NOTE 15 – WARRANTS

During the three months ended March 31, 2018, the Company issued five-year warrants to purchase 200,000 shares of common stock at an exercise price of $1.15 per share. The entire fair value of these warrants on the issuance date of approximately $206,000 was amortized during the period. No warrants were issued during the three months ended March 31, 2019.

During the three months ended March 31, 2019 and 2018, warrants to purchase 22,000 and 89,614 shares of common stock, respectively, were exercised at exercise prices ranging from $0.50 to $0.90 per share in 2019 and $0.20 to $0.40 per share in 2018.

At March 31, 2019 and 2018, warrants to purchase 10,584,211 and 4,355,697 shares of common stock, respectively, were outstanding at exercise prices ranging from $0.12 to $5.50 per share in 2019 and $0.10 to $1.15 per share in 2018.