Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.5.0.2
Warrants
 9 Months Ended
Sep. 30, 2016
Warrants [Abstract]  
Warrants Disclosure [Text Block]
7. Warrants
 
At September 30, 2016, the following warrants to purchase Common Stock 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
 
 
5.32
 
Issued
 
 
871,000
1
 
3.50
2
 
4.74
 
Forfeited
 
 
(1,937)
 
 
9.18
 
 
4.82
 
Outstanding at September 30, 2016
 
 
2,852,736
 
$
7.45
 
 
4.59
 
 
1   Consists of 1,742,000 warrants to purchase 837,500 shares of Common Stock issued to the investor, and 33,500 shares 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 of Common Stock. 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 of shares which could be purchased from the proceeds of the exercise of the respective warrant. The outstanding warrants expire from 2016 through 2021.