Note 12. Warrants

The following table summarizes information about warrant activity during the year ended December 31, 2015:

	No. of warrants		Weighted average exercise price		Exercise price range
December 31, 2014		1,740,265	$	42.26		$9.40 - $50.60
Granted		587,500	$	9.57		$5.00 - $10.00
Expired on June 21, 2015		(1,321,086)	$	50.55		$9.40 - $50.60
December 31, 2015		1,006,679	$	12.92		$10.00 - $17.60

On May 4, 2015, the Company issued warrants to purchase up to 537,500 of its shares of common stock in conjunction with the issuance of the Notes. The warrants are exercisable at $10.00 per share and are exercisable for a period of five years.

In October 2015, in connection with the purchase of IDG, the Company granted the finder with warrants to purchase up to 50,000 of its shares of common stock, at an exercise price of $5.00 per share (the “October 2015 Warrants”).

Prior to June 21, 2015, the Company had public warrants to purchase 478,400 shares of common stock at an exercise price of $50.60, which were listed on the NASDAQ Capital Market under the symbol “VRNGW,” and additional warrants which were privately held to purchase 842,686 shares of common stock, all of which expired on June 21, 2015.

Certain of the Company’s outstanding warrants are classified as equity warrants and certain are classified as derivative warrant liabilities. The Company’s outstanding equity warrants as of December 31, 2015 consist of the following:

	No. outstanding		Exercise price		Remaining contractual life	Expiration Date
Series 1 Warrants		149,025	$	17.60	1.55 years	July 19, 2017
Series 2 Warrants		194,352	$	17.60	1.55 years	July 19, 2017
Reload Warrants		75,802	$	17.60	1.10 years	February 6, 2017
October 2015 Warrants		50,000	$	5.00	5.29 years	April 15, 2021
Outstanding as of December 31, 2015		469,179

The Company’s outstanding derivative warrant liabilities as of December 31, 2015 consist of the following:

		No. outstanding			Exercise price			Remaining contractual life		Expiration Date
May 2015 Warrants			537,500		$	10.00		4.34 years		May 4, 2020