Note 9

Warrants:

The Company accounts for warrants that require net cash settlement upon change of control of the Company as liabilities instead of equity. During the three months ended March 31, 2019, warrants to purchase 265,947 and 137,143 shares of common stock each with an exercise price of $3.75 per share were accounted for as derivatives. These warrants expired on February 5, 2019 and April 30, 2019, respectively. These derivatives had deminimus fair values as of March 31, 2019 and December 31, 2018, respectively. There was no change in fair value of these derivatives for the three months ended March 31, 2019.

Outstanding common stock warrants at March 31, 2019, consist of the following:

Issue Date	Expiration Date	Total Warrants		Exercise Price

October 31, 2013*	4/30/2019		137,143	$	3.75
July 24, 2014	7/24/2019		1,239,769	$	3.75 - $ 12.25
June 22, 2015	6/22/2020		600,000	$	3.75
December 30, 2015	12/30/2020		130,089	$	5.65
January 29, 2016	1/29/2021		19,812	$	5.30
			2,126,813

*These warrants are classified as liabilities.