Quarterly report pursuant to Section 13 or 15(d)

14. Warrants

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14. Warrants
 6 Months Ended
Jun. 30, 2015
Warrants and Rights Note Disclosure [Abstract]  
Warrants

The Company has warrants outstanding to purchase up to 300,000 shares of our common stock at June 30, 2015 and December 31, 2014.

 

In connection with the sale of the Company’s newly designated Series A Convertible Preferred Stock in May 2014, Chardan Capital Markets LLC (“Chardan”) acted as sole placement agent in consideration for which Chardan received a cash fee of $535,000 and a warrant to purchase up to 300,000 shares of the Company’s common stock. These warrants vested immediately, have an exercise price of $2.00 per share, and have a five year term.

 

The following schedule summarizes the changes in the Company’s outstanding warrants during the six months ended June 30, 2015:

 

    Warrants Outstanding     Exercise     Weighted Average Remaining   Aggregate     Weighted Average Exercise  
    Number of     Price     Contractual   Intrinsic     Price  
    Shares     per Share     Life   Value     per Share  
Balance at December 31, 2014     300,000     $ 2.00     4.37 years     –     $ 2.00  
Warrants Granted     –                              
Warrants Exercised     –                              
Warrants Expired     –                              
Balance at June 30, 2015     300,000     $ 2.00     3.88 years   $ 60,000     $ 2.00  
                                     
Exercisable December 31, 2014     300,000     $ 2.00     4.37 years     –     $ 2.00  
Exercisable June 30, 2015     300,000     $ 2.00     3.88 years   $ 60,000     $ 2.00