15. Warrants

Warrants granted are generally issued for services performed by third parties or investors.

A summary of warrant activity during the year ended December 31, 2014 is as follows:

	Number of warrants			Weighted- average exercise price		Weighted- average remaining contractual life (in years)		Aggregate intrinsic value
Outstanding as of December 31, 2013		221,900		$	2.50		0.34		224,707

Warrants granted		—			—
Warrants exercised		(112,300	)		0.90
Warrants cancelled		(109,600	)		4.14
Warrants forfeited		—			—

Outstanding as of December 31, 2014		—			—		—		—

	Year ended December 31,
	2014		2013		2012
Weighted-average grant date fair value for warrants granted during the period	$	—	$	—	$	—
Total fair value of warrants vested during the period		—		—		—
Total intrinsic value of warrants exercised during the period		142,625		594,002		2,376,589

On December 17, 2012, Inter-Atlantic Fund L.P. exercised its warrant in accordance with its terms and as a result, 917,602 new shares of common stock were issued to Inter-Atlantic. The warrant was net exercised under which 464,115 shares subject to the warrant were cancelled as payment for the shares being issued.

In 2013, various parties exercised their warrants in accordance with its terms and as a result 213,123 new shares of common stock were issued. The warrants were net exercised under which 34,827 shares subject to the warrant were cancelled as payment for the shares being issued.

In 2014, various parties exercised their warrants in accordance with its terms and as a result 79,677 new shares of common stock were issued. The warrants were net exercised under which 32,623 shares subject to the warrant were cancelled as payment for the shares being issued.

The aggregate intrinsic value of warrants outstanding, vested and unvested expected to vest, and exercisable, represent the total pre-tax intrinsic value, based on the closing prices of $2.78 and $3.48 of PLPM as reported on NASDAQ on December 31, 2013 and 2012, respectively.