Annual report pursuant to Section 13 and 15(d)

Warrant liability (Tables)

v3.7.0.1
Warrant liability (Tables)
12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
The fair value of the warrants as of December 31, 2016 and 2015 were calculated using the Black-Scholes pricing model with the following assumptions:
 
 
 
For the years ended December 31,
 
 
 
2016
 
2015
 
Expected volatility
 
 
56.79
%
 
79.85
%
Risk-free interest rate
 
 
0.53
%
 
0.56
%
Expected term (in years)
 
 
0.30
 
 
1.30
 
Dividend rate
 
 
-
 
 
-
 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]
The movement of the warrant for the years ended December 31, 2016 and 2015 is as following:
 
 
 
 
 
Weighted
 
Remaining
 
 
 
 
 
Average Exercise
 
Contractual Term
 
 
 
Warrants
 
Price
 
in Years
 
 
 
 
 
$
 
 
 
Outstanding, January 1, 2015
 
 
500,001
 
 
6.33
 
 
2.3
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
-
 
 
-
 
 
-
 
Outstanding, December 31, 2015
 
 
500,001
 
 
6.33
 
 
1.3
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding, January 1, 2016
 
 
500,001
 
 
6.33
 
 
1.3
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
-
 
 
-
 
 
-
 
Outstanding, December 31, 2016
 
 
500,001
 
 
6.33
 
 
0.3