Annual report pursuant to Section 13 and 15(d)

Stock Warrants

v3.20.4
Stock Warrants
12 Months Ended
Dec. 31, 2020
Stock Warrants  
Stock Warrants

Note 12 — Stock Warrants

The following table shows the various changes in warrants for the years ended:

December 31, 

December 31, 

December 31, 

    

2020

    

2019

    

2018

Warrants Outstanding, Beginning of Year

 

6,512,516

 

2,233,062

 

1,184,912

Exercised During the Period

 

(2,882,647)

 

 

(113,850)

Issued During the Period

 

3,647,059

 

5,479,454

 

1,200,000

Expired During the Period

 

 

(1,200,000)

 

(38,000)

Warrants Outstanding, End of Year

 

7,276,928

 

6,512,516

 

2,233,062

Of the outstanding warrants as of December 31, 2020, 1,847,058 expire on March 19, 2021, 950,416 expire on June 18, 2021 and the remainder expire on January 2, 2022. The weighted average remaining term of the warrants was 0.7 years. The weighted average exercise price was $4.77 per share. Of the outstanding warrants as of December 31, 2019, 1,033,602 expire on June 18, 2021 and the remainder expire on January 2, 2022. The weighted average remaining term of the warrants was 1.9 years. The weighted average exercise price was $4.56 per share. Of the outstanding warrants as of December 31, 2018, 1,200,000 expired on January 26, 2019 and the remainder expire on June 18, 2021. The weighted average remaining term of the warrants is 3.1 years. The weighted average exercise price is $6.44 per share.

During the year ended December 31, 2020, a total of 2,882,647 warrants were exercised on a cash basis resulting in the issuance of 2,882,647 shares of common stock and proceeds of $14,128,527. During the year ended December 31, 2019 there were no warrants exercised. During the year ended December 31, 2018, a total of 96,350 warrants were exercised on a cashless basis resulting in the issuance of 66,710 shares of common stock and a total of 17,500 warrants were exercised for cash resulting in the issuance of 17,500 shares and proceeds of $39,375.

Since January 1, 2021, over 98% of the outstanding warrants as of December 31, 2020 were exercised. Please see Subsequent Event Note 19 for futher details.