Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation and Warrants (Tables)

v3.8.0.1
Stock-Based Compensation and Warrants (Tables)
12 Months Ended
Dec. 31, 2017
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]
The assumptions used for the years ended December 31, 2017, 2016 and 2015 are as follows:
  
 
 
Year ended December 31,
 
 
 
2017
 
2016
 
2015
 
Exercise price
 
$
0.52 – $0.87
 
$
0.80 – $2.66
 
$
1.54 – $2.76
 
Expected dividends
 
 
0
%
 
0
%
 
0
%
Expected volatility
 
 
83% – 96
%
 
96% – 123
%
 
88% – 131
%
Risk free interest rate
 
 
1.67% – 2.28
%
 
1.40% – 2.13
%
 
1.32% – 2.19
%
Expected life of option
 
 
4 – 7 years
 
 
7 years
 
 
5 years – 10 years
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activities for the years ended December 31, 2017, 2016 and 2015, is as follows:
 
 
 
Options
 
Weighted
Average Exercise
Price
 
Weighted Average
Remaining
Contractual Life
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance - December 31, 2014
 
 
5,981,106
 
$
2.01
 
 
5.80 years
 
$
685,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
3,781,666
 
 
2.37
 
 
 
 
 
 
 
Exercised
 
 
(35,008)
 
 
1.16
 
 
 
 
$
44,000
 
Expired
 
 
(483,332)
 
 
2.48
 
 
 
 
 
 
 
Forfeited
 
 
(302,502)
 
 
1.91
 
 
 
 
 
 
 
Balance - December 31, 2015
 
 
8,941,930
 
 
2.14
 
 
5.67 years
 
$
2,900,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
3,861,425
 
 
0.98
 
 
 
 
 
 
 
Exercised
 
 
(445,334)
 
 
1.83
 
 
 
 
$
137,488
 
Expired
 
 
(338,529)
 
 
1.96
 
 
 
 
 
 
 
Forfeited
 
 
(383,265)
 
 
2.26
 
 
 
 
 
 
 
Balance - December 31, 2016
 
 
11,636,227
 
 
1.77
 
 
5.49 years
 
$
194,355
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
3,159,177
 
 
0.59
 
 
 
 
 
 
 
Exercised
 
 
(418,773)
 
 
0.40
 
 
 
 
$
163,050
 
Expired
 
 
(667,628)
 
 
2.21
 
 
 
 
 
 
 
Forfeited
 
 
(1,144,905)
 
 
1.20
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance -December 31, 2017 - outstanding
 
 
12,564,098
 
$
1.55
 
 
4.60 years
 
$
1,800
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance - December 31, 2017 - exercisable
 
 
7,805,796
 
$
1.96
 
 
3.43 years
 
$
1,800
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted - December 31, 2017
 
 
 
 
$
1,164,732
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - December 31, 2017
 
 
 
 
$
0.37
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted - December 31, 2016
 
 
 
 
$
3,091,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - December 31, 2016
 
 
 
 
$
0.80
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]
 
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
 
$
0.09 – $2.00
 
 
7,244,099
 
$
.85
 
 
5.28 years
 
 
3,082,751
 
$
1.13
 
 
3.41 years
 
$
2.01 – $3.00
 
 
5,319,999
 
 
2.49
 
 
3.66 years
 
 
4,723,045
 
 
2.50
 
 
3.44 years
 
$
0.09 – $3.00
 
 
12,564,098
 
$
1.55
 
 
4.60 years
 
 
7,805,796
 
$
1.96
 
 
3.43 years
 
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
 
 
 
 
 
 
Series B
 
 
 
December 31,
2017
 
 
December 31,
2016
 
 
Issuance
Date
 
 
December 31,
2016
 
Issuance
Date
 
Closing stock price
 
$
0.51
 
 
$
0.76
 
 
$
0.89
 
 
$
0.76
 
$
0.89
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
 
0
%
Expected volatility
 
 
80
%
 
 
85
%
 
 
85
%
 
 
90
%
 
85
%
Risk free interest rate
 
 
1.97
%
 
 
1.67
%
 
 
1.58
%
 
 
0.85
%
 
0.81
%
Expected life of warrant
 
 
2.9 years
 
 
 
3.9 years
 
 
 
4.0 years
 
 
 
1.0 years
 
 
1.1 years
 
 
The assumptions used by the Company are summarized in the following table:
 
 
 
December 31,
2017
 
 
December 31,
2016
 
 
Issuance
Date
 
Closing stock price
 
$
0.51
 
 
$
0.76
 
 
$
1.75
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
80
%
 
 
95
%
 
 
95
%
Risk free interest rate
 
 
1.86
%
 
 
1.41
%
 
 
1.39
%
Expected life of warrant
 
 
1.79 years
 
 
 
2.79 years
 
 
 
5.0 years
 
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, 2015
 
$
10,566
 
Issuance of warrants
 
 
15,667
 
Change in fair value of warrant liability
 
 
(11,412)
 
Balance at December 31, 2016
 
 
14,821
 
Change in fair value of warrant liability
 
 
(10,738)
 
Balance at December 31, 2017
 
$
4,083
 
Schedule of Warrant Activity [Table Text Block]
A summary of warrant activity for the Company for the years ended December 31, 2017 and 2016 is as follows:
 
 
 
Number of
Warrants
 
Weighted Average
Exercise Price
 
 
 
 
 
 
 
 
 
Balance at December 31, 2015
 
 
7,908,899
 
$
1.79
 
Granted
 
 
50,000,000
 
 
1.58
 
Exercised
 
 
-
 
 
-
 
Forfeited
 
 
(567,257)
 
 
2.35
 
Balance at December 31, 2016
 
 
57,341,642
 
 
1.60
 
Granted
 
 
-
 
 
-
 
Exercised
 
 
-
 
 
-
 
Forfeited
 
 
(25,311,834)
 
 
1.72
 
Balance at December 31, 2017
 
 
32,029,809
 
$
1.50
 
Schedule of Warrant Outstanding and Exercisable [Table Text Block]
A summary of all outstanding and exercisable warrants as of December 31, 2017 is as follows:
 
Exercise Price
 
Warrants
Outstanding
 
Warrants
Exercisable
 
Weighted Average
Remaining
Contractual Life
 
$
1.43
 
 
25,000,000
 
 
25,000,000
 
 
2.88 years
 
$
1.75
 
 
7,029,809
 
 
7,029,809
 
 
1.78 years
 
$
1.50
 
 
32,029,809
 
 
32,029,809
 
 
2.64 years