Quarterly report pursuant to Section 13 or 15(d)

WARRANTS

v3.21.2
WARRANTS
 6 Months Ended
Jun. 30, 2021
Warrants and Rights Note Disclosure [Abstract]  
WARRANTS

 

15. WARRANTS

 

The Company had the following warrants outstanding as of June 30, 2021, all of which are exercisable:

                Weighted-  
          Weighted-     Average  
          Average     Remaining  
          Exercise     Contractual  
    Warrants     Price     Life (Years)  
                   
Outstanding at December 31, 2020     13,351,251     $ 2.48       3.38  
Granted     138,889       2.61       -  
Forfeited     (33,334 )     1.65       -  
Exercised     (1,067,578 )     1.10       -  
Outstanding at June 30, 2021, all vested     12,389,228     $ 2.61       2.91  

 

At June 30, 2021 the intrinsic value of the outstanding warrants was $4,278,000.

 

During the six ended June 30, 2021, the Company granted 138,889 warrants with a fair value of $287,000 to an officer as part of a note extension (see Note 7).

 

During the six months ended June 30, 2021, a total of 1,067,578 warrants were exercised into a cash and cashless basis, which resulted in the issuance of 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.