Quarterly report pursuant to Section 13 or 15(d)

Stock Warrants (Tables)

v3.19.2
Stock Warrants (Tables)
6 Months Ended
Jun. 30, 2019
Stock Warrants  
Summary of assumptions used by the company

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

    

  

 

 

 

 

December 31, 

 

December 31, 

 

November 18,

 

 

 

2018

 

2017

 

2016

 

Closing stock price

 

$

0.56

 

$

17.85

 

$

31.15

 

Expected dividends

 

 

 0

%  

 

 0

%  

 

 0

%

Expected volatility

 

 

92.5

%  

 

80

%  

 

85

%

Risk free interest rate

 

 

2.50

%  

 

1.97

%  

 

1.58

%

Expected life of warrant

 

 

1.9 years

 

 

2.9 years

 

 

4.0 years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

December 31, 

 

December 31, 

    

October 10,

 

 

 

2018

 

2017

 

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:

 

 

 

 

 

 

 

    

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

 

 

Summary of the estimated fair value of the warrant liability

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

 

 

(4,083)

Balance at December 31, 2018

 

 

 —

Change in fair value of warrant liability

 

 

 —

Balance at June 30, 2019

 

$

 —

 

Summary of all warrant activity

A summary of all warrant activity for the Company for the six months ended June 30, 2019 and the year ended December 31, 2018 is as follows:

 

 

 

 

 

 

 

 

    

Number of

    

Weighted Average

 

 

Warrants

 

Exercise Price

 

 

 

 

 

 

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

Granted

 

 —

 

 

 —

Exercised

 

 —

 

 

 —

Forfeited

 

 —

 

 

 —

Balance at June 30, 2019

 

18,915,851

 

$

3.85

 

Summary of all outstanding and exercisable warrants

A summary of all outstanding and exercisable warrants as of June 30, 2019 is as follows:

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

Weighted Average

 

 

 

Warrants

 

Warrants

 

Remaining

Exercise Price

 

Outstanding

 

Exercisable

 

Contractual Life

$

1.38

 

17,999,999

 

17,999,999

 

4.29 years

 

18.20

 

714

 

714

 

3.49 years

 

50.05

 

714,286

 

714,286

 

1.39 years

 

61.25

 

200,852

 

200,852

 

0.28 years

$

3.85

 

18,915,851

 

18,915,851

 

4.14 years