Warrants

12 Months Ended

Dec. 31, 2016

Warrants and Rights Note Disclosure [Abstract]

Warrants

Note 16: 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 3.1 years as of December 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 December 31, 2016:

					Weighted
	Number of		Weighted Average		Average Remaining		Intrinsic
	Units		Exercise Price		Contractual Term		Value
Outstanding at December 31, 2015		170,973	$	6.26		5.6	$	-
Granted		-		-
Cancelled		-		-
Outstanding at December 31, 2016		170,973	$	6.26		4.6	$	33,660
Exercisable at December 31, 2016		170,973	$	6.26		4.6	$	33,660

No warrants were issued in 2016 or 2015.