v3.19.2

Warrants (Tables)

6 Months Ended

Jun. 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 six months ended June 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, June 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 six months ended June 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, June 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 June 30, 2019:

		October 2013 Warrants				January 2014 Warrants
Strike price		$	15.00			$	15.00
Expected dividend yield			0.00	%			0.00	%
Contractual term (years)			4.3				4.6
Cumulative volatility			87.62	%			89.39	%
Risk-free rate			1.74	%			1.75	%

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of June 30, 2018:

		October 2013 warrants				January 2014 warrants
Strike price		$	15.00			$	15.00
Expected dividend yield			0.00	%			0.00	%
Expected term (years)			5.32				5.55
Cumulative volatility %			88.17	%			88.59	%
Risk-free rate %			2.74	%			2.75	%

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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