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Note 8 - Warrants
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Warrants [Text Block]
8
. Warrants
 
 
In
March 2014,
in a registered public offering and in accordance with a separate note conversion agreement with certain note holders, the Company issued warrants to purchase
6,910,283
shares of common stock at
$4.75
per share. The warrants expire in
March 2021.
 
In
May 2016,
in connection with a credit facility with WAVI Holding AG, a significant stockholder of the Company, the Company issued a warrant to purchase
550,000
shares of common stock at
$1.75
per share. The warrant was immediately exercisable and expires in
May 2021.
 
The following table summarizes warrant activity for the
three
months ended
March 
31,
2020:
 
   
Shares
    
Wtd. Avg.
Exercise
Price
  
Outstanding at December 31, 2019
    
3,959,005
     $
4.33
  
Exercised
    
(2,000
)
    
4.75
  
Outstanding at March 31, 2020
    
3,957,005
     $
4.33
  
 
On
May 14, 2020,
the Company entered into separate warrant exercise agreements with WAVI Holding AG and
Taurus4757
GmbH pursuant to which the warrant holders immediately exercised their respective warrants via a “cashless” exercise as agreed to by the Company. As a result of the cashless exercise, the Company issued an aggregate of
2,747,970
shares of Company common stock upon cashless exercise of an aggregate of
3,871,405
warrants. There are
85,600
warrants remaining at an exercise price of
$4.75.