | 5,818,439 |  |  |  | 0.26 |  |  |  | - |
Exercised |  |  | (2,638,636 | ) |  |  | 0.01 |  |  |  | - |
Expired |  |  | (289,002 | ) |  |  | 1.18 |  |  |  | - |
Outstanding December 31, 2013 |  |  | 4,697,724 |  |  |  | 0.34 |  |  |  | 4.85 |

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph i -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 28 -Article 5 + Details
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