At December 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 1.41 years. No warrants were exercised during the year ended December 31, 2017. 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. There were no warrants issued or cancelled during the year ended December 31, 2017 or 2016

For warrant issued to CFF after the balance sheet date – see Note 15.