5. Warrants

A summary of warrant activity for the year ended December 31, 2015 and the three months ended March 31, 2016 is as follows:

 

		Warrants				Weighted Average Price
Balance – December 31, 2014			2,532,094			$	1.93
Granted			—				—
Exercised			(185,585	)			1.50
Expired			(2,170,925	)			(2.00	)
Balance – December 31, 2015			175,584				1.50
Granted			—				—
Exercised			—				—
Expired			—				—
Balance – March 31, 2016			175,584			$	1.50

 

The warrants outstanding as of March 31, 2016 are as follows:

 

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