The Company has the following shares of common stock reserved for exercise of the warrants outstanding as of March 31, 2018:

The following weighted-average assumptions were used to calculate the fair value of warrants issued in during the period ended March 31, 2018 and 2017 using the Black Scholes option pricing model:

There were no warrants recognized as an expense for the three months period ended March 31, 2018. Warrant expense of $107,035 was recorded during the three months ended March 31, 2017. For the three months ended March 31, 2018, $475,917 of warrants were issued in connection with debt and recorded as a debt discount. For the period ended March 31, 2017, there were no warrants issued in connection with debt and recorded as a debt discount.