Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.5.0.2
Warrants (Tables)
9 Months Ended
Sep. 30, 2016
Warrants [Abstract]  
Summary Of Changes In Warrants Outstanding During The Period



 

 

 

 

 

 



 

 

 

 

 

 



2016

2015



Number of warrants

Weighted average exercise price

Number of warrants

Weighted average exercise price

Balance, January 1

26,491,904 

$

0.80  13,205,871 

$

1.07 

Issued during the period

31,940,000 

$

0.35 

 -

$

 -

Exercised during the period

 -

$

 -

(47,300)

$

0.47 

Expired during the period

(3,905,057)

$

1.37 

 -

$

 -



 

 

 

 

 

 

Balance, September 30

54,526,847 

$

0.49  13,158,571 

$

1.07 



Schedule Of Fair Value Of Warrants Issued



 

 

 

 

 



 

 

 

 

 



 

Fair Value as of:

Warrant Issuance:

 

September 30, 2016

December 31, 2015

Expired Warrants

 

$

 -

$

2,590 

December 2012 Investor Warrants

 

 

328 

 

9,818 

July 2013 Investor Warrants

 

 

5,480 

 

121,420 

October 2013 Investor Warrants

 

 

9,478 

 

169,349 

January 2014 Investor Warrants

 

 

1,571 

 

131,476 

November 2015 Investor Warrants

 

 

555,625 

 

2,169,375 

November 2015 Placement Agent Warrants 

 

 

30,292 

 

135,135 

March 2016 Investor Warrants

 

 

742,031 

 

 -

March 2016 Placement Agent Warrants

 

 

43,750 

 

 -

September 2016 Investor Warrants

 

 

1,658,340 

 

 -

September 2016 Placement Agent Warrants

 

 

114,696 

 

 -

Total:

 

$

3,161,591 

$

2,739,163 



Summary Of Shares Indexed To The Warrants



 

 

 



 

 

 



 

Number of Shares indexed as of:

Warrant Issuance

 

September 30, 2016

December 31, 2015

Expired Warrants

 

 -

3,905,057 

December 2012 Investor Warrants

 

174,300  174,300 

July 2013 Investor Warrants

 

2,000,000  2,000,000 

October 2013 Investor Warrants

 

2,317,309  2,317,309 

January 2014 Investor Warrants

 

4,761,905  4,761,905 

November 2015 Investor Warrants

 

12,500,000  12,500,000 

November 2015 Placement Agent Warrants 

 

833,333  833,333 

March 2016 Investor Warrants

 

11,718,750 

 -

March 2016 Placement Agent Warrants

 

781,250 

 -

September 2016 Investor Warrants

 

18,000,000 

 -

September 2016 Placement Agent Warrants

 

1,440,000 

 -

Total:

 

54,526,847  26,491,904 



Schedule Of Assumptions Used In Calculating Fair Value Of Warrants



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

September 30, 2016

December 31, 2015

Trading market prices

 

$

0.21 

 

$

0.36 

 

Estimated future volatility

 

 

104 

%

 

105 

%

Dividend

 

 

-

 

 

-

 

Estimated future risk-free rate

 

 

0.77  -1.46

%

 

0.82-2.38

%

Equivalent volatility

 

 

41-59 

%

 

44-65 

%

Equivalent risk-free rate

 

 

0.42  -0.80

%

 

0.22-1.11

%



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



 

 

 

 

 

 

 

 



For the Three Months Ended September 30,

For the Nine Months Ended
September 30,



 

2016

 

2015

 

2016

 

2015

Expired Warrants

$

 -

$

(9,903)

$

2,590 

$

384,365 

December 2012 Investor Warrants

 

2,212 

 

16,350 

 

9,490 

 

46,021 

July 2013 Investor Warrants

 

22,040 

 

147,848 

 

115,940 

 

412,208 

October 2013 Investor Warrants

 

30,264 

 

166,744 

 

159,871 

 

472,682 

January 2014 Investor Warrants

 

12,190 

 

287,262 

 

129,905 

 

967,200 

November 2015 Investor Warrants

 

409,125 

 

 -

 

1,613,750 

 

 -

November 2015 Placement Agent Warrants 

 

24,683 

 

 -

 

104,842 

 

 -

March 2016 Investor Warrants

 

425,625 

 

 -

 

1,677,891 

 

 -

March 2016 Placement Agent Warrants

 

26,283 

 

 -

 

112,188 

 

 -

September 2016 Investor Warrants

 

12,780 

 

 -

 

12,780 

 

 -

September 2016 Placement Agent Warrants

 

2,435 

 

 -

 

2,435 

 

 -

Total:

$

967,637 

$

608,301 

$

3,941,682 

$

2,282,476