Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Fair Values of Assets and Liabilities Measured at Fair Value on Recurring and NonRecurring Basis

The following table presents a summary of fair values of assets and liabilities that are re-measured at fair value at each balance sheet date as of September 30, 2017 and December 31, 2016, and their placement within the fair value hierarchy as discussed above (in thousands):

			Quoted Prices in Active Markets		Significant Other Observable Inputs		Unobservable Inputs
Description	September 30, 2017		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	1,345	$	1,345	$	-	$	-
Total assets	$	1,345	$	1,345	$	-	$	-

Liabilities:
Warrants potentially settleable in cash	$	855	$	-	$	-	$	855
Total liabilities	$	855	$	-	$	-	$	855

			Quoted Prices in Active Markets		Significant Other Observable Inputs		Unobservable Inputs
Description	December 31, 2016		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	3,640	$	3,640	$	-	$	-
Total assets	$	3,640	$	3,640	$	-	$	-

Liabilities:
Warrants potentially settleable in cash	$	1,476	$	-	$	-	$	1,476
Total liabilities	$	1,476	$	-	$	-	$	1,476

Schedule of Reconciliation of Beginning and Ending Level 3 Liabilities

The Company has not transferred any financial instruments into or out of Level 3 classification during the nine months ended September 30, 2017 or 2016. A reconciliation of the beginning and ending Level 3 liabilities for the nine months ended September 30, 2017 and 2016 is as follows:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	September 30, 2017			September 30, 2016
Balance, January 1,	$	1,476		$	4,115
Estimated fair value of warrants exchanged for common shares		-			(35	)
Change in fair value of warrants		(621	)		(2,173	)
Balance at September 30, 2017 and 2016	$	855		$	1,907

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details