WARRANTS

9 Months Ended

Sep. 30, 2016

WARRANTS

WARRANTS

During the nine months ended September 30, 2016, warrant holders exercised 2,213,935 warrants, with 349,144 exercised for cash and 1,864,791 exercised cashlessly. The warrants exercised for cash were exercised at $5.50 per share. The total cash received from these exercises was $1.9 million. 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 the warrants that were exercised cashlessly were exchanged for 471,504 shares of the Company's common stock.

As of September 30, 2016, outstanding warrants were as follows: 

Exercise Price		Warrants Outstanding	Warrants Vested	Weighted Average Remaining Life (Years)
$	9.25	160,000	160,000	0.46
$	12.65	158,116	158,116	3.16
		318,116	318,116