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Stock Warrants (Tables)

9 Months Ended

Sep. 30, 2015

A summary of the various changes in warrants during the nine month period ended September 30, 2015 is as follows.

	Number of
	Shares

Warrants Outstanding at December 31, 2014		5,236,660
Exercised During the Period		(4,721,517)
Issued During the Period		60,000
Expired During the Period		(14,814)

Warrants Outstanding, September 30, 2015		560,329

Summary of assumptions used to compute the fair value of stock options granted

The following summary table shows the assumptions used to compute the fair value of warrants granted during the nine month period ended September 30, 2015 for investor relations services and their estimated value:

·	Expected term in years	2.8 to 3.0 years
·	Volatility	122.8 to 122.9%
·	Risk-free interest rate	0.90 to 0.99%
·	Expected annual dividends	None
·	Fair value of warrants issued	$260,373

- 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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