9. Warrants

As discussed in Note 3, The Merger, Offering and Other Related Transactions, the Company issued during the Merger and PPO, warrants to purchase a total of 36,055,000 shares of common stock of which 30,300,000 were at an exercise price of $2.00 per share, and the balance at $1.00 per share. These warrants contained “weighted average” anti-dilution protection in the event that we issued common stock or securities convertible into or exercisable for shares of common stock at a price lower than the subject warrant's exercise price, subject to certain customary exceptions, as well as customary provisions for adjustment in the event of stock splits, subdivision or combination, mergers, etc.

Due to the market price of the Company's common stock price exceeding the exercise price of the then outstanding warrants, the Company recorded a non-cash charge of $77,437 during the period ended March 31, 2014. As the market price of our common stock declined during the three months ended June 30, 2014, but still exceeded the exercise price of outstanding warrants, the Company recorded a non-cash benefit of $60,458 for the period.

The factors utilized in re-valuing the warrants were as follows as of June 30, 2014:

These warrants were amended in November 2014 to remove the price-based anti-dilution provision, among other things. Accordingly, the warrants are no longer recorded as a liability.

Warrant activity for the six month period ended June 30, 2015 is as follows: