Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v3.8.0.1
Warrants (Tables)
12 Months Ended
Dec. 31, 2017
Warrants [Abstract]  
Summary Of Changes In Warrants Outstanding During The Period



 

 

 

 

 

 



 

 

 

 

 

 



2017

2016



Number of warrants

Weighted average exercise price

Number of warrants

Weighted average exercise price

Balance, January 1

5,452,691 

$

4.92  2,649,199 

$

7.97 

Issued during the period

3,525,543 

$

3.42  3,194,000 

$

3.47 

Exercised during the period

(1,861,195)

$

3.51 

 -

$

 -

Expired during the period

(17,430)

$

4.72  (390,508)

$

13.72 



 

 

 

 

 

 

Balance, December 31

7,099,609 

$

4.55  5,452,691 

$

4.92 



Schedule Of Fair Value Of Warrants Issued



 

 

 

 

 



 

 

 

 

 



 

Fair Value as of:

Warrant Issuance:

 

December 31, 2017

December 31, 2016

December 2012 Investor Warrants

 

$

 -

$

49 

July 2013 Investor Warrants

 

 

8,762 

 

2,060 

October 2013 Investor Warrants

 

 

26,288 

 

3,708 

January 2014 Investor Warrants

 

 

29,257 

 

714 

November 2015 Investor Warrants

 

 

1,260,050 

 

260,500 

November 2015 Placement Agent Warrants 

 

 

2,936 

 

13,542 

March 2016 Investor Warrants

 

 

697,554 

 

358,945 

March 2016 Placement Agent Warrants

 

 

 -

 

21,320 

September 2016 Investor Warrants

 

 

1,054,083 

 

854,640 

September 2016 Placement Agent Warrants

 

 

 -

 

57,888 

June 2017 Investor Warrants

 

 

1,981,864 

 

 -

June 2017 Placement Agent Warrants

 

 

221,591 

 

 -

October 2017 Investor Warrants

 

 

2,305,552 

 

 -

October 2017 Placement Agent Warrants

 

 

265,698 

 

 -

Total:

 

$

7,853,635 

$

1,573,366 



Summary Of Shares Indexed To The Warrants



 

 

 



 

 

 



 

Number of Shares indexed as of:

Warrant Issuance

 

December 31, 2017

December 31, 2016

December 2012 Investor Warrants

 

 -

17,430 

July 2013 Investor Warrants

 

200,000  200,000 

October 2013 Investor Warrants

 

231,732  231,732 

January 2014 Investor Warrants

 

476,193  476,193 

November 2015 Investor Warrants

 

1,250,001  1,250,001 

November 2015 Placement Agent Warrants 

 

3,334  83,335 

March 2016 Investor Warrants

 

607,806  1,171,875 

March 2016 Placement Agent Warrants

 

 -

78,125 

September 2016 Investor Warrants

 

805,000  1,800,000 

September 2016 Placement Agent Warrants

 

 -

144,000 

June 2017 Investor Warrants

 

1,515,152 

 -

June 2017 Placement Agent Warrants

 

181,818 

 -

October 2017 Investor Warrants

 

1,632,654 

 -

October 2017 Placement Agent Warrants

 

195,919 

 -

Total:

 

7,099,609  5,452,691 



Schedule Of Assumptions Used In Calculating Fair Value Of Warrants



 

 

 

 

 

 

 



 

December 31, 2017

December 31, 2016

Trading market prices

 

$

2.02 

 

$

1.40 

 

Estimated future volatility

 

 

104 

%

 

104 

%

Dividend

 

 

-

 

 

-

 

Estimated future risk-free rate

 

 

2.14-2.45

%

 

1.06-2.44

%

Equivalent volatility

 

 

85-104 

%

 

51-60 

%

Equivalent risk-free rate

 

 

1.30-1.89

%

 

0.59-1.25

%



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



 

 

 

 

 

 



For the Year Ended December 31,



 

2017

 

2016

 

2015

Expired Warrants

$

 -

$

2,590 

$

458,439 

December 2012 Investor Warrants

 

49 

 

9,769 

 

70,856 

July 2013 Investor Warrants

 

(6,702)

 

119,360 

 

666,894 

October 2013 Investor Warrants

 

(22,580)

 

165,641 

 

780,407 

January 2014 Investor Warrants

 

(28,543)

 

130,762 

 

1,347,724 

November 2015 Investor Warrants

 

(999,550)

 

1,908,875 

 

623,125 

November 2015 Placement Agent Warrants 

 

(365,748)

 

121,593 

 

39,282 

March 2016 Investor Warrants

 

(2,708,163)

 

2,060,977 

 

 -

March 2016 Placement Agent Warrants

 

(351,899)

 

134,617 

 

 -

September 2016 Investor Warrants

 

(4,571,872)

 

816,480 

 

 -

September 2016 Placement Agent Warrants

 

(503,150)

 

59,243 

 

 -

June 2017 Investor Warrants

 

1,691,304 

 

 -

 

 -

June 2017 Placement Agent Warrants

 

212,729 

 

 -

 

 -

October 2017 Investor Warrants

 

54,907 

 

 -

 

 -

October 2017 Placement Agent Warrants

 

5,056 

 

 -

 

 -

Total:

$

(7,594,162)

$

5,529,907 

$

3,986,727