NOTE 9 – WARRANTS

Warrants outstanding and exercisable at June 30, 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		287,500		0.24		287,500
		0.50		936,670		3.60		936,670
		0.60		50,000		2.78		50,000
		0.83		100,000		3.55		100,000
		0.90		5,070,002		2.23		5,070,002
		1.00		796,000		0.43		796,000
		1.06		146,200		1.48		146,200
		3.00		407,475		1.36		407,475
				7,793,847		2.09		7,793,847

A summary of the warrant activity for the six months ended June 30, 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		(7,238,668	)		0.68
Expired		(415,541	)		0.40
Outstanding at June 30, 2017		7,793,847		$	0.95		2.1	$	111,626

Vested and expected to vest at June 30, 2017		7,793,847		$	0.95		2.1	$	111,626
Exercisable at June 30, 2017		7,793,847		$	0.95		2.1	$	111,626

The aggregate intrinsic value outstanding stock warrants was $111,626, based on warrants with an exercise price less than the Company’s stock price of $0.5677 as of June 30, 2017, which would have been received by the warrant holders had those warrant holders exercised their warrants as of that date.