Table:
|  |  |  | December 31, |  |
| --- | --- | --- | --- | --- |
|  |  | 2019 |  | 2018 |
|  |  | WAvg |  | WAvg |
|  |  | Exercise |  | Exercise |
|  | Number | Price | Number | Price |
| Outstanding, Jan. 1 | 1,842 | $0.59 | 1,842 | $0.59 |
| Issued | 10,000 | 0.01 | - | - |
| Exercised | - | - | - | - |
| Expired | - | - | - | - |
| Modification | - | - | - | - |
| Outstanding, Dec. 31 | 11,842 | 0.10 | 1,842 | $0.59 |
Paragraphs:
NOTE 10 – COMMON STOCK PURCHASE WARRANTS
Our warrant activity during the years ended December 31, 2019 and 2018 is shown below (in thousands except price data):
In connection with the issuance of the $10.0 million secured promissory notes in December 2013, we issued common stock purchase warrants (“warrants”) exercisable for 60 thousand shares of our common stock having an exercise price of $2.52 per share (after giving effect to our one-for-five reverse stock split) with an expiration date in December 2020. These warrants contain a cashless exercise feature (See Note 7).
As part of our July 2017 private placement transaction with Mr. Schutte, we issued warrants to purchase 1,782,531 shares of our common stock. The warrants are immediately exercisable at a price of $0.528 per share and expire five years after issuance (See Note 8). We have assigned a relative fair value of $495 thousand to the warrants out of the total $4.0 million proceeds from the private placement transaction and have accounted for these warrants as equity.
On June 28, 2019 as part of the changes made to the loan agreements we had with Mr. Schutte, each having an original due date of January 2, 2020, we issued to him a warrant to purchase 10.0 million shares of our common stock exercisable at a price of $0.01 per share and expire five years after issuance. We obtained a valuation of fair value on the warrant and $1.145 million was allocated to the warrant and accounted for as equity. (see Note 7 and Note 8). The warrant was assigned and transferred by Mr. Schutte to AD Pharma on June 28, 2019.
Question:
What was the exercise price of that 10 million common stock for Mr. Schutte in 2019
Answer: On June 28, 2019 as part of the changes made to the loan agreements we had with Mr. Schutte, each having an original due date of January 2, 2020, we issued to him a warrant to purchase 10.0 million shares of our common stock exercisable at a price of $0.01 per share and expire five years after issuance.