Warrants (Tables)

12 Months Ended

Dec. 31, 2017

The following represents a summary of the warrants outstanding at each of the dates identified:


						Number of Shares Underlying Warrants
						For the Year Ended December 31,
Issue Date	Classification		Exercise Price		Expiration Date	2017		2016
June 15, 2015		Equity	$	7.55	June 15, 2020		3,190,030		3,190,030
June 15, 2015		Equity	$	8.35	June 16, 2020		25,150		25,150
August 31, 2015		Equity	$	11.80	August 31, 2020		30,000		30,000
March 21, 2014		Equity	$	22.66	March 21, 2019		37,100		37,100
March 21, 2014		Equity	$	22.66	March 21, 2019		2,160		2,160

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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