Annual report pursuant to Section 13 and 15(d)

Stock Warrants

v3.8.0.1
Stock Warrants
12 Months Ended
Dec. 31, 2017
Stockholders' Equity Note [Abstract]  
Stock Warrants
Note 12 — Stock Warrants
 
The following table shows the various changes in warrants for the years ended:
 
 
 
December 31,
2017
 
December 31,
2016
 
December 31,
2015
 
 
 
 
 
 
 
 
 
 
 
Warrants Outstanding, Beginning of Year
 
 
401,859
 
 
535,091
 
 
5,236,660
 
Exercised During the Year
 
 
(250,009)
 
 
(133,232)
 
 
(4,746,755)
 
Issued During the Year
 
 
1,033,062
 
 
-
 
 
60,000
 
Forfeited During the Year
 
 
-
 
 
-
 
 
(14,814)
 
 
 
 
 
 
 
 
 
 
 
 
Warrants Outstanding, End of Year
 
 
1,184,912
 
 
401,859
 
 
535,091
 
 
The outstanding warrants as of December 31, 2017 expire from March 21, 2018 to June 18, 2021. The weighted average remaining term of the warrants is 3.1 years. The weighted average exercise price is $6.44 per share. The outstanding warrants as of December 31, 2016 expire from March 21, 2018 to August 5, 2018. The weighted average remaining term of the warrants was 1.3 years. The weighted average exercise price was $2.41 per share. The outstanding warrants as of December 31, 2015 expire from March 21, 2018 to August 5, 2018. The weighted average remaining term of the warrants was 2.3 years. The weighted average exercise price was $2.43 per share.
 
During the year ended December 31, 2017 a total of 250,009 warrants were exercised on a cashless basis resulting in the issuance of 168,000 shares. 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 and an additional 22,000 warrants were exercised for cash resulting in proceeds of $60,750. 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 for cash resulting in proceeds of $1,272,627.
 
Management completed a derivative analysis on the 1,033,062 warrants issued in conjunction with our public offering which closed on December 19, 2017 to determine whether or not they met the criteria under ASC 815-10-15-83 to trigger treatment as a derivative instrument. Management concluded that these warrants did not meet the criteria to be treated as a derivative instrument.