5. Warrants

A summary of warrant activity for the year ended December 31, 2014 and the nine months ended September 30, 2015 is as follows:

 

		Warrants				Weighted Average Price
Balance – December 31, 2013			2,747,094			$	1.91
Granted			—				—
Exercised			(210,000	)			1.50
Expired			(5,000	)			(10.00	)
Balance – December 31, 2014			2,532,094				1.93
Granted			—				—
Exercised			(185,585	)			1.50
Expired			(2,170,925	)			(2.00	)
Balance – September 30, 2015			175,584			$	1.50

On March 23, 2015, warrants to acquire 2,170,925 shares of the Company’s common stock at a price of $2.00 per share expired. On August 3, 2015, Griffin Securities Inc. exercised 185,585 of their previously issued warrants on a net issuance basis resulting in the issuance of 98,592 shares of our common stock.

The warrants outstanding as of September 30, 2015 are as follows:

 

Exercise Price		Warrants Outstanding		Expiration Dates
$1.50		175,584		7/31/17
		175,584