STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2018

(5) STOCKHOLDERS’ EQUITY

Treasury Stock

Beginning on December 6, 2017, and continuing through March 6, 2018, we had the ability through our stock purchase program to re-purchase our common stock at prevailing market prices either in the open market or through privately negotiated transactions up to $2.0 million. On March 6, 2018, we reached the limit of $2.0 million and share re-purchases were ceased.

From the inception of the plan through March 6, 2018, we purchased 495,091 shares of our common stock for $2.0 million for an average price of $4.04 per share.

Warrants

In October 2017, 150,000 common stock warrants were issued in exchange for professional services.

In connection with the agreement entered into on March 28, 2016, with Triumph Bank, the Lender suspended this monthly payment requirement for February, March and April of 2016 up to an aggregate cap of $250,000, in exchange for the issuance of a common stock warrant to purchase 50,000 shares of the Company’s common stock.

A summary of stock warrant activity for the three months ended March 31, 2018 are presented below:

	Number of Warrants (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017		200	$	1.86		5.80	$	264
Granted		-	$	-
Exercised		-		-
Forfeited		-	$	-
Outstanding at March 31, 2018		200	$	1.86		5.62	$	305

There were no warrants granted during the three months ended March 31, 2018 and 2017.