XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

FAIR VALUE | 6 Months Ended
--- | ---
Jun. 30, 2021
FAIR VALUE [Abstract] |
FAIR VALUE | 9. FAIR VALUE FASB guidance on fair value measurements, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements for our financial assets and liabilities, as well as for other assets and liabilities that are carried at fair value on a recurring basis in our condensed consolidated financial statements. FASB guidance establishes a three-level fair value hierarchy based upon the assumptions (inputs) used to price assets or liabilities. The three levels of inputs used to measure fair value are as follows: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets; and Level 3—Unobservable inputs reflecting our own assumptions and best estimate of what inputs market participants would use in pricing the asset or liability. Common Stock Warrant Liabilities. Certain of our issued and outstanding warrants to purchase shares of common stock do not qualify to be treated as equity and, accordingly, are recorded as a liability. We are required to record these instruments at fair value at each reporting date and changes are recorded as a non-cash adjustment to earnings. The gains or losses included in earnings are reported in other income (expense) in our condensed consolidated statements of operations. 2016 Warrant Liability The Company has a warrant liability related to warrants issued in January 2016 (the “2016 Warrant Liability”) and it represents the fair value of such warrants, of which, 357 warrants were settled for cash of approximately $0.1 million in January 2021. The balance of the 2016 Warrant Liability was zero as of June 30, 2021. The 2016 Warrant Liability is considered a Level 3 financial instrument and was valued using the Black Scholes model. As of December 31, 2020, assumptions and inputs used in the valuation of the 2016 Warrant Liability include: remaining life to maturity of less than one month; annual volatility of 135%; and a risk-free interest rate of 0.08%. Bridge Note Warrant Liabilities During 2018 and 2019, the Company issued warrants in connection with the issuance of Bridge Notes. All of these warrants issuances were classified as warrant liabilities (the “Bridge Note Warrant Liabilities”). See Note 4 - Convertible Notes for further discussion. The Bridge Note Warrant Liabilities are considered Level 3 financial instruments and were valued using the Black Scholes model. As of June 30, 2021, assumptions used in the valuation of the Bridge Note Warrant Liabilities include: remaining life to maturity of 0.8 to 2.9 years; annual volatility of 172% to 194%; and risk free rate of 0.07% to 0.46%. As of December 31, 2020, assumptions used in the valuation of the Bridge Note Warrant Liabilities include: remaining life to maturity of 1.3 to 3.4 years; annual volatility of 162% to 201%; and risk free rate of 0.10% to 0.17%. During the three and six months ended June 30, 2021 and 2020, the change in the fair value of the warrant liabilities measured using significant unobservable inputs (Level 3) were comprised of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dollars in Thousands | ​ | ​
​ | ​ | Three Months Ended June 30, 2021
​ |  | 2016 Warrant |  | Bridge Note |  | Total Warrant
​ | ​ | Liability | ​ | Warrant Liabilities | ​ | Liabilities
Beginning balance at April 1 | ​ | $ | – | ​ | $ | 1,313 | ​ | $ | 1,313
Total losses: | ​ |  |  | ​ |  |  | ​ |  |
Revaluation recognized in earnings | ​ | ​ | – | ​ | ​ | 894 | ​ | ​ | 894
Balance at June 30 | ​ | $ | – | ​ | $ | 2,207 | ​ | $ | 2,207
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2020
​ |  | 2016 Warrant |  | Bridge Note |  | Total Warrant
​ | ​ | Liability | ​ | Warrant Liabilities | ​ | Liabilities
Beginning balance at April 1 | ​ | $ | 58 | ​ | $ | 344 | ​ | $ | 402
Total (gains) losses: | ​ |  |  | ​ |  |  | ​ |  |
Revaluation recognized in earnings | ​ | ​ | (19) | ​ | ​ | 391 | ​ | ​ | 372
Balance at June 30 | ​ | $ | 39 | ​ | $ | 735 | ​ | $ | 774
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dollars in Thousands | ​ | ​
​ | ​ | Six Months Ended June 30, 2021
​ | ​ | 2016 Warrant | ​ | Bridge Note | ​ | Total Warrant
​ |  | Liability |  | Warrant Liabilities |  | Liabilities
Beginning balance at January 1 | ​ | $ | 130 | ​ | $ | 1,195 | ​ | $ | 1,325
Total losses: | ​ |  |  | ​ |  |  | ​ |  |
Revaluation recognized in earnings | ​ | ​ | – | ​ | ​ | 1,012 | ​ | ​ | 1,012
Deductions – warrant exercises | ​ | ​ | (130) | ​ | ​ | – | ​ | ​ | (130)
Balance at June 30 | ​ | $ | – | ​ | $ | 2,207 | ​ | $ | 2,207
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, 2020
​ | ​ | 2016 Warrant | ​ | Bridge Note | ​ | Total Warrant
​ |  | Liability |  | Warrant Liabilities |  | Liabilities
Beginning balance at January 1 | ​ | $ | 70 | ​ | $ | 1,268 | ​ | $ | 1,338
Total gains: | ​ |  |  | ​ |  |  | ​ |  |
Revaluation recognized in earnings | ​ | ​ | (31) | ​ | ​ | (533) | ​ | ​ | (564)
Balance at June 30 | ​ | $ | 39 | ​ | $ | 735 | ​ | $ | 774
​ ​

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration