Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

Warrants (Tables)

3 Months Ended

Mar. 31, 2017

The following is a summary of activity in the number of warrants outstanding to purchase the Company’s common stock for the three months ended March 31, 2017 and 2016 (in thousands):

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

Outstanding, December 31, 2015		650			455			1,500		1,000			775		4,000		8,380

Warrants expired		(650	)		(455	)		-		(889	)		-		-		(1,994	)
Warrants exercised		-			-			-		(111	)		-		-		(111	)

Outstanding, March 31, 2016		-			-			1,500		-			775		4,000		6,275
Outstanding, March 31, 2017		-			-			1,500		-			775		4,000		6,275
Expiration date		January 11, 2016			March 1, 2016			April 25, 2018		February 28, 2016			October 24, 2023		January 16, 2024

Schedule of Fair Value of the Warrants Classified as Liabilities

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of March 31, 2017:

	October 2013 warrants			January 2014 warrants

Strike price	$	0.50		$	0.50
Expected term (years)		6.57			6.8
Cumulative volatility %		91.4	%		91.5	%
Risk-free rate %		2.27	%		2.29	%