XML 46 R20.htm IDEA: XBRL DOCUMENT

Common Stock Purchase Warrants

12 Months Ended

Dec. 31, 2019

NOTE 14. COMMON STOCK PURCHASE WARRANTS

The Company has issued common stock purchase warrants in conjunction with various debt and equity issuances. The warrants are either immediately exercisable, or have a delayed initial exercise date, no more than six months from their respective issue date and allow the holders to purchase up to 4,824,573 shares of common stock at $1.40 to $16.50 per share as of December 31, 2019. The warrants expire from July 15, 2020 through December 23, 2024 and allow for cashless exercise.

Certain common stock purchase warrants issued in August 2014 contained anti-dilution provisions that triggered a reset as a result of the April 2018 financing transaction. The reset provisions resulted in the 12,200 warrants held at an exercise price of $7.32 per share increased by 159,538 warrants resulting in a final reset to 172,038 warrants at an exercise price of $0.52 per share. All warrants subject to the reset provision have now been exercised.

The following table summarizes information about shares issuable under warrants outstanding during the years ended December 31, 2019 and 2018:

	Warrants			Weighted average exercise price
Vested Balance, January 1, 2018		3,233,466		$	6.57
Granted		1,478,379			2.90
Warrant reset		159,538			0.52
Exercised		(171,738	)		(0.52	)
Cancelled		(42,500	)		(8.50	)
Vested Balance, December 31, 2018		4,657,145		$	5.54

	Warrants			Weighted average exercise price
Vested Balance, January 1, 2019		4,693,145		$	5.40
Granted		678,428			1.75
Exercised		(529,000	)		(2.96	)
Cancelled		(18,000	)		(3.50	)
Vested Balance, December 31, 2019		4,824,573		$	5.15

The total intrinsic value of all outstanding warrants aggregated $-0- as of December 31, 2019 and the weighted average remaining term is 33.2 months.

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable warrants to purchase common shares as of December 31, 2019:

		Outstanding and exercisable warrants
Exercise price		Number of warrants		Weighted average remaining contractual life
$	1.40		107,000	5.0 years
$	1.81		571,428	4.6 years
$	2.60		465,712	3.6 years
$	3.00		701,667	3.3 years
$	3.25		120,000	3.0 years
$	3.36		680,000	2.2 years
$	3.36		200,000	3.2 years
$	3.65		200,000	2.5 years
$	3.75		94,000	2.6 years
$	5.00		800,000	2.0 years
$	13.43		879,766	1.1 years
$	16.50		5,000	0.5 years

			4,824,573	2.8 years