Annual report pursuant to Section 13 and 15(d)

Stock Warrants

Stock Warrants
12 Months Ended
Dec. 31, 2015
Stockholders' Equity Note [Abstract]  
Stock Warrants
Note 14 — Stock Warrants
The following table shows the various changes in warrants for the years December 31, 2015 and 2014.
December 31,
December 31,
Warrants Outstanding, Beginning of Year
Exercised During the Year
Issued During the Year
Forfeited During the Year
Warrants Outstanding, End of Year
The outstanding warrants as of December 31, 2015 expire from November 3, 2017 to August 5, 2018. The weighted average remaining term of the warrants is 2.3 years. The weighted average exercise price is $2.43 per share.
During the year ending December 31, 2015 a total of 4,178,267 warrants were exercised on a cashless basis resulting in the issuance of 3,559,783 shares. During the year ending December 31, 2015 a total of 568,488 warrants were exercised on a cash basis resulting in proceeds of $1,272,627.
The Black-Scholes-Merton pricing model was used to estimate the fair value of share-based awards under FASB ASC Topic 718. The Black-Scholes-Merton pricing model incorporates various highly subjective assumptions, including expected term and expected volatility.
The following summary table shows the assumptions used to compute the fair value of the 60,000 warrants granted during the year ending December 30, 2015 for investor relations services and their estimated value:
Expected term in years
2.8 to 3.0 years
122.8 to 122.9%
Risk-free interest rate
0.90 to 0.99%
Expected annual dividends
Fair value of warrants issued
The entire fair value amount of the warrants issued was recognized during the year ended December 31, 2015.