Quarterly report pursuant to Section 13 or 15(d)

Warrants

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Warrants
 6 Months Ended
Jun. 30, 2015
Warrants and Rights Note Disclosure [Abstract]  
Warrants Disclosure [Text Block]
Note 11 — Warrants
 
During the six months ended June 30, 2015, warrant holders exercised 32,362 warrants on a cashless basis and received 21,667 shares of common stock and 10,695 shares were used to cover the exercise price.
 
 
 
 
 
Weighted
 
 
 
 
 
Average Exercise
 
 
 
Warrants
 
Price
 
Outstanding at December 31, 2014
 
 
1,564,108
 
$
4.48
 
Granted
 
 
-
 
 
-
 
Exercised
 
 
(32,362)
 
$
3.48
 
Forfeited/Expired/Exchanged
 
 
-
 
 
-
 
Outstanding at June 30, 2015
 
 
1,531,746
 
$
4.50
 
 
The shares underlying the warrants have not been registered. Warrants to purchase 12,000 shares of the Company’s common stock were unvested at June 30, 2015.