Warrants (Tables)

3 Months Ended

Mar. 31, 2017

Warrants outstanding and exercisable are summarized as follows:



	Shares(1)	Weighted Average Exercise Price		Range of Exercise Prices
Outstanding at December 31, 2016	979,869	$	6.36	$6.25-$21.00
Exercised	—	$	—	$—
Expired	—	$	—	$—
Outstanding at March 31, 2017	979,869	$	6.36	$6.25 - $21.00
Exercisable at March 31, 2017	979,869	$	6.36	$6.25 - $21.00

(1) Outstanding and exercisable information includes 21,920 equity-classified warrants.

Black Scholes

Schedule of Share Based Payment Award Warrants Valuation Assumptions

The assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the warrant liability as of March 31, 2017 were as follows:




Expected volatility	98.3% - 106.0%
Risk-free interest rate	1.39% - 1.87%
Dividend yield	—
Expected life in years	2.5 - 4.7

Monte Carlo Simulation Model

Schedule of Share Based Payment Award Warrants Valuation Assumptions

The assumptions used in the Monte Carlo simulation model to estimate the fair value of the warrant liability as of March 31, 2017 were as follows:




Expected volatility	97.4% - 104.0%
Risk-free interest rate	1.09% - 1.41%
Dividend yield	—
Expected life in years	1.3 - 2.6

- 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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