At September 30, 2016, there were warrants outstanding to purchase 1,789,250 shares of common stock with a weighted average exercise price of $1.00 and a weighted average remaining life of 2.66 years. During the nine months ended September 30, 2016, warrants to purchase 178,750 shares of common stock were exercised on a cashless basis resulting in the issuance of 161,591 shares and 1,250 shares of common stock were exercised on a for cash basis. During the nine months ended September 30, 2015, warrants to purchase 11,615,674 shares of common stock were exercised for net proceeds of approximately $10,817,326. There were no warrants issued or cancelled during the nine months ended September 30, 2016 and 2015.