NOTE 14 – WARRANTS

During the years ended December 31, 2018 and 2017, the Company issued warrants to purchase 8,661,137 and 3,120,311 shares of common stock, respectively, at exercise prices ranging from $0.20 to $5.50 per share in 2018 and $0.40 to $0.62 per share in 2017. These warrants generally expire three or five years from issuance date. The Company recorded the fair value of these warrants of approximately $15.7 million in 2018 ($1.8 million as compensation expense, $2.8 million as debt discounts, and $11.1 million as equity discounts) and approximately $1.0 million in 2017 (all as compensation expense).

During the year ended December 31, 2018, warrants to purchase 2,300,237 shares of common stock were exercised, at exercise prices ranging from $0.10 to $1.75 per share. Of these exercised warrants, 1,000,000 warrants were cashless exercises, with the exercise price paid via the surrender of 157,527 shares of common stock. No warrants were exercised during 2017.

The following table summarizes the Company’s warrant transactions during the 2018 and 2017 fiscal years:

At December 31, 2018, warrants to purchase 10,606,211 shares of common stock were outstanding at exercise prices ranging from $0.12 to $5.50 per share.