Note 9 – Stock Warrants

A summary of the various changes in warrants during the nine months ended September 30, 2019 is as follows:


		Number of
		Warrants

Warrants Outstanding at December 31, 2018		2,233,062
Exercised During the Period		—
Issued During the Period		5,479,454
Expired During the Period		(1,200,000)

Warrants Outstanding at September 30, 2019		6,512,516

On July 2, 2019, the Company closed on a securities purchase agreement with certain purchasers for the sale of an aggregate of 5,479,454 shares of the Company’s common stock along with warrants to purchase an aggregate of up to 5,479,454 additional shares of common stock. The warrants have an initial exercise date of January 2, 2020 and expire on January 2, 2022. The exercise price per warrant is $4.10.

The outstanding warrants as of September 30, 2019 expire from June 18, 2021 to January 2, 2022. The weighted average remaining term of the warrants is 2.2 years and the weighted average exercise price is $4.56 per share.