COMMON STOCK AND COMMON STOCK WARRANTS (Tables)

12 Months Ended

Dec. 31, 2019

COMMON STOCK AND COMMON STOCK WARRANTS

Summary of common stock warrant activity

	Number of Shares
	Under
	Warrants		Exercise Price
Balance at December 31, 2018		98,686,000	$	0.50 to 5.00
Issuance of new warrants		88,556,456		0.35 to 0.50
Warrant exercises		(694,200)		0.35
Expiration of warrants		(88,535,000)		0.50 to 1.00
Balance at December 31, 2019		98,013,256	$	0.35 to 5.00
Weighted average exercise price	$	0.44

Fair value, valuation technique, inputs

The following inputs to the model were used at December 31, 2019:

	December 31, 2019
Stock Price	$	0.24
Exercise Price	$	0.50
Expected Term		7.8 years
Stock Volatility		40.0%
Risk-Free Interest Rate		1.8%

On December 27, 2019, the Company issued warrants to purchase 8,556,456 shares of common stock in connection with the exchange of its senior notes as discussed above at an exercise price of $0.35 with a three-year term.  These warrants are equity-classified.  The Company used a Black-Scholes model to determine the fair value of the warrants at the date of issuance using the following inputs to the model:

	December 27, 2019
Stock Price	$	0.23
Exercise Price	$	0.35
Expected Term		3.0 years
Stock Volatility		40.0%
Risk-Free Interest Rate		1.6%