At March 31, 2017, there were warrants outstanding to purchase 1,288,500 shares of common stock with a weighted average exercise price of $1.00 and a weighted average remaining life of 2.16 years. No warrants were exercised during the three months ended March 31, 2017. During the three months ended March 31, 2016, a warrant to purchase 1,875 shares of common stock was exercised on a cashless basis resulting in the issuance of 693 shares. There were no warrants issued or cancelled during the three months ended March 31, 2017 and 2016.