9.	Warrants

In conjunction with the June Offering, the Company issued to certain affiliates of the underwriters, as compensation, warrants to purchase an aggregate of 75,000 shares of common stock at an exercise price of $6.25 per share. The warrants are exercisable at the option of the holder on or after June 21, 2018 and expire June 21, 2023. The fair value of warrants was calculated utilizing a Black-Scholes model and amounted to $55,475. The fair market value of the warrants as of the date of issuance has been included in issuance costs in additional paid-in-capital.