Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.21.1
Warrants
 3 Months Ended
Mar. 31, 2021
Warrants and Rights Note Disclosure [Abstract]  
Warrants
15. WARRANTS

 

The Company has the following warrants outstanding as of March 31, 2021, all of which are exercisable:

 

                Weighted-        
          Weighted-     Average        
          Average     Remaining     Aggregate  
          Exercise     Contractual     Intrinsic  
    Warrants     Price     Life (Years)     Value  
                         
Outstanding at December 31, 2020     13,351,251     $ 2.48       3.38     $ 3,022,000  
Granted     138,889       2.61       -       -  
Forfeited     -       -       -       -  
Exercised     (1,067,578 )     1.10       -       -  
Outstanding at March 31, 2021, all vested     12,422,562     $ 2.60       3.14     $ 1,328,000  

 

At March 31, 2021 the intrinsic value of the outstanding warrants was $1,328,000.

 

During the quarter ended March 31, 2021, the Company granted 138,889 warrants to an officer as part of a note extension (see Note 7).

 

During the quarter ended March 31, 2021, a total of 1,067,578 warrants were exercised into 1,036,600 shares of Common Stock at a weighted average exercise price of $1.10. The Company received cash of $1,103,000 upon exercise of the warrants.