Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v3.20.4
Warrants (Tables)
12 Months Ended
Dec. 31, 2020
Warrants and Rights Note Disclosure [Abstract]  
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, 2020 and 2019 (table in thousands):

 

    Warrants Accounted for as:
Equity
    Warrants
Accounted for as:
Liabilities
       
    May 2018
Warrants
    October 2013
Warrants
    January 2014
Warrants
    Total  
Outstanding, December 31, 2018     84       26       133       243  
Exercised     -       -       -       -  
Granted     -       -       -       -  
Expired     -       -       -       -  
Outstanding, December 31, 2019     84       26       133       243  
Exercised     -       -       -       -  
Granted     -       -       -       -  
Expired     -       -       -       -  
Outstanding, December 31, 2020     84       26       133       243  
Expiration date     October 27, 2022       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, 2020:

 

    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 15.00     $ 15.00  
Expected dividend yield     0.00 %     0.00 %
Expected term (years)     2.8       3.0  
Cumulative volatility     119.18 %     116.65 %
Risk-free rate     0.16 %     0.18 %

 

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, 2019:

 

    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 15.00     $ 15.00  
Expected dividend yield     0.00 %     0.00 %
Expected term (years)     3.8       4.0  
Cumulative volatility     89.59 %     90.58 %
Risk-free rate     1.67 %     1.68 %