Quarterly report pursuant to Section 13 or 15(d)

Stock Purchase Warrants (Tables)

v3.8.0.1
Stock Purchase Warrants (Tables)
3 Months Ended
Mar. 31, 2018
Stock Purchase Warrants [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The assumptions used by the Company are summarized in the following table:
 
 
 
Series A
 
 
 
March 31, 2018
 
 
December 31,
2017
 
 
Issuance
Date
 
Closing stock price
 
$
0.32
 
 
$
0.51
 
 
$
0.89
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
80
%
 
 
80
%
 
 
85
%
Risk free interest rate
 
 
2.35
%
 
 
1.97
%
 
 
1.58
%
Expected life of warrant (years)
 
 
2.6
 
 
 
2.9
 
 
 
4.0
 
 
The assumptions used by the Company are summarized in the following table:
 
 
 
March 31,
2018
 
 
December 31,
2017
 
 
Issuance
Date
 
Closing stock price
 
$
0.32
 
 
$
0.51
 
 
$
1.75
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
80
%
 
 
80
%
 
 
95
%
Risk free interest rate
 
 
2.19
%
 
 
1.86
%
 
 
1.39
%
Expected life of warrant (years)
 
 
1.55
 
 
 
1.79
 
 
 
5.00
 
 
The assumptions used by the Company are summarized in the following table:
 
 
 
Issuance
Date
 
Closing stock price
 
$
0.53
 
Expected dividends
 
 
0
%
Expected volatility
 
 
85
%
Risk free interest rate
 
 
2.42
%
Expected life of warrant (years)
 
 
4.92
 
Schedule Of Estimated Fair Value Of The Warrant Liability [Table Text Block]
The following table summarizes the estimated fair value of the warrant liability (in thousands):
 
Balance at December 31, 2017
 
$
4,083
 
Change in fair value of warrant liability
 
 
(2,655)
 
Balance at March 31, 2018
 
$
1,428
 
Schedule Of Warrant Activity [Table Text Block]
A summary of warrant activity for the Company for the three months ended March 31, 2018 is as follows:
 
 
 
Number of
Warrants
 
Weighted Average
Exercise Price
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
 
 
32,029,809
 
$
1.50
 
Granted
 
 
25,000
 
 
0.52
 
Exercised
 
 
-
 
 
-
 
Forfeited
 
 
-
 
 
-
 
Balance at March 31, 2018
 
 
32,054,809
 
$
1.50
 
Schedule Of Warrant Outstanding and Exercisable [Table Text Block]
A summary of all outstanding and exercisable warrants as of March 31, 2018 is as follows:
 
Exercise Price
 
Warrants
Outstanding
 
Warrants
Exercisable
 
Weighted Average
Remaining
Contractual Life (years)
 
$
0.52
 
 
25,000
 
 
25,000
 
 
4.74
 
$
1.43
 
 
25,000,000
 
 
25,000,000
 
 
2.64
 
$
1.75
 
 
7,029,808
 
 
7,029,809
 
 
1.53
 
$
1.60
 
 
32,054,808
 
 
32,054,809
 
 
2.40