|
The
Company has the following shares of common stock reserved for exercise of the warrants outstanding as of September 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 |
|
| |
|
|
|
|
|
|
|
|
| Warrants
Exercised |
|
|
(27,778 |
) |
|
$ |
0.90 |
|
| Warrants
Granted |
|
|
149,789 |
|
|
$ |
1.98 |
|
| Warrants
Expired |
|
|
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Warrants
Outstanding as of September 30, 2018 |
|
|
1,140,833 |
|
|
$ |
3.14 |
|
The
following weighted-average assumptions were used to calculate the fair value of warrants issued during the period ended September
30, 2018 and 2017 using the Black-Scholes option pricing model:
| |
|
September
30, |
|
|
|
September
30, |
|
|
|
| |
|
2018 |
|
|
|
2017 |
|
|
|
| Stock
Price on Date of Grant |
|
$ |
2.70 |
|
|
|
$ |
4.42 |
|
|
|
| Exercise
Price |
|
$ |
2.89 |
|
|
|
$ |
5.07 |
|
|
|
| Volatility |
|
|
116.50 |
|
% |
|
|
130.03 |
|
|
|
| Term |
|
|
5.00 |
|
Yrs |
|
|
5.00 |
|
|
|
| Risk-Free
Interest Rate |
|
|
2.70 |
|
% |
|
|
1.63 |
|
|
|
| Expected
Dividend Rate |
|
|
0 |
|
% |
|
|
0 |
|
|
|
There
were no warrants recognized as an expense for the three and nine months period ended September 30, 2018 and 2017, respectively.
|