Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Stock Warrants

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Note 13 - Stock Warrants
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Stock Warrants Disclosure [Text Block]
1
3
.
Stock Warrants
 
Pursuant to the Underwriting Agreement related to the
June 18, 2019
public offering, the Company issued to the Underwriter warrants to purchase
600,000
shares of Common Stock, representing
7.5%
of the aggregate number of shares of Common Stock sold in the offering (the “Underwriter Warrants”). The Underwriter Warrants are exercisable at any time and from time to time, in whole or in part, following the date of issuance and ending
five
years from the date of the execution of the Underwriting Agreement, at a price per share equal to
$0.9375
(
125%
of the offering price to the public per Share). The Underwriter Warrants had an estimated fair value of
$261,000
at the date of issuance, which was recorded in additional paid-in capital as a reduction of the gross proceeds raised in the public offering. The assumptions used to calculate fair value of the Underwriter Warrants included volatility of
88.6%,
a risk-free rate of
1.8%
and expected dividends of
$0.
 
At
September 30, 2019,
there are warrants outstanding to purchase
1.4
million shares of Common Stock.  The warrants are exercisable at prices ranging from
$0.20
to
$50.00
per share with a weighted average exercise price of
$13.46
per share.  The warrants have remaining outstanding terms ranging from
one
month to
15.9
years.
 
In addition, at
September 30, 2019,
there are
300
warrants outstanding to purchase MT common stock.  The warrants are exercisable at
$2,000
per share.