NOTE 8 – STOCK WARRANTS

At March 31, 2021, warrant shares outstanding were as follows:

At December 31, 2020, the Company had outstanding warrants exercisable into 250,000 shares of the Company’s common stock. The warrants had been issued in connection with a July 2020 private placement of shares of the Company’s common stock. The warrants have an exercise price of $3.13 per share, and expire in July 2025. During the three months ended March 31, 2021, warrants to purchase 225,878 shares of common stock were exercised, and the Company received net proceeds of $707 upon such exercise.

In connection with an offering in December 2016, the Company issued warrants to the underwriters to purchase up to 120,000 shares of its common stock with an exercise price of $8.75 per share, which warrants expire December 2021. During the three months ended March 31, 2021, the warrants exercisable into 120,000 shares of common stock were converted under a cashless exercise option into 61,644 shares of the Company’s common stock.

The intrinsic value of the outstanding and exercisable warrants at March 31, 2021 was $260.