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Note 14 - Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Following is a summary of the warrant activity for the three months ended March 31, 2016:

		Number of Warrants				Average Exercise Price				Weighted Average Remaining Contractual Term in Years

Outstanding at January 1, 2016			2,050,001				2.74				4.82
Granted			-				-				-
Exercised / surrendered			-				-				-
Expired			-				-				-
Outstanding at March 31, 2016			2,050,001				2.74				4.56
Exercisable at March 31, 2016			2,050,001				2.74				4.56

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

The Company estimated the fair value of its warrants as of March 31, 2015 using the Binomial option pricing model using the following assumptions:

		Series A Warrants				Series C Warrants				Placement Agent Warrants				Total
At March 31, 2015:
Market price of common stock ($)			2.50				2.50				2.50
Number of shares of common stock underlying the warrants			660,030				310,478				92,404				1,062,912
Exercise price ($)			8.48				8.53				8.48
Remaining contractual life (years):			3.04				3.04				3.04
Dividend yield:			–				–				–
Expected volatility:			72	%			72	%			72	%
Risk-free interest rate:			0.89	%			0.89	%			0.89	%
Fair value ($)			306,150				143,182				43,042				492,374

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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