Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.4.0.3
Warrants
 3 Months Ended
Mar. 31, 2016
Warrants [Abstract]  
Warrants Disclosure [Text Block]
7. Warrants
 
At March 31, 2016, the following warrants were outstanding:
 
 
 
 
Weighted
 
Weighted
 
 
 
 
Average
 
Average
 
 
 
Number of
 
Exercise
 
Remaining
 
 
 
Awards
 
Price
 
Term in Years
 
Outstanding at December 31, 2015
 
 
1,983,673
 
$
9.18
 
 
5.07
 
Issued
 
 
-
 
$
-
 
 
 
 
Exercised
 
 
-
 
$
-
 
 
 
 
Forfeited
 
 
(1,937)
 
$
9.18
 
 
 
 
Outstanding at March 31, 2016
 
 
1,981,736
 
$
9.18
 
 
5.07
 
  
Warrants
 
Remaining Term
 
Exercise Price
 
 
1,981,736
 
 
5.07
 
$
9.18
 
 
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 2016 through 2025.