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Common Stock Purchase Warrants

12 Months Ended

Dec. 31, 2020

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 3,388,364 shares of common stock at $2.60 to $13.43 per share as of December 31, 2020. The warrants expire from January 22, 2021 through July 31, 2023 and allow for cashless exercise.

The following table summarizes information about shares issuable under warrants outstanding during the years ended December 31, 2020 and 2019:

	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

	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, December 31, 2020		3,388,364		$	6.24

The total intrinsic value of all outstanding warrants aggregated $-0- as of December 31, 2020 and the weighted average remaining term is 15.8 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, 2020:

		Outstanding and exercisable warrants
Exercise price		Number of warrants		Weighted average remaining contractual life
$	2.60		465,712	2.6 years
$	3.00		316,800	2.3 years
$	3.36		733,333	1.9 years
$	3.65		167,000	1.5 years
$	3.75		25,753	1.6 years
$	5.00		800,000	1.0 years
$	13.43		879,766	0.1 years

			3,388,364	1.3 years