NOTE 14 – WARRANTS

During the three months ended March 31, 2020, the Company issued three-year warrants to purchase 180,000 shares of common stock at an exercise price of $0.75 per share in conjunction with the issuance in February 2020 of $1.0 million of the $21M Debentures as previously disclosed in Note 10 – Debentures Payable. The fair value of these warrants at issuance of approximately $28,000 was recorded as a discount to the $21M Debentures, of which approximately $3,000 was amortized to interest expense as of March 31, 2020. No warrants were issued during the three months ended March 31, 2019.

During the three months ended March 31, 2019, warrants to purchase 22,000 shares of common stock were exercised at exercise prices of $0.50 and $0.90 per share, resulting in aggregate proceeds to the Company of approximately $16,000. No warrants were exercised during the three months ended March 31, 2020.

At March 31, 2020 and 2019, warrants to purchase 11,960,107 and 10,584,211 shares of common stock, respectively, were outstanding with exercise prices ranging from $0.62 to $5.50 per share and $0.12 to $5.50 per share, respectively.