Warrants (Tables)

3 Months Ended

Mar. 31, 2018

Summary of range of inputs used for the Black Scholes option pricing model valuations

Issuance Date	Expected Term at Issuance Date		Risk Free Interest Rate at Date of Issuance			Volatility at Date of Issuance			Stock Price at Date of Issuance
8/20/2014		5.00		1.50	%		96.00	%	$	0.63
2/13/2015		5.00		1.28	%		100.00	%	$	0.34
5/22/2015		5.00		1.28	%		107.58	%	$	0.29
10/15/2015		5.00		1.71	%		58.48	%	$	0.22
10/26/2015		5.00		1.71	%		60.47	%	$	0.21
12/21/2015		5.00		1.75	%		58.48	%	$	0.21
12/28/2015		5.00		1.75	%		58.48	%	$	0.16
1/15/2016		5.00		1.76	%		58.48	%	$	0.17
5/3/2016		5.00		1.25	%		51.15	%	$	0.21
6/13/2016		5.00		1.14	%		51.12	%	$	0.17
6/29/2016		5.00		1.01	%		48.84	%	$	0.17
8/17/2016		5.00		1.15	%		51.55	%	$	0.15
11/4/2016		5.00		1.66	%		47.48	%	$	0.16
12/12/2016		5.00		1.90	%		48.54	%	$	0.19
8/19/2017		5.00		1.81	%		64.71	%	$	0.35
11/13/2017		5.00		2.08	%		66.24	%	$	0.29
1/16/2018		5.00		2.36	%		65.07	%	$	0.27

Remaining Expected Term at March 31, 2018		Risk Free Interest Rate at March 31, 2018				Volatility at March 31, 2018				Stock Price at March 31, 2018
0.1 - 4.8			2.18	%			65.07	%		$	0.30

Summary of outstanding debt and equity warrants

	Warrants (Equity)						Warrants (Liability)
	Amount		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Amount		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance January 1, 2018		33,004,011		0.47		3.55		6,487,500		0.35		1.64
Warrants issued with revolver loan		1,851,852		0.27		4.80		-		-		-
Warrants expired		530,513		10.73		-		-		-		-
Balance March 31, 2018		34,325,350		0.30		3.43		6,487,500		0.35		1.39

- 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.

+ References + Details