Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

The following table shows the number of outstanding warrants by exercise price and date of expiration as of December 31, 2015:



Shares Issuable Upon Exercise	Exercise Price		Expiration Date
2,469,136	$	5.25	February 2017
3,000,000	$	3.40	May 2018
3,021,977	$	1.82	February 2022
193,798	$	1.29	October 2024
152,440	$	1.64	July 2025
8,837,351

A summary of warrant activity during the year ended December 31, 2015 is as follows:



	Common Shares Issuable upon Exercise		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Outstanding at December 31, 2014	6,859,682		$	3.83	2.7
Issued	3,174,417		$	1.81	6.3
Exercised	—		$	—	—
Cancelled	(1,196,748	)	2.38		—
Outstanding as of December 31, 2015	8,837,351		$	3.30	3.6
Exercisable as of December 31, 2015	8,837,351		$	3.30	3.6

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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