|12 Months Ended|
Dec. 31, 2016
|Stockholders' Equity Note [Abstract]|
Note 12 Stock Warrants
The following table shows the various changes in warrants for the years ended:
The outstanding warrants as of December 31, 2016 expire from November 3, 2017 to August 5, 2018. The weighted average remaining term of the warrants is 1.3 years. The weighted average exercise price is $2.41 per share.
During the year ended December 31, 2016 a total of 111,232 warrants were exercised on a cashless basis resulting in the issuance of 74,621 shares. An additional 22,000 warrants were exercised on cash basis resulting in proceeds of $60,750. During the year ended 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.
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 share price volatility.
There were no new warrants issued during the year ended December 31, 2016. During the year ended December 31, 2015, 60,000 warrants were issued. The following summary table shows the assumptions used to compute the fair value of the 60,000 warrants granted during the year ending December 31, 2015 for investor relations services and their estimated value:
The entire fair value amount of the warrants issued was recognized during the year ended December 31, 2015.