5. Warrants

A summary of warrant activity for the year ended December 31, 2017 and the three months ended March 31, 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			—				—
Exercised			—				—
Expired			—				—
Balance - March 31, 2018			2,177,425				$3.10

The warrants outstanding as of March 31, 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
							2,177,425