Warrants (Tables)

9 Months Ended

Sep. 30, 2015

The following table provides a summary of warrants outstanding, issued or exercised for the nine months ended September 30, 2015. Also included is the average exercise price per share and the aggregate proceeds to the Company if exercised as of September 30, 2015.



	Series
					June 2013 and July 2013
	March 2015				Series B Warrants				December 2013				2013 Convertible Notes				2011				Totals
																							Weighted
																							Average
			Exercise				Exercise				Exercise				Exercise				Exercise				Exercise
	Shares		Price		Shares		Price		Shares		Price		Shares		Price		Shares		Price		Shares		Price
Balance, December 31, 2014		-	$	-		523,705	$	7.00		86,410	$	12.50		140,611	$	7.00		27,104	$	23.00		777,830	$	8.00
Issuances		488,496		10.75		-		-		-		-		-		-		-		-		488,496		10.75
Exercises		-		-		(56,645)		7.00		-		-		-		-		-		-		(56,645)		7.00
Balance, September 30, 2015		488,496	$	10.75		467,060	$	7.00		86,410	$	12.50		140,611	$	7.00		27,104	$	23.00		1,209,681	$	9.90

Aggregate proceeds if exercised	$	5,251,332			$	3,269,420			$	1,080,125			$	984,277			$	623,392			$	11,975,842

- 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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