Warrants (Tables)
|
9 Months Ended |
Sep. 30, 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
|
1,696,970
|
$
|
4.01
|
3,194,000
|
$
|
3.47
|
|
Exercised during the period
|
(1,861,195)
|
$
|
3.51
|
-
|
$
|
-
|
|
Expired during the period
|
-
|
$
|
-
|
(390,508)
|
$
|
13.72
|
|
|
|
|
|
|
|
|
|
Balance, September 30
|
5,288,466
|
$
|
5.13
|
5,452,691
|
$
|
4.92
|
|
| Schedule Of Fair Value Of Warrants Issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of:
|
|
Warrant Issuance:
|
|
September 30, 2017
|
December 31, 2016
|
|
December 2012 Investor Warrants
|
|
$
|
10
|
$
|
49
|
|
July 2013 Investor Warrants
|
|
|
57,422
|
|
2,060
|
|
October 2013 Investor Warrants
|
|
|
106,316
|
|
3,708
|
|
January 2014 Investor Warrants
|
|
|
125,862
|
|
714
|
|
November 2015 Investor Warrants
|
|
|
1,564,850
|
|
260,500
|
|
November 2015 Placement Agent Warrants
|
|
|
3,882
|
|
13,542
|
|
March 2016 Investor Warrants
|
|
|
862,700
|
|
358,945
|
|
March 2016 Placement Agent Warrants
|
|
|
-
|
|
21,320
|
|
September 2016 Investor Warrants
|
|
|
1,289,457
|
|
854,640
|
|
September 2016 Placement Agent Warrants
|
|
|
-
|
|
57,888
|
|
June 2017 Investor Warrants
|
|
|
2,395,683
|
|
-
|
|
June 2017 Placement Agent Warrants
|
|
|
269,909
|
|
-
|
|
Total:
|
|
$
|
6,676,091
|
$
|
1,573,366
|
|
| Summary Of Shares Indexed To The Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares indexed as of:
|
|
Warrant Issuance
|
|
September 30, 2017
|
December 31, 2016
|
|
December 2012 Investor Warrants
|
|
17,430
|
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
|
-
|
|
Total:
|
|
5,288,466
|
5,452,691
|
|
| Schedule Of Assumptions Used In Calculating Fair Value Of Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
December 31, 2016
|
|
Trading market prices
|
|
$
|
2.42
|
|
$
|
1.40
|
|
|
Estimated future volatility
|
|
|
104
|
%
|
|
104
|
%
|
|
Dividend
|
|
|
-
|
|
|
-
|
|
|
Estimated future risk-free rate
|
|
|
1.06-2.25
|
%
|
|
1.06-2.44
|
%
|
|
Equivalent volatility
|
|
|
56-109
|
%
|
|
51-60
|
%
|
|
Equivalent risk-free rate
|
|
|
0.72-1.52
|
%
|
|
0.59-1.25
|
%
|
|
| Schedule Of Unrealized Gain/(Loss) On Fair Value Of Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30,
|
For the Nine Months Ended September 30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Expired Warrants
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
2,590
|
|
December 2012 Investor Warrants
|
|
7,306
|
|
2,212
|
|
39
|
|
9,490
|
|
July 2013 Investor Warrants
|
|
125,686
|
|
22,040
|
|
(55,362)
|
|
115,940
|
|
October 2013 Investor Warrants
|
|
135,683
|
|
30,264
|
|
(102,608)
|
|
159,871
|
|
January 2014 Investor Warrants
|
|
177,900
|
|
12,190
|
|
(125,148)
|
|
129,905
|
|
November 2015 Investor Warrants
|
|
797,688
|
|
409,125
|
|
(1,304,350)
|
|
1,613,750
|
|
November 2015 Placement Agent Warrants
|
|
1,691
|
|
24,683
|
|
(366,694)
|
|
104,842
|
|
March 2016 Investor Warrants
|
|
356,472
|
|
425,625
|
|
(2,873,309)
|
|
1,677,891
|
|
March 2016 Placement Agent Warrants
|
|
-
|
|
26,283
|
|
(351,899)
|
|
112,188
|
|
September 2016 Investor Warrants
|
|
506,353
|
|
12,780
|
|
(4,807,246)
|
|
12,780
|
|
September 2016 Placement Agent Warrants
|
|
-
|
|
2,435
|
|
(503,150)
|
|
2,435
|
|
June 2017 Investor Warrants
|
|
894,076
|
|
-
|
|
1,277,485
|
|
-
|
|
June 2017 Placement Agent Warrants
|
|
117,645
|
|
-
|
|
164,411
|
|
-
|
|
Total:
|
$
|
3,120,500
|
$
|
967,637
|
$
|
(9,047,831)
|
$
|
3,941,682
|
|