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10. Warrants
 3 Months Ended
Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Warrants

During the three months ended June 30, 2016, we issued 30,000 warrants with an exercise price of $5.00 per share. 

 

A summary of warrant activity during the three months ended June 30, 2016 is presented below:

 

   Amount   Range of
Exercise
Price		   Weighted
Average
Exercise
Price		 
Warrants outstanding at March 31, 2016   2,164,094    $2.10 - $15.00   $6.68 
Issued   30,000    $5.00   $5.00 
Warrants outstanding at June 30, 2016   2,194,094    $2.10 - $15.00   $5.38 
Warrants exercisable at June 30, 2016   2,194,094    $2.10 - $15.00   $5.38 

  

The following outlines the significant weighted average assumptions used to estimate the fair value information presented, with respect to warrants utilizing the Binomial Lattice option pricing models at, and during the three months ended June 30, 2016:

 

Risk free interest rate 0.70%  
Average expected life    3.5 years
Expected volatility      91.5%
Expected dividends  None

 

The expected volatility was based on the historic volatility. The expected life of options granted was based on the "simplified method" as described in the SEC's guidance due to changes in the vesting terms and contractual life of current option grants compared to our historical grants.

 

Based on the above assumptions, we valued the 30,000 new warrants issued during the three months ended June 30, 2016 at $111,900.