Annual report pursuant to Section 13 and 15(d)

Note 18 - Equity Instruments

v3.8.0.1
Note 18 - Equity Instruments
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
1
8
.
Equity Instruments
 
 
a.
Stock Warrants:
At
December 31, 2017,
there are
16.9
million warrants outstanding to purchase our common stock. The warrants are exercisable at prices ranging from
$0.01
to
$3.04
per share with a weighted average exercise price per share of
$1.19.
 
The following table summarizes information about our outstanding warrants at
December 31,
201
7:
 
   
Exercise
Price
    
Number of
Warrants
  
Expiration Date
Series BB
   $
2.00
      
300,000
  
July 2018
Series HH
    
2.49
      
301,205
  
June 2023
Series II
    
3.04
      
275,000
  
June 2018
Series KK
    
1.918
      
391,032
  
March 2021
Series LL
    
0.01
      
4,365,280
  
August 2035
Series MM
    
2.50
      
150,000
  
September 2019
Series MM
    
2.50
      
150,000
  
October 2019
Series NN
    
1.50
      
11,000,000
  
March 2022
Total warrants   $
1.19
  *    
16,932,517
  
 
 
 
*
Weighted average exercise price.
 
In
addition, at
December 31, 2017,
there are
300
warrants outstanding to purchase MT Common Stock. The warrants are exercisable at
$2,000
per share.
 
In
July 2015,
we extended the expiration date of our outstanding Series BB warrants by
three
years to
July 2018.
The modification of the Series BB warrant expiry resulted in recording a non-cash selling, general and administrative expense of approximately
$150,000
during the
third
quarter of
2015.
 
In
September 2015,
we issued
four
-year Series MM warrants to purchase
150,000
shares of our common stock at an exercise price of
$2.50
per share pursuant to an advisory services agreement with Chardan Capital Markets, LLC (
“Chardan”). In
October 2015,
we issued additional
four
-year Series MM warrants to purchase
150,000
shares of our common stock at an exercise price of
$2.50
per share pursuant to the advisory services agreement with Chardan. The fair value of the warrants issued to Chardan of
$256,000
was recorded as a non-cash selling, general and administrative expense during the
third
quarter of
2015.
 
In
October 2015,
5,000,000
Series LL
warrants were exercised on a cashless basis in exchange for the issuance of
4,977,679
shares of our common stock. In
January 2017,
5,411,850
Series LL warrants were exercised in exchange for the issuance of
5,411.850
shares of our common stock, resulting in gross proceeds to the Company of
$54,119.
 
In
March 2017,
in connection with the Asset Sale, the Company granted to each of Cardinal Health
414
and UCSD,
a
five
-year Series NN warrant to purchase up to
10
million shares and
1
million shares, respectively, of the Company’s common stock at an exercise price of
$1.50
per share, each of which warrant is subject to anti-dilution and other customary terms and conditions.
 
 
c.
Common Stock Reserved:
As of
December 31, 2017,
we have reserved
20,620,196
shares of authorized common stock for the exercise of all outstanding stock options and warrants.