Annual report pursuant to Section 13 and 15(d)

Warrants

v3.7.0.1
Warrants
 12 Months Ended
Dec. 31, 2016
Warrants and Rights Note Disclosure [Abstract]  
Warrants
Warrants
 
During the year ended December 31, 2016, warrant holders exercised 5,753 warrants on a cashless basis and received 2,149 shares of common stock and 3,604 shares were used to cover the exercise price. In addition, warrant holders exercised 3,596 warrants and paid the exercise price in cash. The Company received $12,498 in net cash proceeds for the exercise of warrants during 2016.
 
During the year ended December 31, 2015, warrant holders exercised 127,340 warrants on a cashless basis and received 75,951 shares of common stock and 51,389 shares were used to cover the exercise price. In addition, a warrant holder exercised 28,766 warrants and paid the exercise price in cash. The Company received $99,957 in net cash proceeds for the exercise of warrants during 2015.
 
In 2013, the Company issued a warrant for the purchase of 84,000 shares of the Company’s common stock for consulting services, with an exercise price of $6.25. The warrant vested in increments beginning with November 2013 and ending with October 2015. The warrant was valued at $237,719 using the Black-Scholes option pricing model. For the years ended December 31, 2016 and 2015, the Company recorded $0 and $84,900, respectively, in expense related to the vested warrant.
 
The shares underlying the warrants have not been registered.
 
A summary of the Company’s warrant activity and related information is as follows:
 
 
 
2016
 
2015
 
 
Warrants
 
Weighted
Average Exercise
Price
 
Warrants
 
Weighted
Average Exercise
Price
Outstanding at January 1
 
1,408,002

 
$
4.57

 
1,564,108

 
$
4.48

Granted
 
—

 
—

 
—

 
—

Exercised
 
(9,349
)
 
$
3.48

 
(156,106
)
 
$
3.72

Forfeited/Expired
 
—

 
—

 
—

 
—

Outstanding at December 31
 
1,398,653

 
$
4.57

 
1,408,002

 
$
4.57



No warrants were unvested at December 31, 2016.