Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.8.0.1
Warrants (Tables)
9 Months Ended
Sep. 30, 2017
Warrants  
Summary of Warrant Activity

The following is a summary of activity in the number of warrants outstanding to purchase the Company’s common stock for the nine months ended September 30, 2017 (in thousands):

 

   

Warrants accounted for

as: Equity

   

Warrants accounted for as:

Liabilities

 
    April 2013 
warrants
    October 2013 
Series A 
warrants
    January 2014 
warrants
    Total  
                         
Outstanding, December 31, 2016     1,500       775       4,000       6,275  
                                 
Warrants expired     -       -       -       -  
Warrants exercised     -       -       -       -  
Outstanding, September 30, 2017     1,500       775       4,000       6,275  
Expiration 
date
    April 25, 2018       October 24, 2023       January 16, 2024          

Schedule of Fair Value of Warrants Classified as Liabilities

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of September 30, 2017:

 

    October 2013 warrants     January 2014 warrants  
             
Strike price   $ 0.50     $ 0.50  
                 
Expected term (years)     6.1       6.3  
Cumulative volatility %     88.00 %     89.00 %
Risk-free rate %     2.11 %     2.12 %