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Warrants

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

8.	Warrants

The following table summarizes warrant activity for the years ended December 31, 2016 and 2015:

	Year Ended				Year Ended
	December 31, 2016				December 31, 2015
			Wtd. Avg.				Wtd. Avg.
			Exercise				Exercise
	Shares		Price		Shares		Price
Outstanding at beginning of year		7,195,997	$	4.60		7,428,141	$	4.49
Granted		550,000		1.75		––		––
Exercised		(142,856)		0.84		(232,144)		1.03
Forfeited/Expired		––		––		––		––
Outstanding and exercisable at end of year		7,603,141	$	4.46		7,195,997	$	4.60

On May 12, 2016, we issued 550,000 warrants with an exercise price of $1.75 and an expiration date of May 12, 2021 in connection with the credit facility agreement. See Note 1 “Organization and Significant Accounting Policies – Recent Developments – Credit Facility” for more information.

The outstanding warrants have expiration dates between May 2017 and May 2021.

- 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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