|12 Months Ended|
Dec. 31, 2015
|Warrants and Rights Note Disclosure [Abstract]|
NOTE 8 WARRANTS
As described in Note 7, in 2014, the Company issued seven-year warrants (the Warrants) to investors for the purchase of 418,321 shares of the Companys common stock at an exercise price of $9.30 per share. Also described in Note 7, upon closing of the IPO, the underwriter paid an aggregate purchase price of $100 for the option to purchase an aggregate 160,000 shares of the Companys common stock at an exercise price of $6.25 per share.
The Company analyzed the Warrants in accordance with ASC Topic 815 to determine whether the Warrants meet the definition of a derivative and, if so, whether the Warrants meet the scope exception that provides for equity classification of derivative instruments issued or held by the reporting entity that are both (1) indexed to its own stock and (2) classified in stockholders equity. The Company concluded these Warrants should be classified as equity since they contain no provisions, which would require recognition as a liability.
The following represents a summary of the warrants outstanding at December 31, 2015 and changes during the period then ended: