Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.3.0.814
Warrants (Tables)
9 Months Ended
Sep. 30, 2015
Warrants [Abstract]  
Summary Of Changes In Warrants Outstanding During The Period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

2014

 

Number of warrants

Weighted average exercise price

Number of warrants

Weighted average exercise price

Balance, January 1

13,205,871

$

1.07 
24,968,868 

$

0.86 

Issued during the period

 -

$

 -

4,761,905 

$

1.28 

Exercised during the period

(47,300)

$

0.47 
(12,058,871)

$

0.52 

Expired during the period

 -

$

 -

(3,687,698)

$

1.71 

 

 

 

 

 

 

 

Balance, September 30

13,158,571

$

1.07 
13,984,204 

$

1.06 

 

Schedule Of Fair Value Of Warrants Issued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value as of:

Warrant Issuance:

 

September 30, 2015

December 31, 2014

March 31, 2011 financing:

 

 

 

 

 

    Warrants to institutional investors

 

$

27,430 

$

319,277 

December 4, 2012 financing:

 

 

 

 

 

    Warrants to institutional investors

 

 

34,653 

 

90,052 

    Warrants to placement agent

 

 

6,981 

 

14,595 

July 26, 2013 financing:

 

 

 

 

 

    Warrants to institutional investors

 

 

376,106 

 

788,314 

    Warrants to placement agent

 

 

10,482 

 

30,594 

October 16, 2013 financing:

 

 

 

 

 

    Warrants to institutional investors

 

 

477,074 

 

949,756 

    Warrants to placement agent

 

 

31,771 

 

96,563 

January 21, 2014 financing:

 

 

 

 

 

    Warrants to institutional investors

 

 

512,000 

 

1,479,200 

Total:

 

$

1,476,497 

$

3,768,351 

 

Summary Of Shares Indexed To The Warrants

 

 

 

 

 

 

 

 

 

 

Number of Shares indexed as of:

Warrant Issuance

 

September 30, 2015

December 31, 2014

March 31, 2011 financing:

 

 

 

    Warrants to institutional investors

 

3,333,333 
3,333,333 

December 4, 2012 financing:

 

 

 

    Warrants to institutional investors

 

174,300 
221,600 

    Warrants to placement agent

 

40,000 
40,000 

July 26, 2013 financing:

 

 

 

    Warrants to institutional investors

 

2,000,000 
2,000,000 

    Warrants to placement agent

 

124,032 
124,032 

October 16, 2013 financing:

 

 

 

    Warrants to institutional investors

 

2,317,309 
2,317,309 

    Warrants to placement agent

 

407,692 
407,692 

January 21, 2014 financing:

 

 

 

    Warrants to institutional investors

 

4,761,905 
4,761,905 

Total:

 

13,158,571 
13,205,871 

 

Schedule Of Assumptions Used In Calculating Fair Value Of Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2015

December 31, 2014

Trading market prices

 

$

0.52 

 

$

0.70 

 

Estimated future volatility

 

 

106 

%

 

108 

%

Dividend

 

 

-

 

 

-

 

Estimated future risk-free rate

 

 

0.38-1.05

%

 

0.74-1.90

%

Equivalent volatility

 

 

59-66

%

 

65-78

%

Equivalent risk-free rate

 

 

0.06-0.47

%

 

0.18-0.63

%

 

Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2015

Three Months Ended September 30, 2014

Nine Months Ended September 30, 2015

Nine Months Ended September 30, 2014

Exercised and Expired Warrants

$

 -

$

20,943 

$

 -

$

(288,938)

March 31, 2011 financing:

 

 

 

 

 

 

 

 

    Warrants to institutional investors

 

(13,193)

 

325,303 

 

291,847 

 

(422,787)

December 4, 2012 financing:

 

 

 

 

 

 

 

 

    Warrants to institutional investors

 

16,350 

 

17,395 

 

46,021 

 

(4,152,624)

    Warrants to placement agent

 

2,037 

 

3,131 

 

7,614 

 

(520,760)

July 26, 2013 financing:

 

 

 

 

 

 

 

 

    Warrants to institutional investors

 

147,848 

 

162,082 

 

412,208 

 

(1,537,273)

    Warrants to placement agent

 

558 

 

10,238 

 

20,112 

 

(254,341)

October 16, 2013 financing:

 

 

 

 

 

 

 

 

    Warrants to institutional investors

 

166,744 

 

192,613 

 

472,682 

 

(1,242,527)

    Warrants to placement agent

 

695 

 

33,955 

 

64,792 

 

(88,111)

January 21, 2014 financing:

 

 

 

 

 

 

 

 

    Warrants to institutional investors

 

287,262 

 

435,734 

 

967,200 

 

1,713,596 

Total:

$

608,301 

$

1,201,394 

$

2,282,476 

$

(6,793,765)