Annual report pursuant to Section 13 and 15(d)

Warrants

v3.3.1.900
Warrants
 12 Months Ended
Dec. 31, 2015
Warrants [Abstract]  
Warrants Disclosure [Text Block]
8. Warrants
 
 At December 31, 2015 and 2014, the following warrants were outstanding:
 
 
 
 
 
 
Weighted
 
Weighted
 
 
 
 
 
 
Average
 
Average
 
 
 
Number of
 
Exercise
 
Remaining
 
 
 
Awards
 
Price
 
Term in Years
 
Outstanding at December 31, 2013
 
 
21,964
 
$
4.52
 
 
2.21
 
Issued
 
 
-
 
 
 
 
 
 
 
Exercised
 
 
-
 
 
 
 
 
 
 
Forfeited
 
 
-
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
21,964
 
$
4.52
 
 
1.21
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2014*
 
 
21,964
 
$
4.52
 
 
1.21
 
Issued
 
 
1,983,673
 
$
9.18
 
 
5.32
 
Exercised
 
 
(10,929)
 
$
0.65
 
 
 
 
Forfeited
 
 
(11,035)
 
$
8.35
 
 
 
 
Outstanding at December 31, 2015
 
 
1,983,673
 
$
9.18
 
 
5.32
 
  
*Does not include warrants convertible into common or preferred stock issued to holders of the Amended and Restated Notes of 2014 Notes.
 
Warrants
 
Remaining Term
 
Exercise Price
 
 
68,001
 
 
4.12
 
$
6.75
 
 
562,732
 
 
9.13
 
$
6.00
 
 
1,352,940
 
 
4.60
 
$
10.62
 
 
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 of  shares which could be purchased from the proceeds of the exercise of the respective warrant. The remaining warrants expire from 2020 through 2025.
 
In February 2015, in connection with our IPO, we issued 34,163 and 33,838 common stock warrants to our underwriters at $7.50 and $6.00, respectively for the IPO and underwriter fees.
 
In August 2015, in connection with our follow-on offering we issued 1,176,470 common stock warrants to our underwriter at an exercise price of $10.62. In addition the underwriters exercised the overallotment option to purchase 176,470 warrants at $10.62.