Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation and Warrants (Tables)

v3.19.3.a.u2
Stock-Based Compensation and Warrants (Tables)
12 Months Ended
Dec. 31, 2019
Stock-Based Compensation and Warrants  
Summary of assumptions used for awards

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

    

2019

    

2018

 

Exercise price

 

$

0.42

 

$

0.69

 

Expected dividends

 

 

 —

%  

 

 —

%

Expected volatility

 

 

84

%  

 

 86

%

Risk free interest rate

 

 

1.61

%  

 

2.75

%

Expected life of option (years)

 

 

4.5

 

 

 4.0

 

 

Summary of stock option activity

A summary of stock option activity for the years ended December 31, 2019 and 2018 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted 

    

Weighted Average 

    

Aggregate 

 

 

 

 

Average Exercise 

 

Remaining 

 

Intrinsic 

 

 

Options

 

Price

 

Contractual Life

 

Value

 

 

 

 

 

 

 

 

 

 

 

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

 

938,982

 

$

15.18

 

6.19 years

 

$

 —

 

 

  

 

 

  

 

  

 

 

  

Granted

 

1,725,000

 

 

0.42

 

  

 

 

  

Exercised

 

 —

 

 

 —

 

  

 

$

 —

Expired

 

(94,738)

 

 

58.25

 

  

 

 

  

Forfeited

 

(67,232)

 

 

5.95

 

  

 

 

  

 

 

  

 

 

  

 

  

 

 

  

Balance -December 31, 2019 - outstanding

 

2,502,012

 

$

3.62

 

6.51 years

 

$

153,353

 

 

  

 

 

  

 

  

 

 

  

Balance -  December 31, 2019 - exercisable

 

358,949

 

$

21.92

 

5.18 years

 

$

 —

 

 

  

 

 

  

 

  

 

 

  

Grant date fair value of options granted - December 31, 2019

 

  

 

$

470,000

 

  

 

 

  

 

 

  

 

 

  

 

  

 

 

  

Weighted average grant date fair value - December 31, 2019

 

  

 

$

0.27

 

  

 

 

  

 

 

  

 

 

  

 

  

 

 

  

Grant date fair value of options granted - December 31, 2018

 

  

 

$

301,000

 

  

 

 

  

 

 

  

 

 

  

 

  

 

 

  

Weighted average grant date fair value - December 31, 2018

 

  

 

$

0.45

 

  

 

 

  

 

Schedule of options outstanding and exercisable

The options outstanding and exercisable at December 31, 2019 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

Options Exercisable

 

    

 

    

 

 

    

Weighted

    

 

    

 

 

    

Weighted

 

 

 

 

Weighted

 

Average

 

 

 

Weighted

 

Average

 

 

 

 

Average

 

Remaining

 

 

 

Average

 

Remaining

Range of

 

 

 

Exercise

 

Contractual

 

 

 

Exercise

 

Contractual

Exercise Price

 

Options

 

Price

 

Life

 

Options

 

Price

 

Life

$0.00 – $40.00

 

2,431,708

 

$

1.38

 

6.58 years

 

288,645

 

$

7.56

 

5.46 years

41.00 – $70.00

 

8,364

 

 

50.29

 

3.60 years

 

8,364

 

 

50.29

 

3.60 years

$71.00 – $102.00

 

61,940

 

$

85.02

 

4.07 years

 

61,940

 

$

85.02

 

4.07 years

 

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

 

 

 —

%

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,

    

November 18,

    

 

 

2018

 

2016

 

Closing stock price

 

$

0.56

 

$

31.15

 

Expected dividends

 

 

 —

%  

 

 —

%  

Expected volatility

 

 

92.50

%  

 

85.00

%  

Risk free interest rate

 

 

2.50

%  

 

1.58

%  

Expected life of warrant (years)

 

 

1.9 

 

 

4.0

 

 

 

 

 

 

 

 

 

 

 

    

December 31,

    

October 10,

 

 

 

2018

 

2014

 

Closing stock price

 

$

0.56

 

$

61.25

 

Expected dividends

 

 

 —

%  

 

 —

%

Expected volatility

 

 

110.00

%  

 

95.00

%

Risk free interest rate

 

 

2.60

%  

 

1.39

%

Expected life of warrant (years)

 

 

0.79

 

 

5.00

 

 

The assumptions used by the Company are summarized in the following table:

 

 

 

 

 

 

Closing stock price

    

$

18.55

 

Expected dividends

 

 

 —

%

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

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 December 31,2019

 

$

 —

 

Summary of all warrant activity

A summary of all warrant activity for the Company for the years ended December 31, 2019 and 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

 

(200,852)

 

 

61.25

Balance at December 31,2019

 

18,714,999

 

$

3.24

 

Summary of all outstanding and exercisable warrants

A summary of all outstanding and exercisable warrants as of December 31, 2019 is as follows:

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

Weighted Average

 

 

 

Warrants

 

Warrants

 

Remaining

Exercise Price

 

Outstanding

 

Exercisable

 

Contractual Life

$

1.38

 

17,999,999

 

17,999,999

 

3.78 years

 

18.20

 

714

 

714

 

2.99 years

 

50.05

 

714,286

 

714,286

 

0.88 years

$

3.24

 

18,714,999

 

18,714,999

 

3.67 years