Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation and Warrants (Tables)

v3.10.0.1
Stock-Based Compensation and Warrants (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based Compensation Arrangement by Share-based Payment Award Options and Warrants Vested and Expected to Vest Outstanding and Exercisable [Table Text Block]
 
 
 
Year ended December 31,
 
 
 
2018
 
 
2017
 
Exercise price
 
$
0.69
 
 
$
18.2 – $30.45
 
Expected dividends
 
 
0
%
 
 
0
%
Expected volatility
 
 
86
%
 
 
83% – 96
%
Risk free interest rate
 
 
2.75
%
 
 
1.67% – 2.28
%
Expected life of option
 
 
4  years
 
 
 
4-7 years
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activities for the years ended December 31, 2018 and 2017, is as follows:
 
 
 
Options
 
 
Weighted  

Average Exercise

 Price
 
 
Weighted Average

Remaining

Contractual Life
 
 
Aggregate

Intrinsic  

Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance - December 31, 2016
 
 
332,561
 
 
$
61.87
 
 
 
5.49 years
 
 
$
194,355
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
90,286
 
 
$
20.12
 
 
 
 
 
 
 
 
 
Exercised
 
 
(11,966
)
 
$
13.89
 
 
 
 
 
 
$
163,050
 
Expired
 
 
(19,091
)
 
$
77.46
 
 
 
 
 
 
 
 
 
Forfeited
 
 
(32,714
)
 
$
42.21
 
 
 
 
 
 
 
 
 
Balance - December 31, 2017
 
 
359,076
 
 
$
53.93
 
 
 
4.60 years
 
 
$
1,800
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
671,500
 
 
$
0.69
 
 
 
 
 
 
 
 
 
Exercised
 
 
-
 
 
$
-
 
 
 
 
 
 
$
-
 
Expired
 
 
(78,667
)
 
$
67.02
 
 
 
 
 
 
 
 
 
Forfeited
 
 
(12,927
)
 
$
23.72
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance -December 31, 2018 - outstanding
 
 
938,982
 
 
$
15.18
 
 
 
6.19 years
 
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance -  December 31, 2018 - exercisable
 
 
221,068
 
 
$
57.61
 
 
 
4.01 years
 
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted -  December 31, 2018
 
 
 
 
 
$
301,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - December 31, 2018
 
 
 
 
 
$
0.45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted - December 31, 2017
 
 
 
 
 
$
1,164,732
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - December 31, 2017
 
 
 
 
 
$
0.37
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]
 
The options outstanding and exercisable at December 31, 2018 are as follows:
 
Options Outstanding
 
Options Exercisable
 
Range of

Exercise Price
 
Options
 
 
Weighted

Average

Exercise

Price
 
 
Weighted

Average

Remaining

Contractual

Life
 
 
Options
 
 
Weighted

Average

Exercise

Price
 
 
Weighted

Average

Remaining

Contractual

Life
 
$
 
 
0.00 – $40.00
 
 
 
811,214
 
 
$
4.63
 
 
 
6.62 years
 
 
 
94,094
 
 
$
24.55
 
 
 
4.83 years
 
 
 
 
41.00 – $70.00
 
 
 
22,370
 
 
 
55.10
 
 
 
2.30 years
 
 
 
22,291
 
 
 
55.13
 
 
 
2.30 years
 
$
 
 
71.00 – $102.00
 
 
 
105,398
 
 
$
87.84
 
 
 
3.65 years
 
 
 
104,683
 
 
$
87.86
 
 
 
3.65 years
 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
The assumptions used by the Company are summarized in the following table:
 
 
 
Issuance

Date
 
Closing stock price
 
$
0.88
 
Expected dividends
 
 
0
%
Expected volatility
 
 
90
%
Risk free interest rate
 
 
3.01
%
Expected life of warrant (years)
 
 
5.00
 
 
 
The assumptions used by the Company are summarized in the following table:
 
 
 
 
 
 
Series A
 
 
 
 
 
Series B
 
 
 
December 31,

2018
 
 
December 31,

2017
 
 
November 18, 
2016
 
 
November 18,
2016
 
Closing stock price
 
$
0.56
 
 
$
17.85
 
 
$
31.15
 
 
$
31.15
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
92.5
%
 
 
80
%
 
 
85
%
 
 
85
%
Risk free interest rate
 
 
2.50
%
 
 
1.97
%
 
 
1.58
%
 
 
0.81
%
Expected life of warrant
 
 
1.9 years
 
 
 
2.9 years
 
 
 
4.0 years
 
 
 
1.1 years
 
 
 
 
 
December 31,

2018
 
 
December 31,

2017
 
 
October 10,
2014
 
Closing stock price
 
$
0.56
 
 
$
17.85
 
 
$
61.25
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
110
%
 
 
80
%
 
 
95
%
Risk free interest rate
 
 
2.60
%
 
 
1.86
%
 
 
1.39
%
Expected life of warrant
 
 
.79 years
 
 
 
1.79 years
 
 
 
5.0 years
 
 
The assumptions used by the Company are summarized in the following table:
  
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, 2016
 
$
14,821
 
Change in fair value of warrant liability
 
 
(10,738
)
Balance at December 31, 2017
 
 
4,083
 
Change in fair value of warrant liability
 
 
(4,083
)
Balance at December 31, 2018
 
$
0
 
Schedule of Warrant Activity [Table Text Block]
A summary of all warrant activity for the Company for the years ended December 31, 2018 and 2017 is as follows:
 
 
 
Number of

Warrants
 
 
Weighted Average

Exercise Price
 
 
 
 
 
 
 
 
Balance at December 31, 2016
 
 
1,638,333
 
 
$
56.00
 
Granted
 
 
-
 
 
 
-
 
Exercised
 
 
-
 
 
 
-
 
Forfeited
 
 
(723,195
)
 
 
60.20
 
Balance at December 31, 2017
 
 
915,138
 
 
 
52.50
 
Granted
 
 
18,000,713
 
 
 
1.38
 
Exercised
 
 
-
 
 
 
-
 
Forfeited
 
 
-
 
 
 
-
 
Balance at December 31, 2018
 
 
18,915,851
 
 
$
3.85
 
Schedule of Warrant Outstanding and Exercisable [Table Text Block]
A summary of all outstanding and exercisable warrants as of December 31, 2018 is as follows:
 
Exercise Price
 
 
Warrants

Outstanding
 
 
Warrants

Exercisable
 
 
Weighted Average

Remaining

Contractual Life
 
$
1.38
 
 
 
17,999,999
 
 
 
17,999,999
 
 
 
4.78 years
 
 
18.20
 
 
 
714
 
 
 
714
 
 
 
3.99 years
 
 
50.05
 
 
 
714,286
 
 
 
714,286
 
 
 
1.88 years
 
 
61.25
 
 
 
200,852
 
 
 
200,852
 
 
 
0.78 years
 
$
52.48
 
 
 
18,915,851
 
 
 
18,915,851
 
 
 
4.63 years