Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.5.0.2
Warrants
 6 Months Ended
Jun. 30, 2016
Warrants [Abstract]  
Warrants Disclosure [Text Block]
7. Warrants
 
At June 30, 2016, the following warrants were outstanding:
 
 
 
Number of
Awards
 
 
Weighted
Average
Exercise
Price
 
 
Weighted
Average
Remaining
Term in Years
 
Outstanding at December 31, 2015
 
 
1,983,673
 
 
$
9.18
 
 
 
5.32
 
Issued
 
 
871,000
1
 
$
3.50
2
 
 
4.99
 
Exercised
 
 
-
 
 
$
-
 
 
 
 
 
Forfeited
 
 
(1,937
)
 
$
9.18
 
 
 
4.82
 
Outstanding at June 30, 2016
 
 
2,852,736
 
 
$
7.45
 
 
 
5.01
 
  
Warrants
 
 
Remaining Term
 
 
Exercise Price
 
 
2,852,736
 
 
 
5.01
 
 
$
7.45
 
 
1   Consists of 837,500 Common Stock warrants issued to the investor, and 33,500 issued to the Sales Agent, in connection with the Company’s registered direct offering on June 30, 2016.
2   Warrant exercise price for a full share. Each warrant issued is for the purchase of one-half of a share of Common Stock.
 
 All of the warrant agreements provide 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 2021.