NOTE 16 – WARRANTS

During the three months ended March 31, 2021, the Company issued four-year warrants to Hadron to purchase up to 15,540,540 shares of common stock at an exercise price of $1.087 per share as part of the Hadron transaction previously discussed in Note 13 – Mezzanine Equity. Of the $23.0 million of proceeds from the Hadron transaction, $9.5 million was allocated to the warrant (such mount representing the fair value of the warrants on the issuance date) and recorded in Additional Paid-In Capital. Also during 2021, the Company issued warrants to purchase up to 2,100,000 shares of common stock at exercise prices ranging from $0.50 to $0.83 per share, expiring three and five years from issuance. The fair value of these warrants on their issuance dates of approximately $1,487,000 in the aggregate was charged to compensation expense. No warrants were granted during the three months ended March 31, 2022.

During the three months ended March 31, 2021, warrants to purchase 50,000 shares of common stock were exercised at an exercise price of $0.15 per share. No warrants were exercised during the three months ended March 31, 2022.

During the three months ended March 31, 2021, warrants to purchase 225,000 shares of common stock with exercise prices of $0.90 and $1.15 per share expired. No warrants expired during the three months ended March 31, 2022.

At March 31, 2022 and 2021, warrants to purchase up to 26,351,571 and 32,282,708 shares of common stock, respectively, were outstanding with exercise prices ranging from $0.25 to $5.50 per share across both periods.