Warrants for Stock (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of warrants outstanding for common stock

At December 31, 2017 and 2016 warrants outstanding for common stock of the Company were as follows:



	Number of Shares Underlying Warrants		Weighted Average Exercise Price
Balance at January 1, 2017	292,308		$	11.71
Granted	291,011		2.74
Exercised	—		—
Canceled	(55,952	)	23.27
Balance at December 31, 2017	527,367		$	5.53



	Number of Shares Underlying Warrants		Weighted Average Exercise Price
Balance at January 1, 2016	240,685		$	18.01
Granted	58,226		5.27
Exercised	—		—
Canceled	(6,603	)	21.78
Balance at December 31, 2016	292,308		$	11.71

Information about stock warrants

The following table summarizes information about underlying outstanding warrants for common stock of the Company outstanding and exercisable as of December 31, 2017:



	Warrants Outstanding				Warrants Exercisable
Range of Exercise Prices	Number of Shares Underlying Warrants	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Number of Shares Underlying Warrants	Weighted Average Exercise Price
$4.94 – $17.48	216,877	$	9.56	1.81	216,877	$	9.56
$1.52 – $3.51	310,490	$	2.72	4.19	310,490	$	2.72
	527,367				527,367

The following table summarizes information about underlying outstanding warrants for common stock of the Company outstanding and exercisable as of December 31, 2016:



	Warrants Outstanding				Warrants Exercisable
Range of Exercise Prices	Number of Shares Underlying Warrants	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Number of Shares Underlying Warrants	Weighted Average Exercise Price
$475.00 – $475.00	422	$	475	0.81	422	$	475
$4.94 – $38.00	272,407	$	11.65	2.35	272,407	$	11.65
$2.28 – $3.42	19,479	$	2.49	4.88	19,479	$	2.49
	292,308				292,308

Fair value of each warrant

These common stock purchase warrants do not trade in an active securities market, and as such, the Company estimates the fair value of these warrants using the Black-Scholes Option Pricing Model using the following assumptions:



	2017		2016
Risk free interest rates	1.19% – 2.13%		1.25% – 1.72%
Expected life	5 years		5 years
Estimated volatility	918.7% – 972.1%		422.9% – 667.5%
Dividend yield	—	%	—	%

- 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.

+ References + Details