NOTE 12 –WARRANTS

The Company has issued warrants to purchase common stock, primarily in connection with capital raising activities. As discussed in Note 10, in connection with the strategic investment by WPP, in 2015 the Company issued warrants to purchase 240,444 shares of common stock with an exercise price of $0.7875 per share.

The Company had the following warrants, with an intrinsic value of $485,678, outstanding as of December 31, 2017:

Number of Shares Underlying Warrants	Exercise Price	Expiration Date
804,139	$1.20	03/17/2019
240,444	$0.7875	09/24/2020

The Company had the following warrant activity during the years ended December 31, 2017 and 2016:

	Number of Shares Underlying Warrants			Weighted average exercise price
Outstanding, January 1, 2016		2,094,583		$	1.65
Granted		-			-
Expired		(50,000	)	$	0.89
Balance, December 31, 2016		2,044,583		$	1.67
Granted		-			-
Expired		(1,000,000	)	$	2.25
Balance, December 31, 2017		1,044,583		$	1.11