Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.19.1
Warrants
3 Months Ended
Mar. 31, 2019
Warrants [Abstract]  
WARRANTS
12. WARRANTS

 

For the three months ended March 31, 2019

 

On March 20, 2019, the Company issued a warrant to purchase 50,000 shares of the Company’s common stock outside its 2015 Equity Plan to a contractor for services. This warrant has an exercise price of $1.06 per share and an expiration date of March 20, 2023, and vests after one year.

 

The following table summarizes the assumptions used to estimate the fair value of the warrants granted during the three months ended March 31, 2019 on the date of grant.

 

    March 31, 2019  
       
Expected dividend yield     0 %
Expected volatility     90 %
Risk-free interest rate     2.40 %
Expected life of options     4.00 years  

  

Under the Black-Scholes option pricing model, the fair value of the warrant to purchase 50,000 shares of the Company’s common stock granted during the three months ended March 31, 2019 is estimated at $33,913 on the date of grant. During the three months ended March 31, 2019, $1,022 in compensation expense was recognized on this warrant with a total of $32,891 to be recognized over the vesting period as of March 31, 2019.

 

The following table represents warrant activity as of and for the three months ended March 31, 2019:

 

    Number of Warrants     Weighted
Average
Exercise Price
    Weighted Average Remaining Contractual Life in Years     Aggregate Intrinsic
Value
 
Outstanding – December 31, 2018     2,280,000     $ 0.72       3.44          
Exercisable – December 31, 2018     2,280,000     $ 0.72       3.44     $ 0.00  
Granted     50,000     $ 1.06                  
Forfeited or Expired     0     $ 0                  
Outstanding – March 31, 2018     2,330,000     $ 0.73       3.21     $ 0  
Exercisable – March 31, 2018     2,280,000     $ 0.72       3.19     $ 1,132,500  

  

The following table represents warrant activity as of and for the period ended March 31, 2018:

 

    Number of Warrants     Weighted
Average
Exercise Price per Share
    Weighted Average Contractual Life in Years     Aggregate Intrinsic
Value
 
Outstanding – December 31, 2017     2,232,500     $ 1.36       4.34          
Exercisable – December 31, 2017     2,232,500     $ 1.36       4.34     $       0  
Granted     0     $ 0                  
Forfeited or Expired     0     $ 0                  
Outstanding – March 31, 2018     2,232,500     $ 1.36       4.09     $ 0  
Exercisable – March 31, 2018     2,232,500     $ 1.36       4.09     $ 0