At December 31, 2016, 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 2.41 years. During the year ended December 31, 2016, warrants to purchase 679,500 shares of common stock were exercised on a cashless basis resulting in the issuance of 599,780 shares and 1,250 shares of common stock were exercised on a for cash basis. During the year ended December 31, 2015, warrants to purchase 11,615,674 shares of common stock were exercised for net proceeds of approximately $10,814,125 which included warrants to purchase 371,250 shares of common stock that were exercised in cashless exercises, in accordance with the warrant agreements, resulting in the issuance of 255,724 shares. There were no warrants issued or cancelled during the year ended December 31, 2016 or 2015.