Quarterly report pursuant to Section 13 or 15(d)

STOCK WARRANTS

v3.21.2
STOCK WARRANTS
 9 Months Ended
Sep. 30, 2021
Stock Warrants  
STOCK WARRANTS

15. STOCK WARRANTS

 

The Company had the following warrants outstanding as of September 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     (196,449 )     6.38       -  
Exercised     (2,285,389 )     1.25       -  
Outstanding at September 30, 2021, all vested     11,008,302     $ 2.67       2.63  

 

At September 30, 2021 the intrinsic value of the outstanding warrants was $2,996,000.

 

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

 

During the nine months ended September 30, 2021, a total of 2,285,389 warrants were exercised into a cash and cashless basis, which resulted in the issuance of 2,254,411 shares of Common Stock at a weighted average exercise price of $1.25. The Company received cash of $2,784,000 upon exercise of the warrants.