5. Warrants

A summary of warrant activity for the year ended December 31, 2016 and the three months ended March 31, 2017 is as follows:

 

		Warrants				Weighted Average Price
Balance – December 31, 2015			175,584				1.50
Granted			—				—
Exercised			—				—
Expired			—				—
Balance – December 31, 2016			175,584				1.50
Granted			—				—
Exercised			—				—
Expired			—				—
Balance – March 31, 2017			175,584			$	1.50

The warrants outstanding as of March 31, 2017 are as follows:

 

Exercise Price		Warrants Outstanding		Expiration Dates
$1.50		175,584			7/31/17
		175,584