Note 10

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 June 30, 2020, warrants to purchase 600,000 shares of common stock with an exercise price of $3.75 expired. During the three and six months ended June 30, 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 de minimus fair values and there was no change in fair value for the three and six months ended June 30, 2019.

Outstanding common stock warrants at June 30, 2020 consist of the following:

Issue Date	Expiration Date	Total Warrants		Exercise Price
December 30, 2015	December 30, 2020		130,089	$	5.65
January 29, 2016	January 29, 2021		19,812	$	5.30
			149,901