5. Warrants

On April 6, 2018 (the “Closing Date”), the Company entered into a securities purchase agreement with certain new institutional investors for the purchase and sale of 900,000 shares of the Company’s common stock in a registered direct offering. The Company also issued unregistered warrants to the investors in a concurrent private placement to purchase up to an equivalent number of shares of the Company’s common stock with an exercise price of $2.00 per share. The warrants are exercisable six months following the Closing Date and will expire five years from the date of issuance. A summary of warrant activity for the year ended December 31, 2017 and the six months ended June 30, 2018 is as follows:


	Warrants			Weighted Average Price
Balance - December 31, 2016		17,559		$	1.50
Granted		2,177,425			3.10
Exercised		—			—
Expired		(17,559	)		1.50

Balance - December 31, 2017		2,177,425			3.10
Granted		900,000			2.00
Exercised		—			—
Expired		—			—

Balance - June 30, 2018		3,077,425		$	2.78

The warrants outstanding as of June 30, 2018 are as follows:


Exercise Price	Warrants Outstanding		Expiration Date
$ 3.10		48,387		9/19/2022
$ 3.10		462,106		5/10/2024
$ 3.10		602,414		7/25/2024
$ 3.10		1,064,518		11/8/2024
$ 2.00		900,000		4/10/2023

		3,077,425