At March 31, 2015, the following warrants were outstanding:

 

		Number of Awards				Weighted Average Exercise Price				Weighted Average Remaining Term in Years
Outstanding at December 31, 2014			21,964			$	4.52				1.81
Issued			630,733			$	6.08				6.55
Exercised			(10,929	)		$	0.65
Forfeited			(3,788	)		$	14.45
Outstanding at March 31, 2015			637,980			$	6.07				5.03

 

		Warrants				Remaining Term				Exercise Price
			7,247				.50				$5.16
			630,733				6.55				$6.08

All of the warrant agreements contain a provision providing for a cashless exercise whereby, the number of warrants to be issued will be reduced by the number shares which could be purchased from the proceeds of the exercise of the respective warrant. The remaining warrants expire from 2015 through 2025.

At December 31, 2014, the following warrants were outstanding:

 

 

Class of Stock		Number of Shares				Exercise Price				Common Shares upon conversion
Series C Preferred			11,901			$	1.75				1,239
Series D Preferred			27,932			$	1.22				2,549
Common Stock			10,929			$	0.65				10,929
Common Stock			7,247			$	5.16				7,247
Total common stock			58,009								21,964

 

The above table does not include shares issuable upon exercise of warrants issued to note holders as the number of warrants issuable is not yet determinable (see Note 6).

All of the warrant agreements contain a provision providing for a cashless exercise whereby, the number of warrants to be issued will be reduced by the number shares which could be purchased from the proceeds of the exercise of the respective warrant. The warrants to purchase the Series C preferred stock and the Series D preferred stock and to purchase 10,928 shares of common stock must be exercised prior to the closing of an IPO or such warrants will expire. The remaining warrants expire from 2015 through 2018.