Note 9 — Warrants

The Company had 7,034,120 and 7,136,078 warrants outstanding at June 30, 2019 and December 31, 2018, respectively, with a weighted average exercise price of $2.57 and $2.62 per share, respectively. During the three and six months ended June 30, 2019, 94,056 and 101,958 warrants expired, respectively. At June 30, 2019, all warrants are exercisable, although warrants held by the Company’s two largest beneficial owners may be exercised only to the extent that the total number of shares of common stock then beneficially owned by these shareholders does not exceed 9.99% of the outstanding shares of the Company’s common stock.