Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v3.8.0.1
Warrants (Tables)
12 Months Ended
Dec. 31, 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 years ended December 31, 2017, 2016 and 2015 (in thousands):

 

    Warrants accounted for as:     Warrants accounted for as:        
    Equity     Liabilities        
    January 2012 warrants     March 2013 warrants     April 2013 warrants     February 2012 warrants     August 2013 warrants     October 2013 warrants     October 2013 Series A warrants     January 2015 warrants     Total  
                                                       
Outstanding, January 1, 2015     22       15       62       33       333       7       234       183       889  
Warrants exercised     -       -       (12 )     -       (333 )     (7 )     (208 )     (50 )     (610 )
Outstanding, December 31, 2015     22       15       50       33       -       -       26       133       279  
Warrants expired     (22 )     (15 )             (30 )                                     (67 )
Warrants exercised     -       -       -       (3 )     -       -       -       -       (3 )
Outstanding, December 31, 2016     -       -       50       -       -       -       26       133       209  
Warrants expired     -       -       -       -       -       -       -       -       -  
Warrants exercised     -       -       -       -       -       -       -       -       -  
Outstanding, December 31, 2017     -       -       50       -       -       -       26       133       209  
Expiration date     January 11, 2016       March 1, 2016       April 25, 2018       February 28, 2016       August 26, 2023       October 18, 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 December 31, 2017:

 

    October 2013
warrants
    January 2015
warrants
 
             
Strike price   $ 15.00     $ 15.00  
                 
Expected term (years)     5.8       6.0  
Cumulative volatility %     86.7 %     87.7 %
Risk-free rate %     2.30 %     2.31 %

  

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of December 31, 2016:

 

    October 2013
warrants
    January 2015
warrants
 
             
Strike price   $ 15.00     $ 15.00  
                 
Expected term (years)     6.8       7.0  
Cumulative volatility %     99.7 %     100 %
Risk-free rate %     2.24 %     2.25 %