Quarterly report pursuant to Section 13 or 15(d)

Stock Purchase Warrants (Tables)

v3.7.0.1
Stock Purchase Warrants (Tables)
3 Months Ended
Mar. 31, 2017
Stock Purchase Warrants [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The assumptions used by the Company are summarized in the following table:
 
 
 
 
 
 
 
Series A
 
 
 
 
 
 
 
 
Series B
 
 
 
 
 
 
 
March 31,
 
 
December 31,
 
 
Issuance
 
 
March 31,
 
 
December 31,
 
 
Issuance
 
 
 
2017
 
 
2016
 
 
Date
 
 
2017
 
 
2016
 
 
Date
 
Closing stock price
 
$
0.63
 
 
$
0.76
 
 
$
0.89
 
 
$
0.63
 
 
$
0.76
 
 
$
0.89
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
90
%
 
 
85
%
 
 
85
%
 
 
85
%
 
 
90
%
 
 
85
%
Risk free interest rate
 
 
1.64
%
 
 
1.67
%
 
 
1.58
%
 
 
0.97
%
 
 
0.85
%
 
 
0.81
%
Expected life of warrant
 
 
3.64 years
 
 
 
3.9 years
 
 
 
4 years
 
 
 
0.75 years
 
 
 
1.0 years
 
 
 
1.1 years
 
 
The assumptions used by the Company are summarized in the following table:
 
 
 
March 31,
 
 
December 31,
 
 
Issuance
 
 
 
2017
 
 
2016
 
 
Date
 
Closing stock price
 
$
0.63
 
 
$
0.76
 
 
$
1.75
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
0.85
%
 
 
95
%
 
 
95
%
Risk free interest rate
 
 
1.4
%
 
 
1.41
%
 
 
1.39
%
Expected life of warrant
 
 
2.55 years
 
 
 
2.79 years
 
 
 
5 years
 
Schedule Of Estimated Fair Value Of The Warrant Liability [Table Text Block]
The following table summarizes the estimated fair value of the warrant liability (in thousands):
 
Balance at December 31, 2016
 
$
14,821
 
Change in fair value of warrant liability
 
 
(5,090)
 
Balance at March 31, 2017
 
$
9,731
 
Schedule Of Warrant Activity [Table Text Block]
A summary of warrant activity for the Company for the three months ended March 31, 2017 and for the year ended December 31, 2016 is as follows:
 
 
 
Number of
 
Weighted Average
 
 
 
Warrants
 
Exercise Price
 
 
 
 
 
 
 
 
 
Balance at December 31, 2015
 
 
7,908,899
 
$
1.79
 
Granted
 
 
50,000,000
 
 
1.58
 
Exercised
 
 
-
 
 
-
 
Forfeited
 
 
(567,257)
 
 
2.35
 
Balance at December 31, 2016
 
 
57,341,642
 
 
1.60
 
Granted
 
 
-
 
 
-
 
Exercised
 
 
-
 
 
-
 
Forfeited
 
 
-
 
 
-
 
Balance at March 31, 2017
 
 
57,341,642
 
$
1.60
 
Schedule Of Warrant Outstanding and Exercisable [Table Text Block]
A summary of all outstanding and exercisable warrants as of March 31, 2017 is as follows:
 
 
 
 
 
 
 
Weighted Average
 
 
 
Warrants
 
Warrants
 
Remaining
 
Exercise Price
 
Outstanding
 
Exercisable
 
Contractual Life
 
$
1.43
 
 
25,000,000
 
 
25,000,000
 
3.64 years
 
$
1.60
 
 
311,834
 
 
311,834
 
0.57 years
 
$
1.72
 
 
25,000,000
 
 
25,000,000
 
0.75 years
 
$
1.75
 
 
7,029,808
 
 
7,029,808
 
2.53 years
 
$
1.60
 
 
57,341,642
 
 
57,341,642
 
2.23 years