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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair value measurements using significant unobservable inputs

The table below presents the activity within Level 3 of the fair value hierarchy for the nine months ended September 30, 2018:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

(in thousands)		Warrant Liability
Balance at December 31, 2017		$	560
Fair value of warrants issued			18,306
Total change in the liability included in earnings			(14,697	)
Balance at March 31, 2018			4,169
Fair value of warrants issued			5,226
Total change in the liability included in earnings			(2,512	)
Balance at June 30, 2018			6,883
Reclass from liability to equity			(4,210	)
Total change in the liability included in earnings			(1,198	)
Balance at September 30, 2018		$	1,475

Schedule of fair value of the warrants

The fair value of the Warrants at September 30, 2018 and December 31, 2017 was determined by using option pricing models with the following assumptions:

		September 30,		December 31,
		2018		2017
Expected life (in years)		0.08 - 5.36		0.82 - 4.88
Expected volatility		139.47% - 258.34%		130.88% - 266.92%
Risk-free interest rates		2.12% - 2.97%		1.68% - 2.06%

Assets and liabilities measured at fair value on a recurring basis

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2018, aggregated by the level in the fair value hierarchy within which those measurements fall in accordance with ASC 820.

		Assets and Liabilities Measured at Fair Value on a Recurring Basis
(in thousands)		Level 1								Level 2								Level 3								Total
		September 30, 2018				December 31, 2017				September 30, 2018				December 31, 2017				September 30, 2018				December 31, 2017				September 30, 2018				December 31, 2017
Liabilities
Derivative instrument liabilities		$	—			$	—			$	—			$	—			$	1,475			$	560			$	1,475			$	560

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- References

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258

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Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109247956&loc=d3e107314-111719

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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