Annual report pursuant to Section 13 and 15(d)

WARRANT LIABILITIES (Tables)

v3.3.1.900
WARRANT LIABILITIES (Tables)
12 Months Ended
Dec. 31, 2015
Warrants and Rights Note Disclosure [Abstract]  
Schedule of warrant activity
A roll-forward of warrant activity from January 1, 2014 to December 31, 2014 is shown in the following table:
 
Issued and
Outstanding
Warrants as of
January 1, 2014
 
Warrants
Issued
 
Warrants
Exercised/
Expired
 
Issued and
Outstanding
Warrants as of
December 31, 2014
Bridge Warrants
249,999

 

 

 
249,999

Consulting Warrant
222,222

 

 

 
222,222

Financing Warrant (1)
208,763

 

 

 
208,763

Underwriting Warrant

 
310,500

 

 
310,500

IR consulting warrants

 
48,000

 

 
48,000

 
680,984

 
358,500

 

 
1,039,484

(1)
The number of shares of common stock underlying the Financing Warrant was determined using an exercise price of $3.35 per share, assuming the IPO price of our common stock in a Qualified IPO would be at least $5.59 per share. Upon completion of the IPO with a price of $6.00 per share, the number of shares was considered unchanged and final.
A roll-forward of warrant activity from January 1, 2015 to December 31, 2015 is shown in the following table:
 
Issued and
Outstanding
Warrants as of
January 1, 2015
 
Warrants
Issued
 
Warrants
Exercised/
Expired
 
Issued and
Outstanding
Warrants as of
December 31, 2015
Bridge Warrants
249,999

 

 

 
249,999

Consulting Warrant
222,222

 

 
(104,444
)
(2)
117,778

Financing Warrant (1)
208,763

 

 
(130,577
)
(2)
78,186

Underwriting Warrant
310,500

 

 

 
310,500

IR consulting warrants
48,000

 

 

 
48,000

 
1,039,484

 

 
(235,021
)
 
804,463

(2)
During the year ended December 31, 2015, there were 235,021 common stock warrants that were exercised through a cashless exercise which netted 208,184 shares being issued.