Quarterly report pursuant to Section 13 or 15(d)

Stock Purchase Warrants (Tables)

v3.7.0.1
Stock Purchase Warrants (Tables)
6 Months Ended
Jun. 30, 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
 
 
 
June 30,
2017
 
 
December 31,
2016
 
 
Issuance
Date
 
 
June 30,
2017
 
 
December 31,
2016
 
 
Issuance
Date
 
Closing stock price
 
$
0.57
 
 
$
0.76
 
 
$
0.89
 
 
$
0.57
 
 
$
0.76
 
 
$
0.89
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
95
%
 
 
85
%
 
 
85
%
 
 
75
%
 
 
90
%
 
 
85
%
Risk free interest rate
 
 
1.62
%
 
 
1.67
%
 
 
1.58
%
 
 
1.14
%
 
 
0.85
%
 
 
0.81
%
Expected life of warrant (years)
 
 
3.4
 
 
 
3.9
 
 
 
4.0
 
 
 
0.5
 
 
 
1.0
 
 
 
1.1
 
 
The assumptions used by the Company are summarized in the following table:
 
 
 
June 30,
2017
 
 
December 31,
2016
 
 
Issuance
Date
 
Closing stock price
 
$
0.57
 
 
$
0.76
 
 
$
1.75
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
0.90
%
 
 
95
%
 
 
95
%
Risk free interest rate
 
 
1.43
%
 
 
1.41
%
 
 
1.39
%
Expected life of warrant (years)
 
 
2.30
 
 
 
2.79
 
 
 
5.0
 
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
 
 
(7,249
)
Balance at June 30, 2017
 
$
7,573
 
Schedule Of Warrant Activity [Table Text Block]
A summary of warrant activity for the Company for the six months ended June 30, 2017 and for the year ended December 31, 2016 is as follows:
 
 
 
Number of
Warrants
 
 
Weighted Average
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 June 30, 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 June 30, 2017 is as follows:
 
Exercise Price
 
 
Warrants
Outstanding
 
 
Warrants
Exercisable
 
 
Weighted Average
Remaining
Contractual Life (years)
$
1.43
 
 
 
25,000,000
 
 
 
25,000,000
 
 
3.39
$
1.60
 
 
 
311,834
 
 
 
311,834
 
 
0.32
$
1.72
 
 
 
25,000,000
 
 
 
25,000,000
 
 
0.50
$
1.75
 
 
 
7,029,808
 
 
 
7,029,808
 
 
2.28
$
1.60
 
 
 
57,341,642
 
 
 
57,341,642
 
 
1.98