Quarterly report pursuant to Section 13 or 15(d)

Stock Purchase Warrants

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Stock Purchase Warrants
3 Months Ended
Mar. 31, 2017
Stock Purchase Warrants [Abstract]  
STOCK PURCHASE WARRANTS
8. STOCK PURCHASE WARRANTS

 

During the three months ended March 31, 2017, the Company granted 825,000 warrants to investors in a private placement and 100,000 warrants to an advisor pursuant to certain advisor agreement. These warrants are exercisable for a period of five years with an exercise price of $2.75.

 

A summary of the status of the Company’s outstanding stock warrants as of March 31, 2017 is as follows:

 

      Warrants     Weighted - Average Exercise Price  
               
  Outstanding December 31, 2016     3,885,729     $ 0.70  
                   
  Granted     825,000       2.75  
  Exercised     (718,572 )     0.70  
  Forfeited     -       -  
  Outstanding March 31, 2017     3,992,157     $ 1.16