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Common Stock Purchase Warrants

3 Months Ended

Mar. 31, 2020

NOTE 10. 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 4,860,323 shares of common stock at $1.40 to $16.50 per share as of March 31, 2020. The warrants expire from July 15, 2020 through January 17, 2025 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 three months ended March 31, 2020:

	Warrants		Weighted average exercise price
Vested Balance, January 1, 2020		4,824,573	$	5.15
Granted		35,750		1.40
Exercised		—		—
Cancelled		—		—
Vested Balance, March 31, 2020		4,860,323	$	5.12

The total intrinsic value of all outstanding warrants aggregated $-0- as of March 31, 2020 and the weighted average remaining term is 30.4 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 March 31, 2020:

		Outstanding and exercisable warrants
Exercise price		Number of warrants		Weighted average remaining contractual life
$	1.40		142,750		4.7 years
$	1.81		571,428		4.4 years
$	2.60		465,712		3.3 years
$	3.00		701,667		3.0 years
$	3.25		120,000		2.7 years
$	3.36		680,000		1.9 years
$	3.36		200,000		2.9 years
$	3.65		200,000		2.2 years
$	3.75		94,000		2.4 years
$	5.00		800,000		1.8 years
$	13.43		879,766		0.8 years
$	16.50		5,000		0.3 years

			4,860,323		2.5 years