| Summary of the changes in fair value of the warrant liability |
| Balance at January 1, 2015 |
|
$ |
5,597,011 |
|
| Issuance of warrants |
|
|
1,008,000 |
|
| Warrants to be issued |
|
|
55,200 |
|
| Change in value of warrant liability |
|
|
3,194,189 |
|
| Balance at December 31, 2015 |
|
$ |
9,854,400 |
|
| |
|
|
|
|
| Warrants issued |
|
|
1,096,000 |
|
| Warrants Exercised |
|
|
(1,428,541 |
) |
| Change in value of warrant liability |
|
|
14,241,141 |
|
| Balance at September 30, 2016 |
|
$ |
23,763,000 |
|
|
The table below provides a summary of the changes
in fair value of the warrant liability measured at fair value on a recurring basis:
| Balance at January 1, 2014 |
|
$ |
- |
|
| Issuance of warrants |
|
|
9,801,200 |
|
| Change in value of warrant liability |
|
|
(4,204,189 |
) |
| Balance at December 31, 2014 |
|
$ |
5,597,011 |
|
| |
|
|
|
|
| Issuance of warrants |
|
|
1,008,000 |
|
| Warrants to be issued |
|
|
55,200 |
|
| Change in value of warrant liability |
|
|
3,194,189 |
|
| Balance at December 31, 2015 |
|
$ |
9,854,400 |
|
|