NOTE 7 – WARRANTS

During the three months ended March 31, 2018 and 2017, the Company issued warrants to purchase 200,000 and 100,000 shares of common stock, at exercise prices of $1.15 and $0.50 per share, and expiring in February 2021 and March 2020, respectively. The Company recorded non-cash compensation expense of approximately $206,000 in 2018 and $19,000 in 2017 representing the estimated fair value of these instruments on the issuance dates. 

During the three months ended March 31, 2018, warrants to purchase 89,614 shares of common stock were exercised, at exercise prices of $0.20 and $0.40. No warrants were exercised during the same period in 2017.

At March 31, 2018 and 2017, warrants to purchase 4,355,697 and 1,225,000 shares of common stock were outstanding, respectively, at exercise prices ranging between $0.10 and $1.15.