v3.21.2

Warrant derivative liability | 12 Months Ended
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Dec. 31, 2020
Warrant derivative liability |
Warrant derivative liability | Note 12 - Warrant derivative liability Investor Warrants On April 5, 2017, the Company entered into a Securities Purchase Agreement with certain unrelated investors to sell an aggregate of 434,783 shares of the Company’s ordinary shares and warrants to purchase up to an initial 326,087 of the Company’s ordinary shares with an initial exercise price of $2.75 per share. Warrants to purchase the Company’s ordinary shares were issued to investors in amount equal to 75% of the shares purchased by each investor under the Purchase Agreement. On November 15, 2017, the Company consummated a private placement of the Company’s ordinary stock pursuant to a series of Stock Purchase Agreements, dated November 13, 2017. Under the Stock Purchase Agreements, the Company sold shares at a price of $0.80. As such, pursuant to Section 3(b) of the Warrants, the Company has determined that the Investor Warrants exercise price per share of ordinary stock shall be hereby adjusted to $1.00 and the number of shares of ordinary stock subject to the Investor Warrants shall be hereby increased to 896,739 shares, with an expiration date of April 4, 2021. As of December 31, 2020, 422,922 Investor Warrants were outstanding, and their fair values were $203 (note 2). As of December 31, 2019, 721,836 Investor Warrants were outstanding, and their fair values were $223. Placement Agent Warrants In connected with the offering of the Company’s shares on April 5, 2017 (see above), the Company issued 34,783 warrants (the “Placement Agent Warrants”) to its placement agent (an amount equal to 8% of our ordinary shares sold to investors in the offering). On November 15, 2017, as a result of the private placement of the Company’s ordinary stock pursuant to a series of Stock Purchase Agreements, and pursuant to Section 3(b) of the Warrants, the Company has determined that the Placement Agent Warrants exercise price per share of ordinary stock shall be hereby adjusted to $1.00 and the number of shares of ordinary stock subject to the Placement Agent Warrants shall be hereby increased to 95,653 shares, with an expiration date of April 4, 2021. As of December 31, 2020, 95,653 Placement Agent Warrants were outstanding, and their fair values were $46 (note 2). As of December 31, 2019, 95,653 Placement Agent Warrants were outstanding, and their fair values were $30. The amount of $4, $33 and $394 was recognized as “Change in fair value of warrant derivative liability” in the consolidated statements of comprehensive loss for the years ended December 31, 2020, 2019 and 2018, respectively. The Investor Warrants and Placement Agent Warrants are exercisable for a period of four years commencing from April 5, 2017. Following is a summary of the warrant activity for the years ended December 31, 2020 and 2019:
|  |  |  |  |  |  | Weighted
|  |  |  |  |  |  | Average
|  |  |  | Average |  | Remaining
|  | Number of |  | Exercise |  | Contractual
|  | Warrants |  | Price |  | Term in Years
Outstanding at January 1, 2019 |  | 817,489 |  | $ | 1.00 |  | 2.26
Exercisable at January 1, 2019 |  | 817,489 |  |  | 1.00 |  | —
Granted |  | — |  |  | — |  | —
Exercised |  | — |  |  | — |  | —
Surrendered |  | — |  |  | — |  | —
Expired |  | — |  |  | — |  | —
Outstanding at December 31, 2019 |  | 817,489 |  | $ | 1.00 |  | 1.26
Exercisable at January 1, 2020 |  | 817,489 |  |  | 1.00 |  | —
Granted |  | — |  |  | — |  | —
Exercised |  | 298,914 |  |  | 1.00 |  | —
Surrendered |  | — |  |  | — |  | —
Expired |  | — |  |  | — |  | —
Exercisable at December 31, 2020 |  | 518,575 |  | $ | 1.00 |  | 0.26

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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