Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v3.8.0.1
Warrants (Tables)
 12 Months Ended
Dec. 31, 2017
Share Based Compensation Warrant Activity [Table Text Block]
A summary of the Company’s warrant activity and related information is as follows:
  
 
 
2017
 
2016
 
 
 
Warrants
 
Weighted
Average Exercise
Price
 
Warrants
 
Weighted
Average Exercise
Price
 
Outstanding at January 1
 
 
1,398,653
 
$
4.57
 
 
1,408,002
 
$
4.57
 
Granted
 
 
6,166,426
 
$
2.43
 
 
—
 
$
—
 
Exercised
 
 
—
 
$
—
 
 
(9,349)
 
$
3.48
 
Forfeited/Expired
 
 
(84,000)
 
$
6.25
 
 
—
 
$
—
 
Outstanding at December 31
 
 
7,481,079
 
$
2.79
 
 
1,398,653
 
$
4.57
 
Warrant [Member]  
Assumptions Used in the Black-Scholes Model
The assumptions used in the Black-Scholes model for these warrants are as follows:
  
Average risk-free interest rate
 
 
1.59
%
Expected dividend yield
 
 
—
%
Expected life
 
 
3 years
 
Expected volatility
 
 
65
%