Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

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Warrants (Tables)

3 Months Ended

Mar. 31, 2016

Warrants Tables

Warrant activity

		Warrants accounted for as:												Warrants accounted for as:
		Equity												Liabilities
		January 2012 warrants				March 2013 warrants				April 2013 warrants				February 2012 warrants				August 2013 warrants				October 2013 warrants				October 2013 Series A warrants				January 2014 warrants				Total

Outstanding, December 31, 2014			650				455				1,864				1,000				10,000				200				7,000				5,500				26,669

Warrants exercised			-				-				(364	)			-				(7,000	)			(200	)			(6,125	)			(300	)			(13,989	)
Warrants Issued
Outstanding, March 31, 2015			650				455				1,500				1,000				3,000				-				875				5,200				12,680

Outstanding, December 31, 2015			650				455				1,500				1,000				-				-				675				4,000				8,280

Warrants Expired			(650	)			(455	)							(889	)																			(1,994	)
Warrants exercised															(111	)																			(111	)

Outstanding, March 31, 2016			-				-				1,500				-				-				-				675				4,000				6,175

Expiration date		January 11, 2016				March 1, 2016				April 25, 2018				February 28, 2016				August 26, 2023				October 18, 2018				October 24, 2023				January 16, 2024

Fair value model of each option award

		October 2013 warrants				January 2014 warrants

Strike price		$	0.50			$	0.50
Expected term (years)			7.6				7.8
Cumulative volatility %			100	%			100	%
Risk-free rate %			1.64	%			1.66	%