Quarterly report pursuant to Section 13 or 15(d)

Stock Purchase Warrants (Tables)

v3.4.0.3
Stock Purchase Warrants (Tables)
3 Months Ended
Mar. 31, 2016
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:
 
 
 
March 31, 2016
 
 
December 31, 2015
 
 
Issuance Date
Closing stock price
 
 
$2.36
 
 
 
$2.29
 
 
 
$1.75
Expected dividends
 
 
0%
 
 
 
0%
 
 
 
0%
Expected volatility
 
 
90%
 
 
 
85%
 
 
 
95%
Risk free interest rate
 
 
0.96%
 
 
 
1.49%
 
 
 
1.39%
Expected life of warrant
 
 
3.54 years
 
 
 
3.79 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, 2015
 
$
10,567
 
Change in fair value of warrant liability
 
 
498
 
Balance at March 31, 2016
 
$
11,065
 
Schedule Of Warrant Activity [Table Text Block]
A summary of warrant activity for the Company for the three months ended March 31, 2016 and for the year ended December 31, 2015 is as follows:
 
 
 
Number of
Warrants
 
Weighted Average
Exercise Price
 
 
 
 
 
 
 
 
 
Balance at December 31, 2014
 
 
7,974,794
 
$
1.80
 
Granted
 
 
-
 
$
-
 
Exercised
 
 
(2,448)
 
$
1.60
 
Forfeited
 
 
(63,447)
 
$
1.79
 
Balance at December 31, 2015
 
 
7,908,899
 
$
1.79
 
Granted
 
 
-
 
$
-
 
Exercised
 
 
-
 
$
-
 
Forfeited
 
 
(50,000)
 
$
3.75
 
Balance at March 31, 2016
 
 
7,858,899
 
$
1.77
 
Schedule Of Warrant Outstanding and Exercisable [Table Text Block]
A summary of all outstanding and exercisable warrants as of March 31, 2016 is as follows:
 
Exercise Price
 
Warrants
Outstanding
 
Warrants
Exercisable
 
Weighted Average
Remaining
Contractual Life
$
1.60
 
 
311,834
 
 
311,834
 
1.57 years
$
1.75
 
 
7,029,808
 
 
7,029,808
 
3.53 years
$
2.22
 
 
517,257
 
 
517,257
 
0.66 years
 
 
 
 
 
 
 
 
 
 
$
1.77
 
 
7,858,899
 
 
7,858,899
 
3.26 years