WARRANTS

3 Months Ended

Mar. 31, 2016

WARRANTS

WARRANTS

During the three months ended March 31, 2016, warrant holders exercised 105,000 warrants by cashless exercise. Under our warrant agreements, warrants may be exercised cashlessly based on the average price of the Company's common stock for the five days prior to exercise. Under this methodology these warrants were exercised cashlessly and were exchanged for 21,597 shares of the Company's common stock.

As of March 31, 2016, outstanding warrants were as follows: 

Exercise Price		Warrants Outstanding	Warrants Vested	Weighted Average Remaining Life (Years)
$	5.50	2,074,904	2,074,904	0.14
$	9.25	210,000	210,000	0.96
$	12.65	158,116	158,116	3.65
		2,443,020	2,443,020