NOTE 8 – WARRANTS

 The following table summarizes warrant activity:

In connection with the offering (see Note 6), the Company also issued warrants to the underwriters to purchase up to 115,000 shares of its common stock with an exercise price of $8.75 per share, which warrants expire five years from the date of issuance.

There was no intrinsic value of the outstanding and exercisable warrants at December 31, 2017.