Quarterly report pursuant to Section 13 or 15(d)

WARRANTS

v3.10.0.1
WARRANTS
 6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
NOTE 13 - WARRANTS

The Company has the following shares of common stock reserved for exercise of the warrants outstanding as of June 30, 2018:

 

    Shares     Weighted-Average Exercise Price  
Warrants Outstanding as of January 1, 2018     1,191,367     $ 2.85  
Warrants Exercised     (283,697 )   $ 2.17  
Warrants Granted     114,636     $ 4.05  
Warrants Expired     -     $ -  
Warrants Outstanding as of March 31, 2018     1,022,306     $ 3.80  
                 
Warrants Exercised     (27,800 )   $ 0.90  
Warrants Granted     51,026     $ 2.94  
Warrants Expired     (26,710 )   $ 3.09  
Warrants Outstanding as of June 30, 2018     1,018,822     $ 3.25  

  

The following weighted-average assumptions were used to calculate the fair value of warrants issued during the period ended June 30, 2018 and 2017 using the Black Scholes option pricing model:

 

    June 30,       June 30,  
    2018       2017  
Stock Price on Date of Grant   $ 3.45     $ 4.94  
Exercise Price   $ 3.71     $ 2.64  
Volatility     118.90 %     133.54 %
Term     5.00 Yrs     5.00 Yrs
Risk-Free Interest Rate     2.50 %     1.53 %
Expected Dividend Rate     0 %     0 %

 

There were no warrants recognized as an expense for the three and six months period ended June 30, 2018. There were no warrants recognized as an expense for the three months period June 30, 2017. Warrant expense of $211,534 was recognized for the six months period June 30, 2017. Warrants of $475,916 for the six months ended June 30, 2018 were recorded for warrants issued in connection with debt and recorded as a debt discount.

 

Warrant expense was $104,499 and $211,534 for three and six months ended June 30, 2017, respectively. For the three and six months period ended June 30, 2017, there were no warrants issued in connection with debt and recorded as a debt discount.