pre_text: Simultaneous with the Merger and the Private Offering, New Warrants to purchase 3,403,367 shares of Series B Preferred Stock at an average exercise price of
  approximately $1.05 per share were issued to holders of Prior Protagenic warrants; additionally, the holder of $665,000 of our debt and $35,000 of accrued interest exchanged such debt for five-year warrants to purchase 295,945 shares of Series B Preferred Stock at $1.25 per share. Placement Agent Warrants to purchase 127,346 shares of Series B Preferred Stock at an exercise price of $1.25 per share were issued in connection with the Private offering. These warrants to purchase 423,291 shares of Series B Preferred Stock have been recorded as derivative liabilities. All of these warrants automatically converted into warrants to purchase our common stock upon the effectiveness of our reverse stock split in July 2016. See Note 5. A summary of warrant issuances are as follows: As of December 31, 2019, the Company had 3,826,658 shares issuable under warrants outstanding at a weighted average exercise price of $1.05 and an intrinsic value
  of $1,375,990. As of December 31, 2018 the Company had 3,826,658 shares issuable under warrants outstanding at a weighted average exercise price of $1.05 and an intrinsic value of
  $3,633,335.
table: Warrants Number Weighted Average Exercise Price Weighted Average Remaining Life
table: Outstanding December 31, 2017 3,826,658 $1.05 4.69
table: Granted - - -
table: Outstanding December 31, 2018 3,826,658 $1.05 3.69
table: Granted - - -
table: Outstanding December 31, 2019 3,826,658 $1.05 2.69
question: Analyse this data from a financial earnings document. Using the intrinsic value of the company's shares issuable under warrants, what is the value of each share?