Warrants (Tables)
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9 Months Ended |
Sep. 30, 2015 |
Warrants [Abstract] |
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Summary Of Changes In Warrants Outstanding During The Period |
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2015
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2014
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Number of warrants
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Weighted average exercise price
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Number of warrants
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Weighted average exercise price
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Balance, January 1
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13,205,871
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$
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1.07
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24,968,868
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$
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0.86
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Issued during the period
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-
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$
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-
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4,761,905
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$
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1.28
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Exercised during the period
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(47,300)
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$
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0.47
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(12,058,871)
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$
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0.52
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Expired during the period
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-
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$
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-
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(3,687,698)
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$
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1.71
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Balance, September 30
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13,158,571
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$
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1.07
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13,984,204
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$
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1.06
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Schedule Of Fair Value Of Warrants Issued |
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Fair Value as of:
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Warrant Issuance:
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September 30, 2015
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December 31, 2014
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March 31, 2011 financing:
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Warrants to institutional investors
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$
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27,430
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$
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319,277
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December 4, 2012 financing:
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Warrants to institutional investors
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34,653
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90,052
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Warrants to placement agent
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6,981
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14,595
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July 26, 2013 financing:
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Warrants to institutional investors
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376,106
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788,314
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Warrants to placement agent
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10,482
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30,594
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October 16, 2013 financing:
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Warrants to institutional investors
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477,074
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949,756
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Warrants to placement agent
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31,771
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96,563
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January 21, 2014 financing:
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Warrants to institutional investors
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512,000
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1,479,200
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Total:
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$
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1,476,497
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$
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3,768,351
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Summary Of Shares Indexed To The Warrants |
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Number of Shares indexed as of:
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Warrant Issuance
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September 30, 2015
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December 31, 2014
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March 31, 2011 financing:
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Warrants to institutional investors
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3,333,333
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3,333,333
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December 4, 2012 financing:
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Warrants to institutional investors
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174,300
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221,600
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Warrants to placement agent
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40,000
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40,000
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July 26, 2013 financing:
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Warrants to institutional investors
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2,000,000
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2,000,000
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Warrants to placement agent
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124,032
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124,032
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October 16, 2013 financing:
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Warrants to institutional investors
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2,317,309
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2,317,309
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Warrants to placement agent
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407,692
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407,692
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January 21, 2014 financing:
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Warrants to institutional investors
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4,761,905
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4,761,905
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Total:
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13,158,571
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13,205,871
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Schedule Of Assumptions Used In Calculating Fair Value Of Warrants |
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September 30, 2015
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December 31, 2014
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Trading market prices
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$
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0.52
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$
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0.70
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Estimated future volatility
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106
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%
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108
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%
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Dividend
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-
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-
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Estimated future risk-free rate
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0.38-1.05
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%
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0.74-1.90
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%
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Equivalent volatility
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59-66
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%
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65-78
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%
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Equivalent risk-free rate
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0.06-0.47
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%
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0.18-0.63
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%
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Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants |
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Three Months Ended September 30, 2015
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Three Months Ended September 30, 2014
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Nine Months Ended September 30, 2015
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Nine Months Ended September 30, 2014
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Exercised and Expired Warrants
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$
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-
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$
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20,943
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$
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-
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$
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(288,938)
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March 31, 2011 financing:
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Warrants to institutional investors
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(13,193)
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325,303
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291,847
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(422,787)
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December 4, 2012 financing:
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Warrants to institutional investors
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16,350
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17,395
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46,021
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(4,152,624)
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Warrants to placement agent
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2,037
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3,131
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7,614
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(520,760)
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July 26, 2013 financing:
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Warrants to institutional investors
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147,848
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162,082
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412,208
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(1,537,273)
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Warrants to placement agent
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558
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10,238
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20,112
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(254,341)
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October 16, 2013 financing:
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Warrants to institutional investors
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166,744
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192,613
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472,682
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(1,242,527)
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Warrants to placement agent
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695
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33,955
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64,792
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(88,111)
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January 21, 2014 financing:
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Warrants to institutional investors
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287,262
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435,734
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967,200
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1,713,596
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Total:
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$
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608,301
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$
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1,201,394
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$
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2,282,476
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$
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(6,793,765)
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