XML 60 R46.htm IDEA: XBRL DOCUMENT v3.7.0.1
Warrants (Tables)
 12 Months Ended
Dec. 31, 2016
Text Block [Abstract]  
Summary of Warrant Activity

The warrants expire seven years from their respective issue date. The Company concluded that the warrants are considered equity instruments. The warrants were recognized at the relative fair value on the issuance date as a debt discount and will be amortized using the effective interest method from issuance to the maturity of the note. None of these warrants were exercised during the year ended December 31, 2016 and 2015.

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Weighted

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Average

 

 

 

Warrants

 

 

Price

 

 

Life (in years)

 

 

Fair Value

 

Outstanding at December 31, 2013

 

 

1,285,394

 

 

$

1.45

 

 

 

4.7

 

 

$

1.75

 

Granted

 

 

38,325

 

 

 

4.02

 

 

 

6.7

 

 

 

1.41

 

Exercised

 

 

(10,000

)

 

 

1.65

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2014

 

 

1,313,719

 

 

$

1.70

 

 

 

3.9

 

 

$

1.75

 

Granted

 

 

112,903

 

 

 

3.10

 

 

 

6.6

 

 

 

0.86

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2015

 

 

1,426,622

 

 

$

1.81

 

 

 

3.2

 

 

$

1.54

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2016

 

 

1,426,622

 

 

$

1.81

 

 

 

2.2

 

 

$

1.54