Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.19.3
Warrants (Tables)
9 Months Ended
Sep. 30, 2019
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 nine months ended September 30, 2019 (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, September 30, 2019     84       26       133       243  
Expiration date:     October 27, 2022       October 24, 2023       January 16, 2024          

 

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, 2018 (in thousands):

 

    Warrants accounted for as:
Equity
    Warrants accounted for as:
Liabilities
       
    May 2018
warrants
    April 2013
warrants
    October 2013
Series A
warrants
    January 2014
warrants
    Total  
                               
Outstanding, December 31, 2017     -       50       26       133       209  
                                         
Warrants Issued     84       -       -       -       84  
Warrants Expired     -       (50 )     -       -       (50 )
Warrants exercised     -       -       -       -       -  
Outstanding, September 30, 2018     84       -       26       133       243  
Expiration date     October 27, 2022       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, 2019:

 

    October 2013
Warrants
    January 2014
Warrants
 
             
Strike price   $ 15.00     $ 15.00  
Expected dividend yield     0.00 %     0.00 %
Contractual term (years)     4.10       4.30  
Cumulative volatility     89.59 %     88.08 %
Risk-free rate     1.58 %     1.74 %

 

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, 2018:

 

    October 2013
warrants
    January 2014
warrants
 
             
Strike price   $ 15.00     $ 15.00  
Expected dividend yield     0.00 %     0.00 %
Expected term (years)     5.07       5.30  
Cumulative volatility %     87.95 %     87.99 %
Risk-free rate %     2.73 %     2.74 %