Quarterly report pursuant to Section 13 or 15(d)

15. Warrants

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15. Warrants
9 Months Ended
Sep. 30, 2016
Warrants and Rights Note Disclosure [Abstract]  
Warrants

Warrants Granted

No warrants were granted during the nine months ended September 30, 2016 and 2015.

 

We recognized a total of $-0- and $484,012 of finance expense during the nine months ended September 30, 2016 and 2015, respectively, on common stock warrants issued to lenders. All warrants granted pursuant to debt financings are amortized over the remaining life of the respective loan.

 

Warrants Exercised

No warrants were exercised during the nine months ended September 30, 2016 and 2015.

 

Warrants Expired and Cancelled

A total of 3,548,375 warrants, with exercise prices ranging from $0.95 to $1.50, expired during the nine months ended September 30, 2016. Additionally, 5,000,000 warrants, at an exercise price of $0.65, were cancelled and retired as part of the debt restructuring outlined in Note 4 – Debt restructuring. A total of 585,000 warrants with an exercise price of $0.38 expired during the nine months ended September 30, 2015.