Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.20.1
Warrants
 3 Months Ended
Mar. 31, 2020
Warrants  
Warrants

8. Warrants

The following is a summary of warrant activity for the three months ended March 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

Weighted Average

 

 

Number of

 

Exercise

 

Remaining

 

    

Warrants

    

Price

    

Term in Years

Outstanding at December 31, 2019

 

2,875,006

 

$

14.14

 

3.37

Issued

 

25,000

 

 

12.50

 

4.76

Expired

 

(37,692)

 

 

91.36

 
0

Outstanding at March 31, 2020

 

2,862,314

 

$

13.10

 

3.11

 

 

  

 

 

  

 

  

Outstanding at December 31, 2018

 

2,722,967

 

 

15.00

 

4.05

Outstanding at March 31, 2019

 

2,722,967

 

$

15.00

 

3.80

 

 

All of the warrant agreements provide for a cashless exercise in the event a registration statement covering the issuance of the shares of common stock underlying the warrants is not effective, whereby the number of shares to be issued upon exercise of such warrants will be reduced based on the exercise price and the market value of the shares at the time of exercise. The outstanding warrants expire from 2020 through 2025.