Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2017

The following table summarizes stock option activity for the Company during the three months ended March 31, 2017:



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding December 31, 2016	162,665		$	43.11	—	—
Granted	—		$	—	—	—
Exercised	—		$	—	—	—
Forfeited or expired	(6,250	)	$	40.80	—	—
Outstanding March 31, 2017	156,415		$	43.21	6.3	$	—

Vested at March 31, 2017	105,445		$	53.20	5.5	$	—

Reconciliation of Warrant Liability

The following reconciliation of the beginning and ending balances for all warrant liabilities measured at fair market value on a recurring basis during the three months ended March 31, 2017 and 2016:



	March 31, 2017			March 31, 2016
Balance – January 1	$	573,560		$	1,958,775
Issuance of warrants and effect of repricing	—			14,636
Exercise of warrants	—			—
(Gain) or loss included in earnings	(102,776		)	(481,011		)
Balance – March 31	$	470,784		$	1,492,400

- 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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