The following table summarizes warrant activity for the years ended December 31, 2019 and 2018: |
| Shares
| |
| Weighted-Average Exercise Price
| |
| | | | | |
|
| Warrants Outstanding as of January 1, 2018
| |
| 1,191,367
| |
| $
| -
|
|
| Warrants Exercised
| |
| (339,275
| )
|
| $
| 1.96
|
|
| Warrants Granted
| |
| 420,092
| |
| $
| 2.67
|
|
| Warrants Expired
| |
| (218,933
| )
|
| $
| 1.17
|
|
| Warrants Outstanding as of December 31, 2018
| |
| 1,053,252
| |
| $
| 4.28
|
|
| Warrants Exercised
| |
| -
| |
| $
| -
|
|
| Warrants Granted
| |
| 454,237
| |
| $
| 0.69
|
|
| Warrants Expired
| |
| (194,029
| )
|
| $
| 2.08
|
|
| Warrants Outstanding as of December 31, 2019
| |
| 1,313,459
| |
| $
| 2.67
| |
The weighted-average exercise price and weighted-average fair value of the warrants granted by the Company are as follows: |
| For the Year Ended
| |
|
| December 31, 2019
| |
| December 31, 2018
| |
|
| Weighted-Average Exercise Price
| |
| Weighted-Average Fair Value
| |
| Weighted-Average Exercise Price
| |
| Weighted-Average Fair Value
|
|
| Warrants Granted Whose Exercise Price
| | | | | | | | | | | |
|
| Exceeded Fair Value at the Date of Grant
|
| $
| 0.69
| |
| $
| 0.41
| |
| $
| 2.37
| |
| $
| 1.61
|
|
| Warrants Granted Whose Exercise Price
| | | | | | | | | | | | | | | |
|
| Was Equal or Lower Than Fair Value at the Date of Grant
|
| $
| -
| |
| $
| -
| |
| $
| 3.95
| |
| $
| 4.53
| |
For the warrants issued in 2019 and 2018 the Company valued the warrants utilizing the Black-Scholes option-pricing model with the following weighted-average inputs: |
| Year Ended December 31,
| |
|
| 2019
| |
| 2018
|
|
| Stock Price on Date of Grant
|
| $
| 0.69
| |
| $
| 2.63
|
|
| Exercise Price
|
| $
| 0.72
| |
| $
| 2.67
|
|
| Volatility
| |
| 96.9
| %
| |
| 115.7
| %
|
| Term
|
| 5 -Years
| |
| 5 -Years
|
|
| Risk-Free Interest Rate
| |
| 2.0
| %
| |
| 2.7
| %
|
| Expected Dividend Rate
| |
| 0
| %
| |
| 0
| %
|
For the years ended December 31, 2019 and 2018, $0.18 million and $0.73 million of warrants were issued in connection with debt and recorded as a debt discount.
|