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9. WARRANTS
3 Months Ended
Mar. 31, 2017
Summary of Investments, Other than Investments in Related Parties [Abstract]  
9. WARRANTS

NOTE 9 – WARRANTS

 

Warrants outstanding and exercisable on March 31, 2017 are as follows:

 

Warrants Outstanding   Warrants Exercisable  
        Weighted      
        Average   Exercisable  
Exercise   Number of   Remaining Life   Number of  
Price   Warrants   In Years   Warrants  
$ 0.40       537,500       0.48       537,500  
  0.50       936,670       3.84       936,670  
  0.60       50,000       3.02       50,000  
  0.83       100,000       3.80       100,000  
  0.90       5,270,002       2.48       5,270,002  
  1.00       796,000       0.66       796,000  
  1.06       146,200       1.73       146,200  
  3.00       407,475       1.61       407,475  
          8,243,847       2.27       8,243,847  

 

A summary of the warrant activity for the three months ended March 31, 2017 is as follows

 

            Weighted-Average    
        Weighted-Average   Remaining   Aggregate
    Shares   Exercise Price   Contractual Term   Intrinsic Value
Outstanding at December 31, 2016     15,448,056     $ 0.81       2.4       4,225,936  
Grants     —                         —    
Exercised     (6,788,668 )     0.68                  
Expired     (415,541 )     0.40                  
Outstanding at March 31, 2017     8,243,847     $ 0.81       2.3     $ 1,044,597  
                                 
Vested and expected to vest at March 31, 2017     8,243,847     $ 1.03       2.3     $ 1,044,597  
Exercisable at March 31, 2017     8,243,847     $ 1.03       2.3     $ 1,044,597  
 

The aggregate intrinsic value outstanding stock warrants was $1,044,597, based on warrants with an exercise price less than the Company’s stock price of $0.955 as of March 31, 2017, which would have been received by the warrant holders had those warrant holders exercised their warrants as of that date.