Note 9 - Stockholder's Equity

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

9 . Stockholder’s Equity

Common Stock

During the three and nine months ended September 30, 2015, the Company did not issue, purchase or retire any shares of its common stock.

Warrants

During the three months and nine months ended September 30, 2015, the Company did not grant any warrants to purchase shares of its common stock and no warrants were exercised. During the three and nine months ended September 30, 2015, warrants to purchase an aggregate of 20,700 and 35,700 shares of common stock expired unexercised, respectively.

In December 2014, the Company issued to its investor relations firm a warrant to purchase 250,000 shares of common stock at an exercise price of $3.75 in consideration for investor relations services for one year, commencing December 15, 2014 and ending December 14, 2015. The warrants were immediately vested and exercisable as of the date of grant and have a five-year term from the date of grant, resulting in a Black-Scholes warrant value of $517,576. The Company ended its relationship with the investor relations firm in September 2015 resulting in the Company expensing the remaining Black-Sholes warrant value during the three months ended September 30, 2015. Of the total Black-Scholes warrant value of $517,576, $237,433 and $496,010 were expensed in general and administrative expenses during the three months and nine months ended September 30, 2015, respectively.

Warrants to purchase an aggregate of 4,788,066 shares of the Company’s common stock were outstanding and exercisable as of September 30, 2015, with per share exercise prices ranging from $2.00 to $200.00 and a weighted average exercise price of $8.22 per share.