At March 31, 2018, the following warrants were outstanding: 

 

		Number of Awards			Weighted Average Exercise Price			Weighted Average Remaining Term in Years
Outstanding at December 31, 2017			9,455,961		$	3.26			4.23
Outstanding at March 31, 2018			9,455,961		$	3.26			3.98

  

All of the warrant agreements provide for a cashless exercise in certain specified circumstances, whereby the number of warrants to be issued will be reduced by the number of shares which could be purchased from the proceeds of the exercise of the respective warrant. The outstanding warrants expire from 2020 through 2025.