Warrants

3 Months Ended

Mar. 31, 2016

Warrants and Rights Note Disclosure [Abstract]

Warrants

Note 12: Warrants

On January 30, 2014, in connection with an $11.5 million financing transaction, the Company issued 80,000 warrants to purchase common stock at an exercise price of $7.81 per share with a term of 5 years. The fair value of the warrants was determined using the Black-Scholes option valuation model. The warrants expire on January 30, 2020 and have a remaining contractual life of 2.8 years as of March 31, 2016. These warrants became exercisable on January 30, 2015.

On, January 28, 2015, the Company cancelled 30,000 warrants originally issued on August 1, 2013 in connection with a consulting agreement in exchange for the Company issuing 5,000 shares of restricted Company common stock.

The following table summarizes information about the Company’s warrants at March 31, 2016:

			Weighted		Weighted Average
	Number of		Average		Remaining		Intrinsic
	Units		Exercise Price		Contractual Term		Value
Outstanding at December 31, 2015		170,973	$	6.26		2.8	$	-
Granted		-		-
Cancelled		-		-
Outstanding at March 31, 2016		170,973	$	6.26		2.8	$	-
Exercisable at March 31, 2016		170,973	$	6.26		2.8	$	-

No warrants were issued in 2015 or 2016 to date.