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Stock Purchase Warrants (Tables)

12 Months Ended

Dec. 31, 2015

As of December 31, 2015, the following equity classified warrants were outstanding:



NUMBER OF UNDERLYING SHARES	EXERCISE PRICE PER SHARE		WARRANT EXPIRATION DATE	TYPE OF EQUITY SECURITY
75,000	$	5.00	February 2019	Common Stock
75,000	$	5.00	November 2019	Common Stock
7,500	$	5.00	August 2020	Common Stock
223,482	$	0.05	December 2019	Common Stock

Schedule of Key Assumptions Utilized in Fair Value Calculation

Key assumptions utilized in the fair value calculation as of October 30, 2013, the IPO closing date, appear in the table below.



	OCTOBER 30, 2013
Expected term (years)	5.32-6.84
Volatility	65.00	%
Risk-free interest rate	1.51%-2.00%
Dividend yield	—	%

- 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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