8. Warrants

At December 31, 2020 and 2019, the following warrants were outstanding:

1Consists of 600,000 warrants to purchase 600,000 shares of Common Stock issued in connection with the Company's private placement with an affiliate of Armistice Capital, LLC on October 2, 2019.

2Consists of 25,000 warrants to purchase 25,000 shares of Common Stock issued to the placement agent in connection with the Company's registered direct offering on January 3, 2020.

3Warrant exercise price for a full share of Common Stock.

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 2021 through 2025.