Quarterly report pursuant to Section 13 or 15(d)

Stock Purchase Warrants (Tables)

v3.10.0.1
Stock Purchase Warrants (Tables)
9 Months Ended
Sep. 30, 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
 
 
 
September 31,

2018
 
 
December 31,

2017
 
 
Issuance

Date
 
Closing stock price
 
$
2.60
 
 
$
17.85
 
 
$
31.15
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
80
%
 
 
80
%
 
 
85
%
Risk free interest rate
 
 
2.82
%
 
 
1.97
%
 
 
1.58
%
Expected life of warrant (years)
 
 
2.14
 
 
 
2.90
 
 
 
4.00
 
 
The assumptions used by the Company are summarized in the following table:
 
 
 
September 30,

2018
 
 
December 31,

2017
 
 
Issuance

Date
 
Closing stock price
 
$
2.60
 
 
$
17.85
 
 
$
61.25
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
90
%
 
 
80
%
 
 
95
%
Risk free interest rate
 
 
2.60
%
 
 
1.86
%
 
 
1.39
%
Expected life of warrant (years)
 
 
1.04
 
 
 
1.79
 
 
 
5.00
 
The assumptions used by the Company are summarized in the following table:
 
 
 
Issuance

Date
 
Closing stock price
 
$
18.55
 
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
 
 
(4,064
)
Balance at September 30, 2018
 
$
19
 
Schedule Of Warrant Activity [Table Text Block]
A summary of warrant activity for the Company for the nine months ended September 30, 2018 is as follows:
 
 
 
Number of

Warrants
 
 
Weighted Average

Exercise Price
 
 
 
 
 
 
 
 
Balance at December 31, 2017
 
 
915,138
 
 
$
52.50
 
Granted
 
 
714
 
 
 
18.20
 
Exercised
 
 
-
 
 
 
-
 
Forfeited
 
 
-
 
 
 
-
 
Balance at September 30, 2018
 
 
915,852
 
 
$
52.48
 
Schedule Of Warrant Outstanding and Exercisable [Table Text Block]
A summary of all outstanding and exercisable warrants as of September 30, 2018 is as follows:
 
Exercise Price
 
 
Warrants

Outstanding
 
 
Warrants

Exercisable
 
 
Weighted Average

Remaining

Contractual Life (years)
 
$
18.20
 
 
 
714
 
 
 
714
 
 
 
4.24
 
$
50.05
 
 
 
714,286
 
 
 
714,286
 
 
 
2.14
 
$
61.25
 
 
 
200,852
 
 
 
200,852
 
 
 
1.03
 
$
52.48
 
 
 
915,852
 
 
 
915,852
 
 
 
1.90