Warrants - Note 9

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Warrants - Note 9

9. WARRANTS

During the second quarter of 2017, we received $906,000 from the exercise of warrants to purchase 460,000 shares of common stock, which warrants were issued in connection with earlier financing transactions.

The outstanding warrants to purchase 2.0 million shares of our common stock that we sold in our March 2014 offering have an exercise price of $2.47 per share and expire on the fifth anniversary of the date of issuance.

The following table summarizes activity with respect to our common stock warrants for the periods shown below (in thousands):

	Warrants to		Weighted-
	purchase		average
	common		exercise
	shares		price
Outstanding at January 1, 2015	6,526	$	3.08
Granted:
Exercise price less than intrinsic value	-		-
Exercise price greater than intrinsic value	-		-
Exercised	(1,487)		2.19
Canceled/expired	-		-
Outstanding at December 31, 2015	5,039		3.34
Granted:
Exercise price less than intrinsic value	-		-
Exercise price greater than intrinsic value	-		-
Exercised	-		-
Canceled/expired	(1,278)		6.24
Outstanding at December 31, 2016	3,761		2.23
Granted:
Exercise price less than intrinsic value	-		-
Exercise price greater than intrinsic value	-		-
Exercised	(460)		1.97
Canceled/expired	(1,328)		1.97
Outstanding at December 31, 2017	1,973	$	2.47
Exercisable at December 31, 2017	1,973	$	2.47

There were no common stock warrants issued in 2017, 2016 or 2015.

The following table summarizes information about our common stock warrants outstanding and exercisable at December 31, 2017 (in thousands):

	Warrants outstanding				Warrants exercisable
		Weighted-
		average		Weighted-			Weighted-
	Outstanding at	remaining		average	Exercisable at		average
	December 31,	contractual term		exercise	December 31,		exercise
Range of exercise prices	2017	(in years)		price	2017		price
$1.92 - $3.07	1,973	1.21	$	2.47	1,973	$	2.47
	1,973				1,973