Options and Warrants (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2017

Dec. 31, 2016

A summary of stock option activity for the three months ended March 31, 2017 is presented below:


	Number of Shares			Weighted Avg. Exercise Price		Weighted Average Remaining Contract Term (# years)		Intrinsic Value
Outstanding at December 31, 2016		481,947		$	12.14		7.60
Exercised		—			—
Forfeited and canceled		(187,351	)		11.93

Outstanding at March 31, 2017		294,596		$	12.28		7.19	$	—
Exercisable at March 31, 2017		244,868		$	13.69		6.92	$	—


	Number of Shares			Weighted Avg. Exercise Price		Weighted Average Remaining Contract Term (# years)		Intrinsic Value
Outstanding at December 31, 2014		302,834		$	23.34		8.0	$	—
Exercisable at December 31, 2014		120,485		$	36.52		6.4	$	—
Granted		135,430			5.22
Exercised		—			—
Forfeited and canceled		(20,860	)		13.35

Outstanding at December 31, 2015		417,404		$	18.04		7.7	$	—
Exercisable at December 31, 2015		231,071		$	23.58		7.0	$	—
Granted		290,000			2.14
Exercised		—			—
Forfeited and canceled		(225,457	)		10.52

Outstanding at December 31, 2016		481,947		$	12.14		7.6	$	—
Exercisable at December 31, 2016		352,096		$	14.95		7.1	$	—

Warrant Activity

A summary of warrant activity for the three months ended March 31, 2017 is presented below:


	Number of Shares			Weighted Avg. Exercise Price		Weighted Average Remaining Contract Term (# years)		Intrinsic Value
Outstanding at December 31, 2016		3,596,625		$	12.39		1.21		—
Forfeited and canceled		(127,894	)		12.72		—

Outstanding at March 31, 2017		3,468,731		$	12.38		1.00	$	—
Exercisable at March 31, 2017		3,468,731		$	12.38		1.00	$	—


	Number of Shares			Weighted Avg. Exercise Price		Weighted Average Remaining Contract Term (# years)		Intrinsic Value
Outstanding at January 1, 2015		380,814		$	29.92		2.21		—
Granted		3,311,128			4.16		—		—
Exercised		(1,103	)		4.00		—		—
Forfeited and canceled		(27,885	)		74.96		—		—

Outstanding at December 31, 2015		3,662,954		$	6.30		2.17		—
Exercisable at December 31, 2015		3,662,954		$	6.30		2.17		—
Outstanding January 1, 2016		3,662,954			6.30		2.17		—
Granted		—			—
Exercised		(14,501	)		4.00
Forfeited and cancelled		(51,828	)		83.52

Outstanding at December 31, 2016		3,596,625		$	12.39		1.21		—
Exercisable at December 31, 2016		3,596,625		$	12.39		1.21		—

- 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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