Annual report pursuant to Section 13 and 15(d)

WARRANTS (Tables)

v3.19.1
WARRANTS (Tables)
 12 Months Ended
Dec. 31, 2018
Warrants Tables  
Warrants outstanding

The following table summarizes warrant activity for the years ended December 31, 2018 and 2017:

 

 

    Shares     Weighted-Average Exercise Price  
             
Warrants Outstanding as of January 1, 2017     1,055,761     $ 2.85  
Warrants Exercised     -     $ -  
Warrants Granted     214,915     $ 2.79  
Warrants Expired     (79,309 )   $ 3.34  
Warrants Outstanding as of December 31, 2017     1,191,367     $ 2.85  
Warrants Exercised     (339,275 )   $ 1.96  
Warrants Granted     420,093     $ 2.67  
Warrants Expired     (218,933 )   $ 1.17  
Warrants Outstanding as of December 31, 2018     1,053,252     $ 4.28  
Weighted-average fair value of the warrants granted

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, 2018     December 31, 2017  
    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   $ 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     $ 2.79     $ 3.20  
Warrants utilizing weighted-average inputs

For the warrants issued in 2018 and 2017 the Company valued the warrants utilizing the Black-Scholes option-pricing model with the following weighted-average inputs: 

 

    Year Ended December 31,  
    2018     2017  
Stock Price on Date of Grant   $ 2.63     $ 4.15  
Exercise Price   $ 2.67     $ 2.79  
Volatility     115.7 %     126.1 %
Term   5-Years     5-Years  
Risk-Free Interest Rate     2.7 %     1.9 %
Expected Dividend Rate     0 %     0 %