XML 29 R18.htm IDEA: XBRL DOCUMENT

Common Stock Purchase Warrants

9 Months Ended

Sep. 30, 2020

NOTE 11. 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 3,388,364 shares of common stock at $1.40 to $16.50 per share as of September 30, 2020. The warrants expire from January 22, 2021 through January 17, 2025 and allow for cashless exercise.

The following table summarizes information about shares issuable under warrants outstanding during the nine months ended September 30, 2020:

	Warrants			Weighted average exercise price
Vested Balance, January 1, 2020		4,824,573		$	5.15
Granted		1,273,374			1.31
Exercised		(2,704,583	)		(1.95	)
Cancelled		(5,000	)		(16.50	)
Vested Balance, September 30, 2020		3,388,364		$	6.24

The total intrinsic value of all outstanding warrants aggregated $-0- as of September 30, 2020 and the weighted average remaining term is 18.8 months.

During the nine months ended September 30, 2020, warrants to purchase 2,686,582 common shares were exercised for cash proceeds of $5,203,122 and warrants to purchase 18,000 common shares were exercised on a cashless basis through the forfeiture of 10,715 common shares.

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 September 30, 2020:

		Outstanding and exercisable warrants
Exercise price		Number of warrants		Weighted average remaining contractual life
$	2.60		465,712		2.8 years
$	3.00		316,800		2.5 years
$	3.36		166,667		1.4 years
$	3.36		566,666		2.4 years
$	3.65		167,000		1.7 years
$	3.75		25,753		1.9 years
$	5.00		800,000		1.2 years
$	13.43		879,766		0.3 years

			3,388,364		1.6 years