Quarterly report pursuant to Section 13 or 15(d)

Warrants

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Warrants
 9 Months Ended
Sep. 30, 2015
Warrants [Abstract]  
Warrants Disclosure [Text Block]
8. Warrants
 
At September 30, 2015, the following warrants were outstanding:
 
 
 
 
Weighted
 
Weighted
 
 
 
 
Average
 
Average
 
 
 
Number of
 
Exercise
 
Remaining
 
 
 
Awards
 
Price
 
Term in Years
 
Outstanding at December 31, 2014
 
 
21,964
 
$
4.52
 
 
1.21
 
Issued
 
 
1,807,203
 
$
9.04
 
 
5.75
 
Exercised
 
 
(10,929)
 
$
0.65
 
 
 
 
Forfeited
 
 
(11,035)
 
$
8.35
 
 
 
 
Outstanding at September 30, 2015
 
 
1,807,203
 
$
9.04
 
 
5.75
 
  
Warrants
 
Remaining Term
 
Exercise Price
 
 
1,807,203
 
 
5.75
 
$
9.04
 
 
All of the warrant agreements contain a provision providing for a cashless exercise whereby, the number of warrants to be issued will be reduced by the number shares which could be purchased from the proceeds of the exercise of the respective warrant. The remaining warrants expire from 2015 through 2025.