Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v2.4.1.9
Warrants (Tables)
12 Months Ended
Dec. 31, 2014
Warrants and Rights Note Disclosure [Abstract]  
Share Based Compensation Warrant Activity [Table Text Block]
The assumptions used in the Black-Scholes model are as follows:
 
 
For the year ended December 31, 2013
Risk-free interest rate
0.83% – 1.35%
Expected dividend yield
0%
Expected lives
3.6 – 5 years
Expected volatility
90%
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block]
A summary of the Company’s warrant activity and related information is as follows:
 
 
2014
2013
Warrants
Weighted
Average
Exercise
Price
Warrants
Weighted
Average
Exercise
Price
Outstanding at January 1
1,659,922
$
4.3552
1,179,956
$
3.5367
Granted
536,875
$
5.6927
Change in Estimate
244,364
$
0.0010
Exercised
(95,814
)
$
2.2725
(301,273
)
$
0.0010
Forfeited/Expired
Outstanding at December 31
1,564,108
$
4.4828
1,659,922
$
4.3552